中概股私有化回归的路径研究

发布时间：2018-02-24 00:30

  本文关键词： 中概股 私有化 VIE架构　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：所谓海外中资股,是指在海外市场上市,但主要业务集中在中国、或者大部分营业收入来自国内的公司(公司注册地则可能是在境内或者离岸)。中概股企业近年来一直是市场的热点话题,伴随2014年中概股新一轮私有化回归的浪潮,再次引起了投资者和学界的广泛关注。本文从分析了中概股赴美上市的原因入手,分析了在制度规则的作用下,很多中概股公司无法登陆A股,从而选择海外上市的历史背景,介绍了中概股由于频繁遭遇做空、与A股形成巨大估值差异,陆续选择私有化。之后,分析中概股私有化可以选择的路径并对回归A股的三种方式进行了对比分析。分析发现,中概股私有化回归的路径尽管属于自身的战略选择,但不仅关乎于企业所处的产业环境和自身的资源能力,而且受制于制度环境与政策导向。中概股公司私有化回归的成败受制于其资产质量与发展潜力,但外部制度环境的变化也对企业选择哪种私有化与回归A股路径产生重要影响,因此,中概股私有化过程中应时刻保持对制度环境的密切关注。最后分析了分众传媒私有化回归的案例。有关中概股私有化回归的研究是一个较新的研究内容,相关的论文比较少,本文通过对中概股上市的背景原因、退市的考量、以及退市回归的路径进行系统性的研究,试图为准备回归的中概股提供些借鉴。私有化是企业的一种战略性选择,建立在对企业内部资源能力熟知的基础上,因此从外部难以挖掘其真正动机。此外,理论铺垫也稍显不足。由于笔者研究能力的局限性,本文获取的数据有可能不是非常全面,这些都有待进一步学习、提高。
[Abstract]:The so-called overseas Chinese-funded stocks are listed on the overseas market, but the main business is concentrated in China. Or most of the operating income comes from domestic companies (the place of incorporation may be either domestic or offshore. Chinese companies have been a hot topic in the market in recent years, with a new wave of privatization in middle of 2014. Again, it has aroused the widespread concern of investors and scholars. This paper begins with the analysis of the reasons for the listing of Chinese and Chinese shares in the United States, and analyzes the historical background that many Chinese companies cannot land on A shares under the influence of the system and rules, thus choosing the historical background of overseas listing. This paper introduces how to privatize China's general shares because of frequent short selling, which forms a huge valuation difference with A shares. Then, the paper analyzes the paths that can be chosen for privatization and compares the three ways to return to A shares. Although the path of privatization in China belongs to its own strategic choice, it is not only related to the industrial environment of the enterprise and its own resource ability. The success or failure of privatization of Chinese stock companies is limited by their asset quality and development potential, but the change of external institutional environment also has an important impact on which path of privatization and return to A shares. Therefore, we should always pay close attention to the institutional environment in the process of privatization. Finally, we analyze the case of the return of mass media privatization. There are few related papers. This paper makes a systematic study on the background reasons, the consideration of delisting, and the path of delisting return. Privatization is a strategic choice for an enterprise, based on a good understanding of its internal resource capabilities, so it is difficult to dig out its real motives from the outside. Due to the limitations of the author's research ability, the data obtained in this paper may not be very comprehensive, all of which need to be further studied and improved.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51
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本文编号：1528202