分众传媒回归A股市场的案例分析

发布时间：2018-05-07 09:51

本文选题：中概股 + 分众传媒　；参考：《深圳大学》2017年硕士论文

【摘要】：多年来,由于A股对于新上市企业的诸多限制,迫使一些成长性非常好的企业远赴海外上市融资。具体到美国上市的中资股,则普遍被投资者称为中概股。自2000年新浪登陆美国市场以来,中概股经历了起伏的发展历程。从迅速发展到被追捧、随后丑闻频发转而出现信任危机,并陷入退市和私有化潮。后逐渐恢复元气,迎来以京东IPO和阿里巴巴上市为标志的高峰。然而自2014年下半年以来,中概股市场表现大幅落后于中美两地市场。对比同行业A股企业,越来越多的中概股企业考虑回归A股市场,以期在更为熟悉的市场环境中获得更高的估值、更广的知名度、更好的流动性和融资功能。本文首先阐述了中概股回归概况,由分析得知中概股的回归原因为价值被低估、战略调整、大股东套现、再融资困难以及规避监管等。并且对中概股的回归过程及路径进行了探讨。具体回归过程可以分为“私有化退市——解除VIE架构——A股上市”三个步骤,回归路径有直接IPO上市、A股借壳上市、新三板上市以及资产收购上市。其次对分众传媒回归A股的案例进行分析,从回归动因、回归优势、回归风险和回归成效四个方面展开讨论。分众传媒的回归动因主要归结为价值低估、战略调整、做空危机、摆脱监管。回归的优势在于私有化回归资金充裕、投资者关系处理灵活、回归工作准备充分和回归时机选择恰当。同时回归中主要面临借壳上市风险、法律诉讼风险和国内政策变化风险。此外公司在回归后估值得到提升,股权结构得到优化,投资者也从中获得超额收益。最后对中概股回归提出相应的启示与建议。在公司层面,建议中概股企业正确看待私有化回归,根据自身情况做出理性的回归抉择。同时加强风险管理,通过选择合适的战略合作者、合适的上市方式以减小成本风险;通过严格遵守国内外相关法律规定、制定合理的私有化价格以减小法律风险;通过关注政策变化以减小政策风险。在监管层面,需推进股票市场供给制改革以及完善境内资本市场的制度。在投资者层面,应当谨慎参与中概股回归的投资,判断中概股企业回归的真实意图,提高风险意识,保持理性投资。
[Abstract]:For many years, A-shares have imposed restrictions on new listings, forcing some companies with very good growth to go overseas to raise funds. Specific to the U. S. listed Chinese stocks, is generally known as investors in the stock market. Since Sina landed in the United States market in 2000, Chinese stocks have experienced ups and downs of the development process. From rapid growth to popularity, scandals followed by a crisis of trust, and a wave of delisting and privatisation. After gradually recovering vitality, ushered in JingDong IPO and Alibaba listing as the symbol of the peak. Since the second half of 2014, however, the Chinese market has lagged significantly behind the U.S. and China markets. Compared with A-share companies in the same industry, more and more Chinese companies are considering returning to the A-share market in order to obtain higher valuation, wider visibility, better liquidity and better financing function in the more familiar market environment. This paper first expounds the general situation of the return of China's general stock. From the analysis, it is found that the reasons for the return of China's general stock are undervalued, strategic adjustment, large shareholders' cash, refinancing difficulties and circumventing supervision and so on. In addition, the regression process and path of Chinese stock are discussed. The specific regression process can be divided into three steps: "privatizing delisting-lifting VIE structure A share listing". The return path includes direct IPO listing, A share backdoor listing, new third board listing and asset acquisition listing. Secondly, the paper analyzes the case of focus media returning to A shares, and discusses the factors, advantages, risk and effect of return. The return motivation of focus Media mainly comes down to undervaluation, strategic adjustment, short crisis and getting rid of supervision. The advantages of the return are that privatization is rich in capital, investor relations are flexible, work is well prepared and the timing is right. At the same time, it mainly faces the risk of backdoor listing, legal litigation and domestic policy change. In addition, after the return of the value of the company was improved, the equity structure was optimized, investors also received excess returns. At last, the author puts forward the corresponding enlightenment and suggestion to the regression of Chinese general stock. At the company level, we suggest that the stock companies treat privatization regression correctly and make a rational decision according to their own situation. At the same time, we should strengthen risk management, reduce the cost risk by choosing the right strategic partner and the right way of listing, and set a reasonable privatization price to reduce the legal risk by strictly complying with the relevant laws and regulations at home and abroad. Reduce policy risks by focusing on policy changes. At the regulatory level, we need to promote the stock market supply system reform and improve the domestic capital market system. At the investor level, we should be careful to participate in the investment of the return of the general stock, judge the true intention of the return of the enterprise, improve the risk consciousness, and keep the rational investment.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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