聚美优品私有化退市动因及影响研究

发布时间：2018-03-16 15:54

本文选题：中概股　切入点：私有化　出处：《安徽工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：在经济全球化趋势下,中国企业赴境外上市的现象愈演愈烈。自20世纪90年代中期,已经有几百家中国企业赶赴美国证券市场上市。然而,从2010年下半年开始,众多美国中概念股纷纷开始了私有化退市。这种迫切撤出美国资本市场的现象广遭非议,尤其是聚美优品私有化引发的集体诉讼所带来的影响是不容忽视的。因此,在我国关于中概股私有化退市的理论研究不完善的背景下,需从聚美优品私有化这一典型案例突破,深层次分析导致这种现象的原因及其带来的影响。本文根据现有的文献,将退市理论与实际的退市案例相结合,分析聚美优品私有化退市动因及其私有化遭遇暂缓的原因,研究该私有化事件所带来的影响,最后从聚美优品企业自身、其他上市企业、投资者以及政府监管部门角度分别提出相应的建议。通过对聚美优品私有化这一典型案例的动因分析,发现在美上市中概股公司选择私有化退市很大程度上是受宏观背景影响以及公司经济利益和治理方面的需求。但是并不是每个私有化都是能够成功的,其中不仅受政策影响,也有企业自身私有化策略不当等问题,且给各层各界带来巨大影响。针对聚美优品私有化事件产生的影响,本文的主要建议如下:第一,聚美优品应该加强与各界的沟通、重塑企业信心并慎重考虑未来的发展战略;第二,上市公司应根据自身发展定位作出权衡,谨慎决策上市,理性对待私有化退市;第三,投资者应该提高投资危机意识、谨慎选择投资企业;第四,监管部门应该对中概股私有化退市中的问题做好规范、监管工作,并最大程度地保护中小股东的权益。
[Abstract]:Under the trend of economic globalization, the phenomenon of Chinese enterprises listing abroad has intensified. Since the middle of 1990s, hundreds of Chinese enterprises have gone public on the US stock market. However, since the second half of 2010, Many concept stocks in the United States have begun to privatize and delist. This urgent withdrawal from the US capital market has been widely criticized, especially the impact of the class-action lawsuit initiated by Jumei's privatisation. Therefore, Under the background of imperfect theoretical research on the privatisation and delisting of China's general shares, it is necessary to break through the typical case of privatization of Jumei and analyze the causes of this phenomenon and its influence. Combining the theory of delisting with the actual case of delisting, this paper analyzes the reasons for Jumei's privatization delisting and the reasons for the suspension of privatisation, studies the impact of the privatization incident, and finally analyzes the impact of the privatization incident. Finally, from the perspective of Jumei enterprises themselves and other listed enterprises, Investors and government regulatory departments respectively put forward corresponding suggestions. Through the analysis of the motivation of the typical case of the privatization of Jumei, It is found that the choice of privatizing and delisting in US listings is largely influenced by the macro context and the needs of the company's economic interests and governance. But not every privatization can be successful, and not only is it influenced by policy, There are also problems such as improper privatization strategies of enterprises themselves, which have brought great influence to all walks of life at all levels. In view of the impact of Jumei's privatization incident, the main suggestions of this paper are as follows: first, Jumei should strengthen communication with all walks of life. Second, listed companies should make trade-offs according to their own development orientation, make prudent decisions on listing, and rationally treat privatization and delisting. Third, investors should raise the awareness of investment crisis. In 4th, the regulatory authorities should regulate and supervise the problems in privatizing and delisting the shares, and protect the rights and interests of minority shareholders to the greatest extent.
【学位授予单位】：安徽工业大学
【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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