發(fā)布時(shí)間：2018-02-24 00:30

  本文關(guān)鍵詞： 中概股 私有化 VIE架構(gòu)　出處：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：所謂海外中資股,是指在海外市場(chǎng)上市,但主要業(yè)務(wù)集中在中國(guó)、或者大部分營(yíng)業(yè)收入來(lái)自國(guó)內(nèi)的公司(公司注冊(cè)地則可能是在境內(nèi)或者離岸)。中概股企業(yè)近年來(lái)一直是市場(chǎng)的熱點(diǎn)話題,伴隨2014年中概股新一輪私有化回歸的浪潮,再次引起了投資者和學(xué)界的廣泛關(guān)注。本文從分析了中概股赴美上市的原因入手,分析了在制度規(guī)則的作用下,很多中概股公司無(wú)法登陸A股,從而選擇海外上市的歷史背景,介紹了中概股由于頻繁遭遇做空、與A股形成巨大估值差異,陸續(xù)選擇私有化。之后,分析中概股私有化可以選擇的路徑并對(duì)回歸A股的三種方式進(jìn)行了對(duì)比分析。分析發(fā)現(xiàn),中概股私有化回歸的路徑盡管屬于自身的戰(zhàn)略選擇,但不僅關(guān)乎于企業(yè)所處的產(chǎn)業(yè)環(huán)境和自身的資源能力,而且受制于制度環(huán)境與政策導(dǎo)向。中概股公司私有化回歸的成敗受制于其資產(chǎn)質(zhì)量與發(fā)展?jié)摿?但外部制度環(huán)境的變化也對(duì)企業(yè)選擇哪種私有化與回歸A股路徑產(chǎn)生重要影響,因此,中概股私有化過(guò)程中應(yīng)時(shí)刻保持對(duì)制度環(huán)境的密切關(guān)注。最后分析了分眾傳媒私有化回歸的案例。有關(guān)中概股私有化回歸的研究是一個(gè)較新的研究?jī)?nèi)容,相關(guān)的論文比較少,本文通過(guò)對(duì)中概股上市的背景原因、退市的考量、以及退市回歸的路徑進(jìn)行系統(tǒng)性的研究,試圖為準(zhǔn)備回歸的中概股提供些借鑒。私有化是企業(yè)的一種戰(zhàn)略性選擇,建立在對(duì)企業(yè)內(nèi)部資源能力熟知的基礎(chǔ)上,因此從外部難以挖掘其真正動(dòng)機(jī)。此外,理論鋪墊也稍顯不足。由于筆者研究能力的局限性,本文獲取的數(shù)據(jù)有可能不是非常全面,這些都有待進(jìn)一步學(xué)習(xí)、提高。
[Abstract]:The so-called overseas Chinese-funded stocks are listed on the overseas market, but the main business is concentrated in China. Or most of the operating income comes from domestic companies (the place of incorporation may be either domestic or offshore. Chinese companies have been a hot topic in the market in recent years, with a new wave of privatization in middle of 2014. Again, it has aroused the widespread concern of investors and scholars. This paper begins with the analysis of the reasons for the listing of Chinese and Chinese shares in the United States, and analyzes the historical background that many Chinese companies cannot land on A shares under the influence of the system and rules, thus choosing the historical background of overseas listing. This paper introduces how to privatize China's general shares because of frequent short selling, which forms a huge valuation difference with A shares. Then, the paper analyzes the paths that can be chosen for privatization and compares the three ways to return to A shares. Although the path of privatization in China belongs to its own strategic choice, it is not only related to the industrial environment of the enterprise and its own resource ability. The success or failure of privatization of Chinese stock companies is limited by their asset quality and development potential, but the change of external institutional environment also has an important impact on which path of privatization and return to A shares. Therefore, we should always pay close attention to the institutional environment in the process of privatization. Finally, we analyze the case of the return of mass media privatization. There are few related papers. This paper makes a systematic study on the background reasons, the consideration of delisting, and the path of delisting return. Privatization is a strategic choice for an enterprise, based on a good understanding of its internal resource capabilities, so it is difficult to dig out its real motives from the outside. Due to the limitations of the author's research ability, the data obtained in this paper may not be very comprehensive, all of which need to be further studied and improved.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51
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本文編號(hào)：1528202