摘要(英) |
Since 2009.8, the Prime Minister of China, Mr. Wen Jia Bao, brought the concept “Experience China” to public, IOT is officially became one of the FIVE ultramodern Strategic industries in China. China’s society was paying much more attention on IOT. Therefore, this article is aimed to explore this subject matter which is the new concept to public.
This paper is going to find out the difference for Chinese IOT enterprises to become listed in China and USA. When IOT enterprises list in different countries (China and USA), whether it would cause any difference in valuation. This paper uses the annual data from 2011-2015, among 73 Chinese IOT enterprises listed in China and 15 Chinese IOT enterprises listed in USA, through the Tobin’s Q of these companies, the result shows the enterprises listed in China has higher Tobin’s Q than the Chinese enterprises listed in USA, and the result is significant. That means Chinese IOT enterprises have better evaluation when they listed in China. The valuation of IOT enterprises in 2015 is significantly higher than other years. |
參考文獻 |
〔1〕Alexander, Gordon J., Cheol S. Eun, Sundaram Janakiramanan, 1988, “ International listings and stock returns: Some empirical evidence ”, Journal of Financial and Quantitative Analysis 23, 135-151.
〔2〕Amihud, Y., and Mendelson, H. 1986. Asset Pricing and the Bid-Ask Spread. Journal of financial Economics, 17(2), 223-249.
〔3〕Doidge, Craig, G. Andrew Karolyi, Rene M. Stulzb, 2004, Why are foreign firms listed in the U.S. worth more? Journal of Financial Economics 71 , 205–238.
〔4〕Economic Daily News, Taiwanese enterprises have been undervalued on the HKE, December 2, 2007.
〔5〕Francis, Bill ; Hasan, Iftekhar ; Li, Feng, 2001, Underpricing of Foreign and Domestic IPOs in the U.S. Market: Empirical Evidence, Financial Markets, Institutions and Instruments, Vol.10(1), 1-18.
〔6〕Fernandes N,Ferreira M, 2005, Does International Cross-listing Really Improve the Informational Environment?[Z].Unpublished Working Paper,Univer-sidade Catolica Portuguesa,Lisboa.
〔7〕Garbade, K. D., and Silber, W. L. 1979. Structural Organization of Secondary Markets: Clearing Frequency, Dealer Activity and Liquidity Risk. Journal of Finance, 34, 577–593.
〔7〕Moel, A., 1999. The role of information disclosure on stock market listing decisions: the case of foreign firms listing in the U.S. Unpublished working paper. Harvard Business School, Boston, MA.
〔8〕Rhodes–Kropf, Matthew, David T. Robinson, and S. Viswanathan, 2005, Valuation waves and merger activity: The empirical evidence, Journal of Financial Economics 77 , 561–603.
〔2〕Shen, Chung-Hua, Chien-An Wang,Chao-Lung Lien,2015, Are the Taiwanese Firms Listed on the Hong Kong Stock Exchange Undervalued? journal of Financial Studies Vol. 23 No. 2 June 2015, 55-103.
〔7〕Saudagaran, Shahrokh M., 1988, An empirical study of selected factors influencing the decision to list on foreign stock exchanges, Journal of International Business Studies 19, 101-127.
〔8〕Taiwan News Weekly Finance/Culture, Taiwanese enterprises listing in Hong Kong generally underperformed, October 12-19, No. 311 ,2007.
〔9〕周煊,林小艳,2008,「国内企业境外上市的动机及市场选择策略研究」,中南大学学报(社会科学版),第14卷第5期,598-603. |