中国企业VIE模式赴美上市状况及其影响因素实证研究

发布时间：2018-04-13 20:00

本文选题：赴美上市企业 + VIE模式　；参考：《江西农业大学》2014年硕士论文

【摘要】：对于国内众多有上市融资需求的企业来说，它们或者因为财务水平和管理能力相对较低，或者因为特殊的行业管制，往往达不到两家证券交易机构（上海和深圳证券交易所）严格的上市要求。因此，这些企业一般会选择到海外资本市场上市来获得企业进一步发展壮大所需要的融资。而中国企业境外上市的首选地，往往是资本市场最为发达的美国。 VIE，，即可变利益实体（Variable Interest Entities）。如果投资者对于一个实体对象的权益所拥有的控制权并非基于多数投票权，而是通过一系列控制协议的方式实现的，我们称之为可变利益实体。VIE模式已经成为内地企业进入美国资本市场最常见的选择。VIE模式有其成功的一面，也存在着一些风险。采用VIE模式的企业，在美国资本市场上的表现往往更容易受到一些外界因素的影响。有鉴于此，本文首先对采用VIE模式赴美上市的我国企业的行业分布及上市历程进行梳理，发现VIE模式赴美上市企业主要集中在TMT（科技、媒体、通信）、教育、生物医药和风电太阳能等行业，并呈现出三起三落的上市周期。接着对采用VIE模式赴美上市企业的融资规模、上市模式的选择、赴美上市的原因进行了分析。然后，本文选取了近年来与VIE模式相关的若干有代表性的典型企业案例进行分析，并尝试进行评价。美国上市的中国企业，资本市场表现会受到中美两国外部因素的影响。因此，对于这些因素进行了实证分析，发现货币供给、人民币兑美元汇率均会影响VIE模式赴美上市中国企业的股价表现。对于我国企业来说，首先，应该明确赴美上市的目的以及VIE模式的潜在风险。其次，应该明确自身的盈利模式与前景。第三，选择合适的上市时机很重要。第四，针对VIE结构的任何变动，不可想当然，应时刻保持与美国投资者的交流沟通。同时，对于国内证券监管部门来说，建议放松对电信、互联网、教育培训等行业的管制与准入门槛，进一步规范融资之后对企业融资利用情况的监管。一方面吸引更多的优秀企业在国内上市，另一方面使国内投资者可以分享这些企业快速发展的成果，实现双赢。
[Abstract]:For many domestic enterprises with listed financing needs, either because of their relatively low financial level and management ability, or because of special industry regulation,Often do not meet the two securities exchanges (Shanghai and Shenzhen stock exchanges) strict listing requirements.As a result, these companies typically choose to list in overseas capital markets to obtain the financing needed to further their growth.The preferred place for Chinese companies to list overseas is the United States, which has the most developed capital markets.VIEs can be variable Interest entities.If investors have control over the rights and interests of an entity not based on majority voting rights, but through a series of control agreements,We call it the variable interest entity. Vie model has become the most common choice for mainland enterprises to enter the American capital market.Companies adopting VIE model tend to be more vulnerable to external factors in American capital markets.In view of this, this paper firstly combs the industry distribution and listing process of Chinese enterprises listed in the United States using VIE mode, and finds that the listed enterprises of VIE mode mainly concentrate on TMT (science and technology, media, communication, education, etc.)Biopharmaceutical and wind power solar industries, and showed three ups and downs of the market cycle.Then, the paper analyzes the financing scale, the choice of listing mode and the reason of listing in the United States by using VIE mode.Then, this paper selects some typical enterprise cases related to VIE model in recent years to analyze and try to evaluate.U.S. listed Chinese companies, capital market performance will be affected by China and the United States external factors.Therefore, the empirical analysis of these factors shows that the currency supply and RMB / US dollar exchange rate will affect the performance of Chinese companies listed in the United States under the VIE model.For Chinese enterprises, first of all, the purpose of listing in the United States and the potential risks of the VIE model should be clarified.Next, should clear oneself profit pattern and foreground.Third, it is important to choose the right time to go public.Fourth, any changes in the VIE structure should not be taken for granted and communication with U.S. investors should be maintained at all times.At the same time, for domestic securities regulatory authorities, it is suggested to relax the regulation and entry threshold for telecommunications, Internet, education and training industries, and further standardize the regulation of enterprise financing utilization after financing.On the one hand, attracting more excellent enterprises to list in China, on the other hand, the domestic investors can share the fruits of the rapid development of these enterprises, and achieve win-win.
【学位授予单位】：江西农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F279.2;F831.51

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