中文摘要：

全球资本市场的日益融合推动越来越多的创业企业到海外融资，IPO是其中一种重要的形式。本文围绕创业企业海外IPO的动因、目的地选择以及市场表现，对相关文献进行了梳理。研究表明：创业企业的新技术或商业模式能获得海外资本市场认可是一个重要动因，创业企业的规模、高管团队的海外经验、海外风投机构的介入、企业的海外经营等也是海外IPO的促进因素；目的地选择既要显示出企业治理规范又要与东道国治理偏好匹配；市场表现方面，总体而言，海外IPO企业首日抑价程度大，长期累积涨幅高于境内IPO企业。此外，创业企业个体间差异对市场表现的影响也是近年来研究的热点。文章最后探讨了创业企业海外IPO进一步的研究主题和方向以及对中国创业企业的实践启示。

英文摘要：

Constant integration of global capital market has driven more and more entre- preneurial firms to acquire finance in foreign financial market. Foreign IPO is one of the most important approaches. This paper reviews relevant literature about entrepreneurial firms＇ foreign IP（） through several aspects： motives, destination choice and market performance. It arrives at the following conclusions： firstly, the acceptance of new technology or business modes of entrepreneurial firms by foreign capital markets is an important motive; secondly, destination choice not only reflects firm governance norms, but also matches with the host country governance preference;thirdly, higher premium level in the first day of foreign IPO leads to higher long-term cumulative increase than domestic IPO firms.Finally, it discusses further research topics and directions of entrepreneurial firms＇ foreign IPO and practice im- plications for Chinese entrepreneurial firms.