上市的區(qū)域選擇為什么歐洲企業(yè)選擇在海外上市？【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　The Geography of Equity Listing:Why Do European Companies List Abroad?</p><p>　　Material Source: THE JOURN

2、AL OF FINANCE,VOL.LVII,NO.6，DECEMBER 2002</p><p>　　Author:MARCO PAGANO,AILSA A,AND JOSEF ZECHNER</p><p><b>　　Abstract</b></p><p>　　This paper documents the aggregate tre

3、nds in the foreign listings of companies and analyzes both their distinctive pre-listing characteristics and their post-listing performance relative to other companies.In the 1986-97 interval,many European companies list

4、ed abroad,but did so mainly on US exchanges.At the same time,the number of US companies listed in Europe decreased.The cross-listings of European companies appear to have sharply different motivations and consequences de

5、pending on whether the</p><p>　　Keywords:cross-listings,going public,initial public offerings,geography</p><p>　　1. Introduction</p><p>　　Foreign listings are becoming an increasing

6、ly important strategic issue for companies and stock exchanges alike.As companies become global in their product market and investment strategies,direct access to foreign capital markets via an equity listing can yield i

7、mportant benefits.At the same time,the international integration of capital markets has led to unprecedented levels of competition among stock exchanges.In this competitive struggle,the winners are the exchanges that man

8、age to attract mo</p><p>　　Finally,we try to gauge if listing abroad affects the subsequent performance of companies relative to our control sample,and how this differential performance hinges on cross-listi

9、ng in the US as opposed to Europe(Section 6).We conclude with a summary of the main results of the paper(Section 7).</p><p>　　2.Hypotheses and Related Literature</p><p>　　In this section we outl

10、ine the reasons why companies may want to list on an exchange outside their country of incorporation,either as their first port of entry into the public equity market or after having already listed on their domestic exch

11、ange. First of all,companies may list abroad because funding abroad may be cheaper or more easily available.This can happen for various reasons,detailed below in Section 2.1 jointly with their empirical implications.Seco

12、nd,the publicity that comes with a li</p><p>　　2.1 Selling Securities on Better Terms</p><p>　　By listing abroad firms may improve the terms on which they can raise capital or on which their sha

13、reholders can sell existing securities.This motive is strongest if the firm or its existing shareholders need to raise capital and if financial constraints in the home market are significant.Some of the empirical predict

14、ions relevant for this motive have to do with the reason why capital is needed,and others have to do with why cross-listing makes it cheaper.</p><p>　　The salient reason why a company may need funding is to

15、carry out new investment programs.The required funding is likely to be especially large for fast-growing companies,and especially expensive if the company is already highly levered.Therefore,companies which cross-list in

16、 order to raise capital cheaply should have a higher leverage,investment and growth rate before cross-listing and engage in a primary equity offering at the time of the cross-listing or shortly afterwards.Moreover,such c

17、ompa</p><p>　　Even if the firm has no need to finance new investment,its current shareholders may want to sell out,and listing abroad can increase the market value of their stake. Privatizations are an impor

18、tant special case,where the government is the divesting shareholder.Therefore,we would expect newly privatized companies to be more likely to cross-list than other comparable companies.A more direct test would look at wh

19、ether,in general,the main shareholders sell out at the time of cross-listing or shortly</p><p>　　a)Reducing barriers for foreign investors </p><p>　　Widening the clientele for a firm’s shares im

20、proves risk sharing and thus lowers the cost of capital. Listing abroad can mitigate market segmentation by reducing barriers to foreign investors,such as: (i)regulatory barriers :for instance,pension funds may face a ce

21、iling on the proportion of their assets invested in stocks not listed on their domestic market; (ii)transaction costs: for instance,dividends of non-US shares held by US residents must be converted into dollars at the ex

22、pense of indivi</p><p>　　b)Capitalizing on product market reputation</p><p>　　Companies which sell popular brands abroad may find it easier to place their shares in foreign markets because local

23、 investors already trust them as consumers.</p><p>　　c)Relying on foreign expertise </p><p>　　The exchange where a company lists may be determined by the location of analysts with superior tech

24、nological knowledge of the industry.</p><p>　　d)Committing to disclosure and corporate governance standards</p><p>　　The listing location may also be affected by differences in regulatory regime

25、s,especially concerning shareholder protection.</p><p>　　e)Liquidity </p><p>　　Some markets may be better positioned than others in the production of liquidity,for instance because of a better

