我国证券交易所获取外国上市资源的竞争能力分析
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财经研究 2011 年 第 37 卷第 02 期, 页码：18 - 27
摘要
参考文献
摘要
境外公司境内上市是我国股票市场国际化发展和建立国际金融中心的必然要求。为了分析我国证券交易所获取外国上市资源的竞争能力,文章运用证券交易所竞争能力的影响因素建立实证模型,并以此预测我国证券交易所争夺境外上市资源的竞争能力。根据我国当前宏观环境和证券交易所条件等预测发现,平均可容纳49家外国公司到我国证券交易所上市,最多可容纳322家境外公司,接近在纳斯达克上市的外国公司数量。
①根据世界交易所联盟(WFE)的数据资料整理而得。
②Laurenceson,Tang.Shanghai’s development as an international financial center[J].Re-viewof Pacific Basin Financial Markets and Policies,2005,8(1):147-166.
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[2]施东晖.垄断与竞争:证券交易所变革的经济学分析[J].证券市场导报,2002,(2):4-12.
[3]Brennan MJ,Subrahmanyam A.Market microstructure and asset pricing:On the com-pensation for illiquidity in stock returns[J].Journal of Financial Economics,1996,41(3):441-464.
[4]Chemmanur T J,P Fulghieri.Competition and cooperation among exchanges:Atheoryof cross-listing and endogenous listing standards[J].Journal of Financial Economics,2006,82(2):455-489.
[5]Coffee J.The future as history:The prospects for global convergence in corporate governanceandits i mplications[J].Northwestern University Law Review,1999,93(4):641-708.
[6]Coffee J.Racing towards the top?Thei mpact of cross-listings and stock market compe-tition oninternational corporate governance[J].Columbia Law Review,2002,102(7):1757-1831.
[7]Doidge C.US cross-listings and the private benefits of control:Evidence fromdual classfirms[J].Journal of Financial Economics,2004,72(3):519-554.
[8]Doidge C,G A Karolyi,R Stulz.Has New York become less competitive than Londoninglobal markets?Evaluating foreign listing choices over ti me[J].Journal of FinancialEconomics,2009,91(3):253-277.
[9]Foerster S R,G A Karolyi.The effects of market segmentation and investor recognitionon asset prices:Evidence fromforeign stocks listing in the United States[J].Journal ofFinance,1999,54(32):981-1013.
[10]Foucault Thierry,Christine A Parlour.Competition for listing[J].Rand Journal ofEconomic,2004,35(2):329-355.
[11]Huddart S,Hughes J,Brunnermeier M.Disclosure requirements and stock exchangelisting choice in an international context[J].Journal of Accounting and Economics,1999,26(1-3):237-269.
[12]La Porta Rafael,Florencio Lopez-de-Silanes,Andrei Shleifer,Robert W Vishny.Lawand finance[J].Journal of Political Economy,1998,106(6):1113-1155.
[13]La Porta Rafael,Florencio Lopez-de-Silanes,Andrei Shleifer,Robert Vishny.The quality ofgovernment[J].Journal of Law,Economics&Organization,1999,15(1):222-279.
[14]Merton R C.Presidential address:A si mple model of capital market equilibrium withincomplete information[J].Journal of Finance,1987,42(3):483-510.
[15]Pagano M,A A Roell,J Zechner.The geography of equity listing:Why do companieslist abroad?[R].Universita degli Studi di Salerno,Working Paper,1999.
[16]Pagano M,O Randl,A A Roell,J Zechner.What makes stock exchanges succeed?Evidencefromcross-listing decisions[J].European Economic Review,2001,45(4-6):770-782.
[17]Pagano M,A A Roell,J Zechner.The geography of equity listing:Why do companieslist abroad?[J].Journal of Finance,2002,57(6):2651-2694.
[18]Reese WAJ,MS Weisbach.Protection of minority shareholder interests,cross-listingsin the United States,and subsequent equity offerings[J].Journal of Financial Econom-ics,2002,66(1):65-104.
[19]Siegel Jordan I.Can foreign firms bond themselves effectively by renting U.S.securi-ties laws?[J].Journal of Financial Economics,2005,75(2):319-359.
[20]Stulz Ren M.Globalization,corporate finance,and the cost of capital[J].Journal ofApplied Corporate Finance,1999,12(3):8-25.
