新加坡交易所上市环境与中国企业上市

上海交通大学硕士学位论文新加坡交易所上市环境与中国企业上市姓名：周菁申请学位级别：硕士专业：工商管理指导教师：欧阳令南20060115SWOTTOWS1)2)3)S4)THELISTINGENVIRONMENTOFSINGAPOREEXCHANGELIMITEDANDTHELISTINGOFCHINAENTERPRISESABSTRACTAstheburgeoningcapitalmarketofAsia,Singaporesecuritiesmarkethasbeenthefocusofmanyinvestmentcompanies.TheseorganizationsareattractedbytheexotericsocietyanduniquelivingcultureofSingapore.Throughtheyears,SingaporeisslowlybeingrecognizedtobeoneofthemostactivesecuritiesmarketintheregionofAsiaandmanyenterpriseshaveastrongdesiretobelistedinSingapore.China’seconomyinrecentyearshasbeenrisingatanalarmingrate.China’sEnterprisesontheotherhandhasbeenlookingforoverseascapitalmarketsatthesametime,hopingtoentertheinternationalmarket.China’sEnterprisesintherecentdecadehasbeenverythriving,SingaporehasgottenreadytostrideforwardtogetherwithChina’sEnterprisesintotheinternationalmarket.Asthetopregionalsecuritiesmarket,Singaporeiscapableofprovidingthecapital,whichcanhelptheChinaenterprisesinexpandingtheirbusiness.IfChina’senterprisessucceedinbecomingalistedcompanyinSingaporeExchangeLimited(SGX),theywillbenefitfromthefamoustransparencyandthegoodcorporategovernanceofSingapore,theseareimportantfactorsinbecomingoneofthetopinternationalbrand.SGXrecognizedthistrendandthereforeSGXiscooperatingwiththerelatedgoverningorganizationsofChinaandSingapore,comingupwithfeasiblewaystohelptheenterprisesinmeetingthelistingrequirements.ThisthesisdepartsfromthedevelopingstrategyofSGX,focusingonthepartofoverseaslistingwhenanalyzingthelistingenvironmentofSGX.Throughagreatdealofdataandpracticalcases,thethesisanalysesthesituationofChinaenterprise’slistinginSGXasakeypoint.UsingtheSWOTtool,thisthesisattemptstoanalyzetheessentialfeaturesofSGXcompetitivenessinfacingtheChinaenterprises,thisisinordertodiscoverthestrengthsandweaknessesoftheinternalorganization.Bycombiningthestudyoftheopportunitiesandthreatsposedbytheenvironment,thethesisdevelopedtheTOWSstrategicmatrix.InordertoattracttheChina-relatedenterpriseslistinginSingaporebetterandmakeSGXaperfectlistingplacefortheenterprisesofChina,TheauthorsuggeststhefollowingstrategiestoSGXbasedonthemarketsegmentationtheory:1)Segmentthemarket,includingtheenterprisetypesegmentationandtheindustrysegmentationofChina-relatedenterprises.Takecareofthelistingneeds,thedesiresoftheChinaenterprisesandchoosethesuitableclientsastarget.2)Providesaone-stopserviceforChina’senterpriseswhointendstobelistedinSingapore.Linkallmembersofthelistingteam,suchasissuemanager,accountant,auditor,lawyerandPRconsultantetc,inordertoofferarapidandconvenientwayoflistinginSingaporefortheseenterprises.3)Increasethecommunicationofeconomicandcommercialbureausbetweenthetwocountries,encouragedirectlistinginSingapore.LookingfromSGX’spointofview,iftheChinaenterpriseschoosetheSsharelisting,theywillhavetheprioritytobeexaminedandapprovedwithinashortertimebySGX.Largeenterpriseswillhaveabiggeradvantageinbeingelectedfortheindexstock.4)EstablishtheconceptofPanAsiaRegionalCapitalMarket.Everystockexchangehasitsownecosystemanddeveloptheirpositionanduniquenessduringthecompetitioneachother.SGXcanactasthe“localmarketofChinaenterprise”,andextenditsdevelopingspacetosouth-eastAsia,ChinaandIndia.KEYWORDS:listingenvironment,China-relatedenterprise,listingoverseas,targetedclient,PanAsiaRegionalCapitalMarket20024200543041%200611520061152006115MBA11160GDP11%7002003/0412SingaporeExchangeLimitedSGX199912SESSIMEX1930------200011232005464347201-11-239%20100200300400500600700199119921993199419951996199719981999200020012002200320042005.4.0100200300400500199119921993199419951996199719981999200020012002200320042005.4.总2005429%1881-329%41%192071%45520054139SGX1-1SGX--SGX1-2SGX--MBA3SGX7711511东亚25/兰6287131311-1SGX12375010010008000325%312%100020003312SGX1-3SGXMBA4SGX132SESDAQStockExchangeofSingaporeDealingandAutomatedQuotationSystemSESDAQ2080198719973SESDAQ5%50%5%SESDAQSESDAQSGX1-2SESDAQ15%50000500MBA514SGX1-4SGXOptions1--52004MBA6199920002001200220032004200545384373358822015181382148114140153360204060801001999200020012002200320042005.4.SGX1-5SGX2005430MBA721211HNSHHongKongHNNewYorkNSIPOIPO123212MBA819931999123412300---10003001000345213DepositoryReceiptDRADRGDR.ConvertibleBondMBA9222-1••••••••••••••“”SESDAQ23239%IPOIPOIPOIPO600-1000MBA10IPO5-10%1000IPO10-20%“”HK2319“”HK0700IPO14“”38%2004510“”“”0.28906025371.3“460005000”IPOSESDAQIPO2312SESDAQ1999MBA117501008000SESDAQSESDAQ1987SESDAQ393A20%415002502003465015214485250055%5%67820007MBA12200543029%2-1/2-2业29%业71%9业41%业59%6432005.4.30.18845547202005.4.30.19202800FederationInternationaleDesBoursesDeValeurs2-2SGX2-1SGXMBA13242004120032-32004400%138%30%200422-320032004IPO2-42004IPOIPOMBA142-4200432-52004IPO2-62004IPOMBA152-52-62-72004/IT45%//12%9%7%2004//IT63%/2004/IT90%/IT/IT/200442-72004IPO282004IPOMBA162-8200452-12004IPO/0—1010—2020—3030—505025.58%44.19%18.6%4.65%2.33%4.65%70.97%19.35%3.23%3.23%--3.23%20%20%--10%10%40%2-1200410--20102-9620042-22-92004IPOMBA172-22004IPO1330%560880%0000220%274077%2-10200418%75%IPO200472-102004IPOMBA182--112004IPO2--122004IPO19978200420042002020031420