CAJ | 학술논문

企业海外上市的地点选择是金融地理学关注的重要问题。中国有大量的企业在海外上市，其中新加坡是最重要的海外上市地点之一，但是近几年其吸引力有所下降。本文首先分析中国企业在新加坡上市的时间、空间以及行业结构变化历程，在此基础上探讨新加坡成为我国企业海外上市重要目的地以及近期地位下降的原因。凭借与中国在地理、文化和语言等方面的邻近性及产业上的相似性、较为宽松的上市条件、证券交易所积极的市场营销、来自新加坡的风险投资机构的推动以及地方企业集群的模仿领袖效应，新加坡在很长一段时间都是我国企业海外上市的重要目的地之一。2007年以后，新加坡证券交易所对中国企业的吸引力明显下降，主要是由全球金融危机造成资本市场低迷、全球各大交易所间竞争加剧和中国概念股在新加坡金融市场融资不畅等原因造成。结论部分指出，新加坡原有的吸引中国企业前去上市的优势已逐步丧失，企业应理性对待上市。此外，海外上市对全球金融地理格局有深远影响，值得更多国内地理学者进行研究。
기업해외상시적지점선택시금융지이학관주적중요문제。중국유대량적기업재해외상시，기중신가파시최중요적해외상시지점지일，단시근궤년기흡인력유소하강。본문수선분석중국기업재신가파상시적시간、공간이급행업결구변화역정，재차기출상탐토신가파성위아국기업해외상시중요목적지이급근기지위하강적원인。빙차여중국재지리、문화화어언등방면적린근성급산업상적상사성、교위관송적상시조건、증권교역소적겁적시장영소、래자신가파적풍험투자궤구적추동이급지방기업집군적모방령수효응，신가파재흔장일단시간도시아국기업해외상시적중요목적지지일。2007년이후，신가파증권교역소대중국기업적흡인력명현하강，주요시유전구금융위궤조성자본시장저미、전구각대교역소간경쟁가극화중국개념고재신가파금융시장융자불창등원인조성。결론부분지출，신가파원유적흡인중국기업전거상시적우세이축보상실，기업응이성대대상시。차외，해외상시대전구금융지리격국유심원영향，치득경다국내지이학자진행연구。
Location choice of firms’ overseas listing is a major concern of financial geography. There are a large number of Chinese firms choose to list on overseas stock exchanges in which Singapore is one of the most important listing locations. But Singapore’s appeal to Chinese firms has declined great-ly in recent years. This paper firstly introduces the overall pattern of Chi-nese firms which list on Singapore Stock Exchange (SGX) through presenting the structural changes in time, space and industry of Chinese listed firms. After that, it explores why Singapore become an important destination for overseas listings of Chinese firms as well as the reasons for the recent decline in the status. This paper argues that relying on low and flexible requirements for listing and the successful marketing strategies of SGX, the promotion of Sin-gapore's local venture capital institutions, proximities in geography, cul-ture, language and industry similarity between Singapore and China and fol-low-the-leader effect in the listing of firms in the same regional industrial clusters in china, Singapore has attracted numerous Chinese firms to list on SGX. These are the reasons why SGX has been one of the most important destina-tions for overseas listing of Chinese firms in a long period of time. However, the attractiveness of SGX to Chinese firms greatly decreased after 2007. We summarized three reasons for the decline. Firstly, the downturn of the capital markets which is caused by the global financial crisis. Secondly, the in creased competition among the world's major stock exchanges also contributes to the decline. Thirdly and the most importantly, poor financing condition of the Chinese stocks on SGX severely reduced the enthusiasm of Chinese firms for listing on SGX. In the conclusion part, we point out that Singapore has lost the advantages it had before in attracting Chinese firms to list on SGX. Firms should be rational in the listing process. In addition, overseas listing has potential influences on the geographical pattern of global finance. So we pro-pose that financial geography deserves more research attention in China.