[21]Stulz Ren M,Rohan Williamson.Culture,openness,and finance[J].Journal of Finan-cial Economics,2003,70(3):313-349.
[22]Weber Max.Economy and society[M].Berkeley:University of California Press,1978.
②Laurenceson,Tang.Shanghai’s development as an international financial center[J].Re-viewof Pacific Basin Financial Markets and Policies,2005,8(1):147-166.
[1]傅浩,施东辉,鹿小楠.证券交易所国际竞争力比较研究[R].上海证券交易所研究报告,2006.
[2]施东晖.垄断与竞争:证券交易所变革的经济学分析[J].证券市场导报,2002,(2):4-12.
[3]Brennan MJ,Subrahmanyam A.Market microstructure and asset pricing:On the com-pensation for illiquidity in stock returns[J].Journal of Financial Economics,1996,41(3):441-464.
[4]Chemmanur T J,P Fulghieri.Competition and cooperation among exchanges:Atheoryof cross-listing and endogenous listing standards[J].Journal of Financial Economics,2006,82(2):455-489.
[5]Coffee J.The future as history:The prospects for global convergence in corporate governanceandits i mplications[J].Northwestern University Law Review,1999,93(4):641-708.
[6]Coffee J.Racing towards the top?Thei mpact of cross-listings and stock market compe-tition oninternational corporate governance[J].Columbia Law Review,2002,102(7):1757-1831.
[7]Doidge C.US cross-listings and the private benefits of control:Evidence fromdual classfirms[J].Journal of Financial Economics,2004,72(3):519-554.
[8]Doidge C,G A Karolyi,R Stulz.Has New York become less competitive than Londoninglobal markets?Evaluating foreign listing choices over ti me[J].Journal of FinancialEconomics,2009,91(3):253-277.
[9]Foerster S R,G A Karolyi.The effects of market segmentation and investor recognitionon asset prices:Evidence fromforeign stocks listing in the United States[J].Journal ofFinance,1999,54(32):981-1013.
[10]Foucault Thierry,Christine A Parlour.Competition for listing[J].Rand Journal ofEconomic,2004,35(2):329-355.
[11]Huddart S,Hughes J,Brunnermeier M.Disclosure requirements and stock exchangelisting choice in an international context[J].Journal of Accounting and Economics,1999,26(1-3):237-269.
[12]La Porta Rafael,Florencio Lopez-de-Silanes,Andrei Shleifer,Robert W Vishny.Lawand finance[J].Journal of Political Economy,1998,106(6):1113-1155.
[13]La Porta Rafael,Florencio Lopez-de-Silanes,Andrei Shleifer,Robert Vishny.The quality ofgovernment[J].Journal of Law,Economics&Organization,1999,15(1):222-279.
[14]Merton R C.Presidential address:A si mple model of capital market equilibrium withincomplete information[J].Journal of Finance,1987,42(3):483-510.
[15]Pagano M,A A Roell,J Zechner.The geography of equity listing:Why do companieslist abroad?[R].Universita degli Studi di Salerno,Working Paper,1999.
[16]Pagano M,O Randl,A A Roell,J Zechner.What makes stock exchanges succeed?Evidencefromcross-listing decisions[J].European Economic Review,2001,45(4-6):770-782.
[17]Pagano M,A A Roell,J Zechner.The geography of equity listing:Why do companieslist abroad?[J].Journal of Finance,2002,57(6):2651-2694.
[18]Reese WAJ,MS Weisbach.Protection of minority shareholder interests,cross-listingsin the United States,and subsequent equity offerings[J].Journal of Financial Econom-ics,2002,66(1):65-104.
[19]Siegel Jordan I.Can foreign firms bond themselves effectively by renting U.S.securi-ties laws?[J].Journal of Financial Economics,2005,75(2):319-359.
[20]Stulz Ren M.Globalization,corporate finance,and the cost of capital[J].Journal ofApplied Corporate Finance,1999,12(3):8-25.
[21]Stulz Ren M,Rohan Williamson.Culture,openness,and finance[J].Journal of Finan-cial Economics,2003,70(3):313-349.
[22]Weber Max.Economy and society[M].Berkeley:University of California Press,1978.
引用本文
李开秀, 龚仰树. 我国证券交易所获取外国上市资源的竞争能力分析[J]. 财经研究, 2011, 37(2): 18–27.
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