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大量企业赴海外上市,这对于国内资本市场发展的影响如何?实际上,从不同的主体的角度看,答案是不一样的。对于企业来说,海外上市是他们自己作出的选择。哪里能够解决他们急需的资金,能够解决治理上的问题,他们就到哪里去上市。但是,对于中国的投资银行以及整个证券业来说,大量优秀企业海外上市后,会使得他们失去很多业务发展的机会。这种市场格局如果持续发展下去,中国可能有国际领先的实业企业,但很难有国际领先的投资银行和基金管理公司。对于交易所来说,海外上市则意味着上市资源的流失。从投资者的角度看,在市场存在对外投资的管制时,社保资金、企业年金、保险资金等可能面临合格的投资对象缺乏的问题。
How many enterprises going overseas to go public will affect the development of the domestic capital market? In fact, the answer is not the same from different subjects. For businesses, overseas listing is their own choice. Where can we solve the urgently needed funds, solve the governance problems and where do they go public. However, for China’s investment banks and the securities industry as a whole, a large number of outstanding enterprises overseas listing will make them lose a lot of opportunities for business development. If this market pattern continues to develop, China may have the world’s leading industrial enterprises, but it is very difficult to have the world’s leading investment banks and fund management companies. For the exchange, the overseas listing means the loss of listed resources. From the investor’s point of view, in the case of foreign investment control in the market, social security funds, enterprise annuities and insurance funds may face the problem of lack of qualified investment targets.