26、design of their microstructure or because of a larger number of competing market makers.</p><p>　　f)Relative mispricing</p><p>　　Firms may decide to list abroad to take advantage of a temporaril

27、y high price for their shares abroad relative to their home market..</p><p>　　2.2.Product Market Spillovers</p><p>　　Firms’decisions about where to list may be affected by the location of their

28、product market,because the cross-listing may generate a positive feedback on the company’s demand from consumers and its relationships with suppliers,owing to its perceived reliability,managerial and product quality.Stou

29、ghton,Wong and Zechner(1998)provide a model where a company lists in order to signal to consumers its high product quality,and as a result captures a larger share of the market and increases its profits.</p><p

30、>　　As far as profitability is concerned,caution is in order because this effect is also consistent with other hypotheses.Furthermore,the corresponding test suffers from the problem that the timing of cross-listing may

31、 be endogenous.Companies may choose tolist when their earnings performance is abnormally good,so mean reversion may induce a drop in profitability after listing.This bias could be partially corrected by including the cha

32、nge in profitability before listing as one of the explanatory vari</p><p>　　2.3 Cost of Listing Abroad</p><p>　　Listing abroad also involves a variety of costs.There are direct costs,such as lis

33、ting charges and fees for professional advice.But the main costs cited in survey evidence regarding potential cross-listings in the US(see Fanto and Karmel(1997))are the cost of complying with US GAAP accounting standard

34、s and the risk of lawsuits.\Presumably,shareholders’power to interfere in managerial decisions increases with a US listing.Since the costs of cross-listing include a large fixed cost element,they be</p><p>&

35、lt;b>　　譯文</b></p><p>　　上市的區(qū)域選擇：為什么歐洲企業(yè)選擇在海外上市？</p><p>　　資料來源: 《財務(wù)日記》2002年12月第6期</p><p>　　作者：馬科·帕加諾 艾爾莎·A 約瑟夫·斯科諾 </p><p><b>　　摘 要</b

36、></p><p>　　這篇文章闡述了企業(yè)境外上市的總趨勢和分析有關(guān)其他企業(yè)獨(dú)特的擬上市特征和上市后的成果。在1986-1997年期間，很多歐洲企業(yè)在境外上市，大部分是選擇在美國市場上市。同時，美國企業(yè)在歐洲上市的數(shù)目卻在減少。由于選擇是在美國還是在歐洲交叉上市，歐洲企業(yè)的交叉上市出現(xiàn)急劇不同的動因和結(jié)果。首先，企業(yè)通過高效的杠桿效應(yīng)來達(dá)到迅速發(fā)展策略的目的，他們依靠在上市前后增加出口和傾向于高科技工業(yè)來獲

37、得發(fā)展。其次，這些企業(yè)交叉上市后的發(fā)展速度也沒快過未上市的企業(yè)，但卻增加了他們的杠桿效應(yīng)。同時，這些企業(yè)會因為交叉上市的弱效應(yīng)而喪失其海外銷售的銷量增長。在海外上市前，這些企業(yè)都具有大規(guī)模，高發(fā)展和高額外銷的特點(diǎn)。</p><p>　　關(guān)鍵詞：交叉上市；上市；首次公開招股；地域</p><p><b>　　1 簡介</b></p><p>　　

38、對企業(yè)和證券交易所而言，境外上市正成為一個越來越重要的戰(zhàn)略。在商品市場要想成為國際性的企業(yè)，投資戰(zhàn)略、在海外資本市場直接上市會產(chǎn)生重要的優(yōu)勢。同時，國際資本市場的不斷融合已經(jīng)使證券交易所之間產(chǎn)生前所未有的激烈競爭。在這些競爭中，那些能夠吸引到更多境外上市企業(yè)、能增加交易量和商業(yè)機(jī)會的交易所往往是最后的優(yōu)勝者。雖然以上這些方面很重要，但我們還是很難了解哪個交易所成功地獲得更多來自海外的上市企業(yè)和各中的緣由。這個問題將密切聯(lián)系到第二個方面，

39、即企業(yè)希望從海外上市中所得到的好處：對于新的投資確保是廉價的股本并且允許其持有的股東能在流通市場中拋售，也能給準(zhǔn)備為海外收購或單純地為在顧客、供應(yīng)商和員工面前提高企業(yè)聲譽(yù)帶來好處。本文我們將著手對這兩個方面進(jìn)行闡述。</p><p>　　我們首先概括為什么企業(yè)選擇海外上市這個重要原因和描述從每個假設(shè)中所做的預(yù)測（第二部分）。這些預(yù)測的一部分著重講了企業(yè)上市前的特征（如規(guī)模）和決定海外上市的關(guān)系。另一部分則著重講企

