中国企业在美国OTCBB上市的风险分析
发布时间：2018-08-12 11:33
【摘要】：随着金融危机的影响在全球蔓延，中国企业尤其是中小企业的发展环境受到了一定程度的影响，“融资难”成为在此过程中暴露的最为严重的普遍性问题。面对这一问题，中国企业结合自身状况选择了不同的融资渠道，其中就有一部分中小企业选择赴海外上市融资。于是，OTCBB市场凭借其申请条件低、报价费用低廉等特点得到了部分中国企业的青睐。但是，随着赴美OTCBB上市的中国企业数量逐年增加，其风险也随之暴露出来。 本文从论述OTCBB市场概况出发，在第一章介绍美国OTCBB市场的含义、特点和上市流程，并介绍中国企业在OTCBB上市的现状，从而引出中国企业在OTCBB上市可能面对的各类风险，同时，为能将其风险概括全面，，本文根据风险因素的来源不同，在第二章将其分为外部因素引发的风险和企业自身在OTCBB上市后可能面对的风险两类来阐述。为论述中国企业在OTCBB上市后承担的风险状况，本文在第三章采用Z计分模型对已在OTCBB上市的中国企业做了财务风险的实证分析，以此来说明在相关风险的影响下企业的经营状况受到不同程度的影响。根据实证结论，在OTCBB上市的部分企业财务状况不佳且有恶化的趋势。因此，本文在第四章的结论和启示部分指出，虽然OTCBB市场风险较大，但只要企业可以加强风险监管、政府能够正确引导，那么OTCBB可以成为日后中国企业海外融资的有效途径。
[Abstract]:With the impact of the financial crisis spreading all over the world, the development environment of Chinese enterprises, especially the small and medium-sized enterprises, has been affected to a certain extent, and the "financing difficulty" has become the most serious universal problem exposed in this process. In the face of this problem, Chinese enterprises choose different financing channels according to their own situation, among which some SMEs choose to go overseas to raise funds. Therefore, OTCBB market is favored by some Chinese enterprises because of its low application conditions and low price. However, as the number of OTCBB listed in the United States increases year by year, the risks are exposed. This paper discusses the general situation of OTCBB market, introduces the meaning, characteristics and listing process of American OTCBB market in the first chapter, and introduces the current situation of Chinese enterprises listed in OTCBB, which leads to all kinds of risks that Chinese enterprises may face in OTCBB listing, at the same time, In order to generalize its risk, according to the different sources of risk factors, in the second chapter, the risk caused by external factors and the risks that enterprises may face after OTCBB listing are discussed. In order to discuss the risk situation of Chinese enterprises after OTCBB listing, this paper makes an empirical analysis on the financial risk of Chinese enterprises listed in OTCBB by using Z score model in the third chapter. In this way, under the influence of related risks, the operating conditions of enterprises are affected to varying degrees. According to the empirical conclusion, some enterprises listed in OTCBB have a poor financial situation and a trend of deterioration. Therefore, the conclusion and enlightenment of the fourth chapter point out that although the market risk of OTCBB is high, as long as enterprises can strengthen risk supervision and the government can guide correctly, then OTCBB can become an effective way for Chinese enterprises to raise overseas funds in the future.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F831.51;F279.2
本文编号：2178926
[Abstract]:With the impact of the financial crisis spreading all over the world, the development environment of Chinese enterprises, especially the small and medium-sized enterprises, has been affected to a certain extent, and the "financing difficulty" has become the most serious universal problem exposed in this process. In the face of this problem, Chinese enterprises choose different financing channels according to their own situation, among which some SMEs choose to go overseas to raise funds. Therefore, OTCBB market is favored by some Chinese enterprises because of its low application conditions and low price. However, as the number of OTCBB listed in the United States increases year by year, the risks are exposed. This paper discusses the general situation of OTCBB market, introduces the meaning, characteristics and listing process of American OTCBB market in the first chapter, and introduces the current situation of Chinese enterprises listed in OTCBB, which leads to all kinds of risks that Chinese enterprises may face in OTCBB listing, at the same time, In order to generalize its risk, according to the different sources of risk factors, in the second chapter, the risk caused by external factors and the risks that enterprises may face after OTCBB listing are discussed. In order to discuss the risk situation of Chinese enterprises after OTCBB listing, this paper makes an empirical analysis on the financial risk of Chinese enterprises listed in OTCBB by using Z score model in the third chapter. In this way, under the influence of related risks, the operating conditions of enterprises are affected to varying degrees. According to the empirical conclusion, some enterprises listed in OTCBB have a poor financial situation and a trend of deterioration. Therefore, the conclusion and enlightenment of the fourth chapter point out that although the market risk of OTCBB is high, as long as enterprises can strengthen risk supervision and the government can guide correctly, then OTCBB can become an effective way for Chinese enterprises to raise overseas funds in the future.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F831.51;F279.2
本文编号：2178926
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