我国快递企业上市动机及模式研究

发布时间：2018-01-30 19:15

本文关键词： 快递行业上市动机上市期望上市模式　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：对于快递行业而言,现阶段属于微利化、无利化、竞争化的市场,同质化竞争带来了一连串的恶性价格战,未来快递行业的兼并重组是必然趋势。鉴于上市身份的稀缺性以及上市带来的资本支持,成功上市的快递企业将会在未来行业的兼并重组中占据很大的优势。因此,2016年成为了快递企业争先上市的元年。但是,正是由于我国快递行业的上市热潮刚刚涌起,故针对快递行业进行行业专题案例研究的很少,关于快递企业上市动机和上市行为的研究尚不健全,因此本文针对快递企业上市动机及上市模式的选择进行研究,探究二者间的内在关联,填补当前的行业研究空白。本文采用比较分析法对快递行业上市企业上市动机及上市模式进行多案例分析和专题研究。通过对三家成功上市的快递企业进行比较分析,全面、系统地研究这三家快递企业的上市动机及上市模式,剖析这三家快递企业的差异化上市动机及上市模式,研究差异化上市动机促使企业选择不同上市模式的内在机理。在明晰内在机理的基础上,从快递企业差异化的上市动机出发,列出其可能的上市期望,推出符合上市期望的最优上市模式及可能出现的上市效果,对拟上市快递企业起到借鉴作用。经过多案例研究分析,本文最终得出以下结论:(1)快递行业上市企业的上市动机除了融资动机外存在一定差异性,其上市动机还可能有治理动机、资本动机及战略动机。基于这些上市动机,企业拟通过上市解决目前所面临的问题。(2)基于差异化的上市动机,快递企业应选择不同的上市模式,其原因在于上市动机与上市模式之间存在内在机理。一方面,企业在不同上市板块间借壳上市存在基本差异;另一方面,企业在不同资本市场进行IPO具有各自的优劣势。本文针对这两方面的内在机理进行了总结。(3)快递企业差异化的上市动机可促使企业选择不同的上市模式,从而达到期望的上市效果。除了融资动机外,具有治理动机的快递企业出于上市速度快、寻求企业增值的同时获得明显摊薄效应的上市期望,可能更宜选用"沪市主板借壳上市"的上市模式;具有资本动机的快递企业出于上市速度快、摊薄效应小、良好的市场表现与上市相关成本低的上市期望,可能更宜选用"深市中小板借壳上市"的上市模式;具有战略动机的快递企业出于上市速度快、上市门槛低与获得国际知名度的上市期望,可能更宜选用"境外IPO"的上市模式。
[Abstract]:For express delivery industry, at this stage belongs to the small profit, no profit, competitive market, homogeneous competition has brought a series of vicious price war. In the future, the merger and reorganization of express delivery industry is an inevitable trend. In view of the scarcity of listing status and the capital support brought by listing. Successful listed express companies will occupy a great advantage in the future merger and reorganization of the industry. Therefore, 2016 has become the first year for express delivery enterprises to be listed first. It is just because of the upsurge of express delivery industry in our country that there are few special case studies on express delivery industry, and the research on the listed motivation and listing behavior of express delivery enterprises is not perfect. Therefore, this paper focuses on the choice of listed motivation and mode of express delivery enterprises to explore the inherent relationship between the two. This paper makes a multi-case analysis and special research on the listed enterprises' listed motivation and mode of express delivery industry by means of comparative analysis. Through the comparison of three successful express delivery enterprises listed on the market. Analysis. Comprehensive, systematic study of the three express companies listed motivation and listing mode, analysis of the three express companies differential listing motivation and listing mode. On the basis of clarifying the internal mechanism, this paper lists the possible listing expectations of express delivery enterprises from the perspective of their differentiated listing motivation. The introduction of the optimal listing model in line with the listing expectations and possible listing results, to be listed express enterprises to play a reference role. After multi-case study and analysis. Finally, this paper draws the following conclusion: 1) there are some differences in the listed motivation of express delivery industry in addition to the financing motivation, and the listed motivation may also have governance motivation. Capital motivation and strategic motivation. Based on these motivations, enterprises intend to solve the current problems by listing. (2) based on the differentiated motivation of listing, express delivery enterprises should choose different modes of listing. The reason lies in the inherent mechanism between the motivation of listing and the mode of listing. On the other hand. Enterprises have their own advantages and disadvantages in carrying out IPO in different capital markets. This paper summarizes the internal mechanism of these two aspects. The differential motivation of express delivery enterprises can promote enterprises to choose different modes of listing. In order to achieve the desired listing effect. In addition to the financing motivation, the express companies with governance motivation for the rapid listing speed, seeking to increase the value of enterprises at the same time to obtain an obvious diluted effect of the listing expectations. It may be more appropriate to choose the listing mode of "Shanghai stock market through backdoor listing"; The express delivery enterprises with capital motivation have the advantages of fast listing speed, small dilution effect, good market performance and low listing cost, so they may be more suitable to choose the listing mode of "Shenzhen small and medium-sized board listing through shell"; The express delivery enterprises with strategic motive are expected to be listed because of the high speed of listing, the low threshold of listing and the expectation of gaining international fame, so it may be more appropriate to choose the mode of "overseas IPO" listing.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F259.23;F832.51

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