中国IT企业境外上市风险研究

发布时间：2018-06-08 23:23

本文选题：IT企业 + 境外上市　；参考：《湘潭大学》2012年硕士论文

【摘要】：二十世纪末以来,全球经济高速发展,区域经济集团化和全球化趋势越来越明显,我国经济对外开放程度越来越高。2001年，我国加入WTO更进一步地促进了我国经济“走出去”。从1992年华晨汽车作为我国第一家境外上市的企业“走出去”后，我国企业境外上市方兴未艾。国外资本市场需要寻找新兴上市资源,而我国国内监管政策也开始松动,种种因素使得我国企业走出国门上市融资时机成熟。截止目前为止，我国企业境外上市共掀起了五次上市热潮，而第五次热潮中我国IT企业“独领风骚”。我国IT企业于最近十年迅速崛起，鉴于自身的特殊性，迫切需要解决资金“血液”问题，但由于IT企业在国内缺乏直接融资土壤以及撤出前期风险资本的需要等， IT企业纷纷转向境外通过上市寻求资金出路。而此时，境外上市的国内国外环境也在大大改善。以中国为代表的发展中国家IT产业成为全球新的经济增长点，为投资所看好，大量的国际直接投资流向以中国为代表的发展中国家IT产业，我国随着“75号文”的出台对境外融资监管政策也开始松动。在这种十分有利的国内外环境下使IT企业赴境外上市有了现实的可能性。然而，风险总是与收益相伴而来，境外上市在为IT企业带来发展所需资金的同时，潜伏的风险也随之而来。IT企业应做好风险功课，重点关注被资本市场危机“感染”的风险、发行风险、信息披露规制风险、持续融资风险及被国外机构恶意做空的风险，上市后应对好与投资机构和当地媒体的沟通工作，通过其向投资者及社会公众传达对企业有利的信息。一旦发生意外风险时，应在第一时间内启动风险预警机制，积极主动地应对，而不是坐以待毙。总之，IT企业需要练好“内功”，同时，，在上市前就应做足风险防范“功课”，对上市过程中及上市后的各种风险应有全面的认知，建立全面的风险管理及应对机制，采取合理有效的措施规避各种可能出现的风险，促进企业健康良性地发展，在促进我国IT产业发展壮大的同时回报投资者。
[Abstract]:Since the end of the 20th century, the global economy has developed at a high speed, the trend of regional economic collectivization and globalization has become more and more obvious, and the degree of our economic opening to the outside world has become more and more high. In 2001, China's accession to the WTO further promoted the "going out" of China's economy. Since 1992, when brilliance Automobile was the first overseas listed enterprise in our country, the overseas listing of our country's enterprises was in the ascendant. The foreign capital market needs to look for new listed resources, and the domestic regulatory policy is also loosening, which makes the time for Chinese enterprises to go abroad to go public and raise funds is ripe. Up to now, the overseas listing of Chinese enterprises has set off a total of five listing upsurge, and the fifth upsurge of IT enterprises in our country "dominant". China's IT enterprises have risen rapidly in the last ten years. In view of their own particularities, they urgently need to solve the "blood" problem of funds. However, due to the lack of direct financing soil in China and the need to withdraw pre-venture capital, IT enterprises have turned overseas to seek a way out through listing. At this time, the overseas listing of the domestic and foreign environment is also greatly improved. The IT industry of developing countries, represented by China, has become a new economic growth point in the world. A large amount of international direct investment flows to IT industry of developing countries represented by China. With the introduction of "75", China's foreign financing regulatory policy also began to loosen. In this kind of favorable domestic and international environment, it is possible for IT enterprises to go public abroad. However, risks are always accompanied by profits. While overseas listings bring the necessary funds for the development of IT enterprises, the potential risks also follow. The IT enterprises should do their risk homework well and focus on the risk of being "infected" by the capital market crisis. Issue risk, information disclosure regulation risk, continuous financing risk and risk of malicious shorting by foreign institutions. After listing, we should properly communicate with investment institutions and local media. Through it to investors and the public to convey a good message for the business. In the event of an unexpected risk, the risk warning mechanism should be activated in the first time to respond proactively, rather than sitting idly by. In short, IT enterprises need to practice their "internal skills", and at the same time, they should do their homework to prevent risks before going public, have a comprehensive understanding of all kinds of risks in the process of listing and after listing, and establish a comprehensive risk management and coping mechanism. To take reasonable and effective measures to avoid all kinds of possible risks, to promote the healthy and healthy development of enterprises, to promote the development of our IT industry at the same time return investors.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F49

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