40、業(yè)決定海外上市和上市后的企業(yè)行為（比如：他們海外上市后的增長比例）的關(guān)系。</p><p>　　我們再對交叉上市的總體論述進(jìn)行分析，研究地域來源和在1986-1997期間那些選擇國際性的證券交易所的企業(yè)的目的。（第三部分）我們研究是否自由企業(yè)的數(shù)目在增長和企業(yè)偏愛哪個國家的哪個證券交易所。</p><p>　　接著，我們分析企業(yè)交叉上市的決定和選擇的目的，嘗試去量化第二部分提出的重要動機(jī)的

41、關(guān)系。我們使用的是來自《全球優(yōu)勢》和《全球數(shù)據(jù)庫》中對1986-1997間歐洲非財務(wù)公司的公司水平數(shù)據(jù)。我們運(yùn)用描述性統(tǒng)計集中對交叉上市的年份數(shù)據(jù)進(jìn)行了首次探究。（第四部分）</p><p><b>　　2 假設(shè)和有關(guān)學(xué)術(shù)</b></p><p>　　這部分我們列出了企業(yè)想要通過海外證券交易所上市的原因，它既不是作為他們想進(jìn)入股市的第一道門，也不是作為國內(nèi)上市后的第二

42、個選擇。</p><p>　　首先，企業(yè)海外上市是因為海外融資可能比較便宜或更容易找到。這可能是有多種因素造成的，我們將于2.1部分用實證影響來描述。其次，在2.2部分我們解釋了跟企業(yè)上市有關(guān)的宣傳可使企業(yè)在供應(yīng)商和消費(fèi)者面前提高聲譽(yù)。在另一方面，海外上市成本可能會阻礙某些企業(yè)，我們將在2.3部分進(jìn)行探討。表1總結(jié)了海外上市在不同動機(jī)下的決策所引起的可測含義，其關(guān)系為：</p><p>&

43、lt;b>　　擬上市企業(yè)的特征</b></p><p>　　這些特征對其隨后成效的影響。</p><p>　　2.1 以更優(yōu)惠的條款出售有價證券</p><p>　　通過海外上市，企業(yè)可以提高籌資條款和股東出售現(xiàn)有的有價證券的條款。如果企業(yè)或他們的現(xiàn)有股東需要籌集資金或國內(nèi)市場對其產(chǎn)生嚴(yán)重的財務(wù)約束，那么海外上市這個想法對它們就非常強(qiáng)烈。有關(guān)這一動

44、機(jī)的一些實證預(yù)測不得不被做出用來解釋為什么需要資本和交叉上市使其成本更便宜。</p><p>　　受人們關(guān)注的企業(yè)需要籌集資金的理由是因為需要去投資新的項目。這些所需的資金對正在高速成長的企業(yè)尤其的巨大，同時，如果企業(yè)已有高額度的杠桿效應(yīng)則會尤其的昂貴。所以，交叉上市的企業(yè)為了降低籌資成本都會在交叉上市前有高度的財務(wù)杠桿效應(yīng)、高額的投資和高增長比例，并且在上市時和上市后不久都會從事主要股票的發(fā)行。同時，這些企業(yè)更

45、愿意在美國或英國這些成熟的股票市場而不是在歐洲大陸其它的淺市場進(jìn)行交叉上市。因為高預(yù)期的增長將非流通股票轉(zhuǎn)化為更高的市盈率與國內(nèi)同等公司比較，也就被認(rèn)為他們有較高的市盈率。</p><p>　　比起通過自然增長，企業(yè)可能會選擇通過并購?fù)鈬髽I(yè)來擴(kuò)大規(guī)模。通過使投標(biāo)人的股票作為一種交易媒介從而促進(jìn)了對目標(biāo)公司收購的發(fā)展。但是只有兩個企業(yè)都在同一所證券交易所上市才能使后者被認(rèn)定為“貨幣”。即使企業(yè)沒必要進(jìn)行新的投資，

46、但是它當(dāng)前股份持有者可能會想要出售其股份而海外上市能增長他們股份的市值。</p><p>　　私有化是一個重要且特殊的情況，它就是政府放棄對企業(yè)的控股。所以，我們期望新型私有化企業(yè)能比同等其他企業(yè)更容易進(jìn)行交叉上市。一項更直接的測試將看出通常情況下主要股東是否會選擇在交叉上市時或上市后不久出售他們的股份。對這樣的不完美撤資代理將能異常地提高營業(yè)額?，F(xiàn)在，我們就來分析為什么海外上市可以提高企業(yè)股票市值。</p

