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1、中国企业并购与上市融资策略选择中国企业海外上市的途径与前景 The Channels and prospects of Chinese enterprises listing oversea主讲人：王爱东Lecturer: Wang Ai-dong王爱东，男，教授，主要研究领域为财务管理、投资学，在会计研究、中国内部审计、企业经济、国际石油经济等刊物发表论文多篇。作为课题负责人完成省部级课题股份公司内部审计机制、模型研究和横向课题多项，获得校优秀科技成果一等奖、二等奖多项。Wang Ai-dong, male, is a professor1. My main research area ar
2、e finance management and investment. I have issued some papers on Accounting Research, China Internal Audit, Enterprise Economy, International Petroleum Economics and so on. As the supervisor, I finished the item, the study of corporates internal audit mechanism and model, and some crosswise items.
3、Then I got first-class prizes and second-class prizes of UPC perfect technology achievement.一、中国企业早期海外上市两种不同的方式 Two different ways of former Chinese enterprises listing oversea1国有企业在政府支持下的海外上市 Under the backup of the government, the stated enterprises list oversea.1993年7月青岛啤酒率先在香港上市Tsingtao Beer lis
4、ts on Hong Kong market in July, 1993.1993年华晨控股（后被界定为国有控股）以存托凭证的方式在美国上市，包括后来的新浪、网易等。In 1993, Hua Chen Holding Company, later considered as the government holding, listed on the United States market by depository receipt. Then, Sina and Net Ease do in the same way. 2民营企业自主的海外上市 Private enterprises lis
5、t oversea.二、中国企业海外上市的途径 the channels of Chinese enterprises listing oversea4买壳上市 Buying a company goes public.1中国公司直接海外上市 Chinese enterprises directly list oversea.2在海外注册一家投资公司，控股国内的中国企业 It registers an investment company overseas, holding Chinese enterprise in the main land.3 B股企业以存托凭证的方式在海外二级市场上市
6、The enterprise issuing B-shares go to the secondary securities market by depository receipt overseas.三、中国企业海外上市的地点 the address of Chinese enterprise listing oversea1仅在香港上市 flotationonly in Hong Kong2同时在香港和美国上市 flotation both in Hong Kong and New York 3同时在香港和伦敦上市 flotation both in Hong Kong and Londo
7、n4同时在香港和新加坡上市 flotation both in Hong Kong and Singapore7仅在新加坡上市 flotation only in Singapore5仅在美国上市 flotation only in the United States6仅在伦敦上市 flotation only in London日期境外上市公司总数仅在美国上市的公司数仅在伦敦上市的公司数仅在新加坡上市的公司数仅在香港上市的公司数同时在香港、美国上市的公司数同时在香港、伦敦上市的公司数同时在香港、新加坡上市的公司数合计仅发H股同时发A、H股20060813299330021001250(数据来
8、源：/ both in Hong Kong and SingaporeFlotation both in Hong Kong and London Flotation both in Hong Kong and New York Flotationonly in Hong Kong Flotation only in Singapore Flotation only in London Flotation only in the United States Both A-shares and H-shares Only H-shares Counts of pubic company over
9、seas Date (data from / Finance amounts overseas recently134.62189.2278.1764.5321.95金额(amounts)2006(1-8)2005200420032002年份(years)四、中国企业海外上市的主要步骤 the main procedures of Chinese enterprise listing oversea1确定海外上市意向 determining the purpose of floatation overseas包括：必要性,可行性，筹资的数量，融资工具的初步选择，海外上市的初步意向Includi
10、ng necessary, feasibility, the amount of finance, the preliminary choice of financing tool and the preliminary purpose of floatation overseas2海外上市中介机构的选择 the choice of intermediary on listing oversea1）聘请承销商 employ consignees2）聘请法律顾问 employ law counselor3）聘请会计师 employ accountant4）其他中介机构 other interme
11、diaries4撰写招股说明书、申请上市 writing the Herring and applying floatation3制定上市方案 making the plan of floatation企业重组 reorganization 财务审计 accounting audit资产评估 valuation五、中国企业海外上市带来的变化 the changes of Chinese enterprises listing oversea1.为企业提供充足的资金 supplying the abundant capital for company 2.使公司治理趋于合理 making cor
12、porate finance reasonable3为适应国外证券市场的监管，公司管理层更加重视投资决策的合理性和各项承诺的兑现In order to accommodate the regulation of foreign securities market, the management treasures the reason of investment decision and the fulfillment of promises.4使中国企业缩短了与外国资本市场的距离 shortening the distances between Chinese company and for
13、eign capital market六、中国企业海外上市的前景 the prospects of Chinese enterprise listing oversea 1.在全球经济一体化的背景下，中国企业应该主动进入国际市场扩大融资渠道；Under the globalization, Chinese enterprise should go to international market to amplify the channels of finance.2.美、加、日、德、英、香、韩、新等一些国家的著名证券交易所都对吸收中国优质企业上市资源有浓厚的兴趣； The famous sto
14、ck exchanges of this countries, such as USA, Canada, Japan, German, England, Hong Kong, Korea, Singapore, are interested in attracting Chinese outstanding enterprise to list.3符合国外证券监管机构和证券交易所的监管要求是中国企业海外上市的第一步，并以次为目标进行企业重组和管理提升；The first step of Chinese enterprise listing oversea is to correspond with the regulations of foreign securities regulation organizations and stock exchanges. On this base, the enterprises will reorganize and improve the level of management.4国内资本市场的成熟与完善，将大大推进中国企业进入国际资本市场的速度；The matu
