A Case Study of the Change in the Achievement of H Share Companies before and after Listing

Abstract

In this article we have, by means of accounting data, compared the finance and performance, both before and after listing, of all the H share companies registered in the mainland but listed in Hong Kong. Theoretically, there are two opposite forces impinge on the achievements of the newly listed companies: the positive effect of the reform of "generalization- of- company"(PEOROGOC) and the positive effect of privatization (PEOP) on the one hand, and the negative effect of IPO on the other. By this case study, we have discovered that, in the two to three years after listing, the operation achievements of H share companies have dropped drastically; but compared with this, the management performance of private enterprises as the control group has plummeted more after listing——this is perhaps because in terms of H share, a part of IPO effect has been offsetted by the PEOROGOC and PEOP. We in this paper have, unprecedentedly, put forward the argument that part of the effect of privatization is also positive.

本文利用會計數據比較了所有在中國大陸注冊,并在香港上市的H股公司上市前后的財務及經營績效。理論上看,有兩種相反的力量影響著這些新上市公司的績效:正向的公司化改造及民營化效應和負向的IPO效應。本實證研究發現H股公司上市后2￣3年里經營績效大幅下降,但是作為控制組的民營企業上市后與H股公司相比績效下降幅度更大,這可能是因為對H股而言正向的公司化改造及民營化效應抵消了部分IPO效應。本文首次提出了中國上市公司部分民營化效應也是正向的論據。