分论三 中国上市公司结构和上市资源配置的战略调整：从海外上市到回归 A 股摘 要本分论针对当前中国出现的内地企业（尤其是国有大型企业）海外上市热潮，以内地上市资源配置模式变迁（从审批制到核准制）为界对 1992-2000 年与 2001 至今两个时期的中国内地企业海外上市现象的历史变动轨迹及其所有制、产业、上市模式等特征做了较为系统的介绍，并通过资产分布、产业分布、收益状况以及市场特征指标等视角对当前沪深两地和中国香港市场中内地上市公司状况的对比分析，较为全面、系统地展示了内地上市资源境内外配置现状。随后对中国内地公司海外上市的积极与消极经济效应从理论上做了反思。从中国内地目前的情况看，尽管内地企业赴港上市符合其微观利益且在短期内还无法避开，但从中国内地金融体系功能完善视角来看，当前中国内地上市企业已经初现蓝筹航母群的端倪，因此，优质大型特大型内地企业的回归 A 股并以此为基础打造内地市场的蓝筹航母群就构成了未来中国资本市场进展新战略的核心内容。这一战略的实施不仅是中国内地资本市场进展与功能转型的内在要求而且对于推动中国内地金融体系现代化进程以及中国内地资本市场的国际化都至关重要。AbstractThis topic is mainly concerned with a systematic introduction of listing mode in two periods and their characteristics such as the ownership, industry, listing modes and so on. From the perspectives of assets distribution, industry distribution, earning condition and market characteristics indicators, we make a comparative analysis on the situation of mainland companies listed in Shanghai and Shenzhen market and Hongkong market of China, showing the current situation of inside and outside allocation of the mainland listing resources fully and systematically. Then we make a theoretical retrospection of the positive and negative economic effects of these overseas listing. Although overseas listing conforms to company’s individual interests and inevitablly in short term for mainland enterprises listed in Hongkong market, from the perspective of perfecting the function of ...
