青岛啤酒1993年在香港挂牌上市,成为首家海外上市的内地企业,到2007年底,一共有近500家中国内地企业在海外证券市场通过不同方式实现了上市。不可否认,中国企业赴海外上市,实是无奈的选择,中国资本市场的先天性缺陷,导致上世纪九十年代中国的优秀民营企业在国内上市无望,于是纷纷借道海外资本市场,通过海外上市筹集发展资金。依托中国经济的迅速崛起与强大,内地企业受到了海外资本的热捧,中国公司海外首次公开发行(IPO)一度成为外国人可以进行非理性狂热投资的最后几个场合之一。而中 Tsingtao Brewery was listed in Hong Kong in 1993 and became the first Mainland listed company to go overseas. By the end of 2007, a total of nearly 500 mainland Chinese enterprises had gone public in overseas securities markets in different ways. It is undeniable that Chinese enterprises going abroad for overseas listing are helpless options. The inherent defects in China’s capital market led to the hopeless listing of China’s outstanding privately-run enterprises in China in the 1990s. As a result, they all resorted to overseas capital markets through overseas listing Raise development funds. Relying on the rapid rise and strength of China’s economy, Mainland enterprises have been favored by overseas capital. Chinese overseas initial public offerings (IPOs) became one of the last few occasions when foreigners could make irrational fanatical investments. And in