基于VIE模式下JD上市公司财务风险研究

发布时间：2018-01-23 23:25

本文关键词： VIE模式海外上市财务风险　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：VIE模式即控制协议模式,已经在我国运用了十多年的时间,自从新浪公司实现了第一次海外上市以来,在海外上市的互联网公司越来越多。2011年,以马云为首的阿里巴巴公司,单方面违约,将VIE模式下的问题暴露了出来。从而使得中概股产生了严重的信任危机,以至于出现了股价大幅度下跌等严重的不良后果。这些后果的出现使得许多有意向通过海外上市的企业望而却步,从而导致大多数的企业返回到内陆上市。为了更加详细的分析VIE模式下企业的财务风险,所以以公司真实地案例为切入口,首先对研究的案例企业进行分析,然后分析VIE模式的特点,以及该模式下实施的企业的特点,和企业的VIE模式的基本建设,同时对该企业所具有的相关的财务风险进行详细的分析,从这些分析当中识别出现如今采用VIE模式上市的企业具有的相应的财务风险。所具有的财务风险主要有以下两种形式,即广义的和狭义的财务风险。为了更好的分析,则结合了上市公司对于筹资方面的情况,以及中美对于财务报表的披露上存在的不同之处,并对国内外对于VIE模式的相关的政策法规进行了研究,以及政策的变动和监管形式。以企业的财务风险的管理作为研究的理论基础,和上市公司对于面对财务风险时的应对措施。综合的将企业的财务风险的种类考虑在内,以及在应对这些风险的时候的不足之处,同时提出了关于应对财务风险的一些意见和建议。首先介绍了财务风险的概念以及成因,财务风险的主要的研究历程,并且对财务风险的特点进行分析、评价和控制等相关的基本理论知识,并且对财务风险的基础性的理论进行了综合的论述。然后,结合公司的案例,将上述财务风险理论和方法实际的应用到公司中去。对公司存在的风险和类型进行分析,以及给公司带来的影响,并且提出了相对应的意见和建议,从组织架构的制定、公司采用的战略、公司的战略目标以及在实际的执行过程当中,对面对财务风险进行了合理的预警、防范、规避以及控制。
[Abstract]:VIE mode, the control protocol model, has been used in China for more than ten years. Since Sina Company realized the first overseas listing, more and more Internet companies listed overseas. 2011. Led by Ma, Alibaba, a unilateral default, exposed the problems under the VIE model, thus causing a serious crisis of trust in the Chinese stock market. As a result, there have been serious adverse consequences, such as sharp falls in stock prices, which have deterred many companies interested in listing overseas. As a result, most enterprises return to the inland listing. In order to analyze the financial risk of the enterprise in more detail under the VIE model, we take the real case as the entry point. First of all, this paper analyzes the case of the enterprise, and then analyzes the characteristics of the VIE model, as well as the characteristics of the enterprise implemented under the model, and the capital construction of the VIE model of the enterprise. At the same time, the related financial risks of the enterprise are analyzed in detail. From these analyses, we can identify the corresponding financial risks of the enterprises listed in VIE mode. The financial risks are mainly in the following two forms. In order to better analyze, it combines the financing situation of listed companies and the differences of the disclosure of financial statements between China and the United States. And at home and abroad for the VIE model related policies and regulations are studied, as well as policy changes and regulatory forms. The financial risk management of enterprises as the theoretical basis of the study. And listed companies in the face of financial risks. Comprehensive consideration of the types of financial risks of enterprises, as well as when dealing with these risks deficiencies. At the same time, it puts forward some opinions and suggestions on how to deal with financial risk. Firstly, it introduces the concept and causes of financial risk, the main research process of financial risk, and analyzes the characteristics of financial risk. Evaluation and control and other related basic theoretical knowledge, and the financial risk of the basic theory of a comprehensive discussion. Then, combined with the case of the company. The above financial risk theory and method are applied to the company. The risk and type of the company are analyzed, and the impact on the company is also analyzed, and the corresponding opinions and suggestions are put forward. From the formulation of the organizational structure, the strategy adopted by the company, the strategic objectives of the company and the actual implementation process, the opposite to the financial risk of reasonable warning, prevention, avoidance and control.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F715.5

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