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近年来,中国不少企业先后到国际资本市场上发行股票,筹措资金。这对改善国有企业的经营机制,加强竞争力无疑有着十分深远的意义。总的来看是比较成功的,但也存在一些问题,最突出的就是发行仅局限在香港和纽约等几个有限的市场,而没有重视其它的上市地点。这种比较单一的局面易受各种外界因素的影响,譬如,1994年中期以来,美国市场及其投资基金对投资中国股票的兴趣下降。出现这种情况的原因很多,主要是1994年年底和1995年上半年美国利率上调以及几乎同时发生的墨西哥金融危机,使得美国的投资者把准备用于“中国概念股”的投资基金抽走而投往别处。
In recent years, many Chinese companies have issued shares to the international capital market and raised funds. This will undoubtedly have far-reaching significance in improving the operating mechanism of state-owned enterprises and strengthening their competitiveness. The overall point of view is relatively successful, but there are also some problems. The most prominent issue is that the issuance is limited to a few limited markets such as Hong Kong and New York, but not to other listing sites. This relatively single situation is vulnerable to a variety of external factors. For example, since the middle of 1994, the US market and its investment funds have become less interested in investing in Chinese stocks. There are many reasons for this, mainly due to the US interest rate increase at the end of 1994 and the first half of 1995, and the almost simultaneous Mexican crisis in the United States, which has led investors in the United States to pump up the investment funds that are ready to use for the “Chinese concept stocks.” Go elsewhere.