麦考林海外上市财务绩效研究

发布时间：2018-01-03 17:20

本文关键词：麦考林海外上市财务绩效研究　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：自上世纪八十年代以来,随着经济全球化与“互联网+”时代的来临,越来越多的互联网企业选择海外上市,寻求更广阔的发展空间。自1999年至今已经有大约五次的互联网企业海外上市热潮,海外上市也逐渐成为国内外企业管理、金融等多个领域的研究热点。尤其在当前世界经济增长乏力的情况下,中国不免受到了经济下行的压力,互联网企业未来的发展路径也成为一个亟待探讨的问题。目前一些实践和研究表明,海外上市对于企业自身有一定的益处,有助于企业满足融资需求、开拓国际市场、提升企业软实力、加强公司治理,让企业跨入高速发展的轨道。但海外上市在促进我国互联网行业和企业发展的同时,也产生了种种问题。由于国内外资本市场在财务、会计制度等方面存在差异,以及海外投资者与企业之间的信息不对称加大了企业股价被低估的风险,从而使企业的上市计划无法达到初始的融资目的。这可能导致企业的发展脱离原有的轨道,产生更严重的后果。对于互联网企业而言,不应将目光局限于海外上市带来的短期收益,要明晰海外上市的利弊,结合企业自身情况决定未来的发展方向。本文以在纳斯达克上市的麦考林为例,着重分析海外上市所带来的负面效应。首先阐述国内外学者关于海外上市动因、上市效果以及财务绩效的相关理论,总结研究现状和研究方向,为后面的研究做理论铺垫;其次,通过分析互联网行业现状、麦考林的基本情况及海外上市历程,多角度深入发掘其海外上市的动因;之后对麦考林海外上市前后的财务绩效数据进行整理归纳,通过计算其偿债能力、营运能力、盈利能力、成长能力等相关指标,对企业的财务绩效进行上市前后的对比分析,得出结论并探讨问题产生的原因;最后结合实际情况,提出改善互联网企业海外上市财务绩效及未来可持续发展建议。企业应当正确认识海外市场,建立海外上市长远规划,同时慎用股权融资,重视并遵守海外上市相关法律准则,国家也需要发挥自己应有的作用,拓宽互联网企业融资渠道,重视与海外资本市场的交流与沟通,尽力改善国内资本市场环境,帮助企业长远健康的发展。希望本文能够为一些盲目上市的企业敲响警钟,对潜在的上市公司提供实践参考,避免产生负面效应。
[Abstract]:Since the last century since 80s, with the economic globalization and the "Internet plus" era, more and more Internet companies overseas listing, seek a broader space for development. Since the boom in 1999 and has about five Internet companies listed overseas, overseas listing has become the domestic and foreign enterprise management, research focus in many fields finance. Especially in the current world economic growth under the condition of the weak, China inevitably by the pressure of the economic downturn, the Internet enterprise future development path has become an urgent problem. At present, some practice and research shows that the overseas listing has certain benefits for enterprises, help enterprises to meet the financing needs. To explore the international market, enhance corporate soft power, strengthen corporate governance, make the enterprise into the track of rapid development. But the overseas listing in the promotion of China's Internet The industry and enterprise development at the same time, but also created problems. Due to the domestic capital market in the financial accounting system, there are differences, information asymmetry between enterprises and overseas investors and increase the risk of the enterprise stock price is undervalued, so as to make the enterprise's listing plan can not achieve the initial purpose of financing. This may lead to the enterprise the development from the original track, resulting in more serious consequences. For Internet companies, should look limited short-term benefits listed overseas, to clarify the advantages and disadvantages of listed overseas, combined with their own situation to decide the future direction of development. In this paper, the NASDAQ listed Mcglaughlin as an example, analyzes the negative effects of overseas listing bring. Firstly, the domestic and foreign scholars on the motivation of overseas listing, listing effect and the related theory of financial performance, summarizes the research status quo and The direction of research, lay a theoretical foundation for the following research; secondly, through the analysis of the Internet industry status, the basic situation and the course of Mcglaughlin's overseas listing, multi angle to further explore the motivation of overseas listing; after the financial performance of the data before and after the overseas listing of Mcglaughlin were summed up, by calculating its solvency, operating capacity, profitability. Relevant indicators of growth capacity, were analyzed and compared before and after the listing of the company's financial performance, draws the conclusion and discusses the causes of the problem; finally, combined with the actual situation, put forward to improve the Internet companies listed overseas financial performance and future sustainable development. Enterprises should have a correct understanding of overseas markets, the establishment of overseas listed equity financing and long-term planning, caution pay attention to, and comply with relevant legal standards listed overseas, the country also needs to play its due role, broaden the Internet enterprise The financing channel, exchange and communication with the attention of overseas capital market, to improve the domestic capital market environment, help the enterprise long-term development of health. I hope this paper can give some blind listed companies sounded the alarm, and provides practical reference for the potential of listed companies, to avoid producing negative effects.

【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F715.5;F831.51

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