47、><p>　　對海外投資者減少了壁壘</p><p>　　企業(yè)股權(quán)被分散投資可以降低股權(quán)風(fēng)險并且減少資本成本。海外上市可以通過減少海外投資者的壁壘，如：監(jiān)管機(jī)構(gòu)壁壘：養(yǎng)老金的發(fā)放將以其投資于海外的股權(quán)資產(chǎn)而不是其投資國內(nèi)市場的比例為限額。交易成本：美國居民持有的非美國股的股息必須要轉(zhuǎn)換成美元來支付個人投資的費(fèi)用。信息摩擦：從莫頓的“意識假說”中海外投資機(jī)會的無法了解性到格里格（1993）、康斯

48、圖爾茲（1994）和本瑞南·曹（1997）敘述的海外股權(quán)交易的信息劣勢都有提到。</p><p><b>　　善用產(chǎn)品的聲譽(yù)</b></p><p>　　在海外具有較高知名度的企業(yè)比較容易在海外市場上融資，因為當(dāng)?shù)氐耐顿Y者會像消費(fèi)者一樣信任他們的品牌。</p><p><b>　　依靠國外技術(shù)</b></p

49、><p>　　擁有優(yōu)越的工業(yè)技術(shù)知識的當(dāng)?shù)胤治鰩煂Q定企業(yè)在哪個證券交易所上市。</p><p>　　致力于披露信息制度和公司治理標(biāo)準(zhǔn)</p><p>　　不同的監(jiān)管制度將影響本地上市，尤其是有關(guān)股東的保障制度。</p><p><b>　　流通性</b></p><p>　　一些市場的商品流通性的定

50、位比其他的要更好，例如，由于有較好的微觀結(jié)構(gòu)的制定或是有大量的競爭市場制造者。</p><p><b>　　相對的錯誤定價</b></p><p>　　企業(yè)可能決定去海外上市其利用的就是海外上市發(fā)行價格暫時要比國內(nèi)上市的高。</p><p>　　2.2 商品市場飽和</p><p>　　企業(yè)選擇在何處上市可能受其本土的商

51、品市場所影響，因為通過他們對企業(yè)的可靠度、管理程度和產(chǎn)品質(zhì)量在交叉上市中企業(yè)對消費(fèi)者的需求上和與他們有關(guān)的供應(yīng)商中產(chǎn)生一個積極的反響。斯托頓等（1998）提供了一個模型，這個模型展示了企業(yè)上市是為了帶給消費(fèi)者它們擁有優(yōu)質(zhì)產(chǎn)品這一信號，由此去占據(jù)大量的市場份額，從而使利潤增長。在這個模型中，企業(yè)上市與籌集資金或出售現(xiàn)有股份無關(guān)。商品市場飽和假說預(yù)測的是交叉上市企業(yè)為了增加它們海外銷售的份額而上市。交叉上市后同時也符合了更高的整體銷售增長和

52、利潤增長。此外，它也是唯一與企業(yè)具有特別意義的產(chǎn)業(yè)市場中的聲譽(yù)存在潛在相關(guān)性的因素。 </p><p>　　至于被關(guān)注的利潤問題，它的影響同時也符合了其他假說。此外，檢測該問題相應(yīng)的測試也指出了交叉上市的內(nèi)源性是上市的時機(jī)。企業(yè)可能會在其盈利業(yè)績非常好的時期選擇上市，所以均值回歸可能引起上市前的盈利下降。這個偏執(zhí)的說法通過由回歸中上市前的盈利能力這一解釋變量的改變而被糾正，不過，這仍然無法控制會計操作上的發(fā)現(xiàn)。而

53、后者只能通過使用企業(yè)在國內(nèi)市場上市作為可控樣本去糾正，即使在會計操作上同樣是會被發(fā)現(xiàn)。</p><p>　　2.3 海外上市的成本</p><p>　　海外上市需要不同的成本。有直接成本，像上市費(fèi)用和專業(yè)咨詢費(fèi)用。但根據(jù)美國“被認(rèn)為最有潛力的交叉上市”的調(diào)查研究中指出最主要的成本是為遵守美國GAAP會計準(zhǔn)則和訴訟帶來的風(fēng)險所造成的成本支出，這大概是由于美國上市中股東權(quán)利干預(yù)行政決策的現(xiàn)象泛