阿里巴巴境外上市的动机及绩效探讨

发布时间：2018-05-03 01:41

本文选题：境外上市 + 上市动机　；参考：《江西财经大学》2017年硕士论文

【摘要】：2008年金融危机后,为了帮助中国企业渡过经济危机的难关,中国政府出台了一系列重大举措,其中不乏鼓励和支持企业“走出去”的措施,这些“走出去”政策,使得寻求上市的中国企业把目光更多的转向海外市场。况且境内上市条件严格,很多企业达不到要求,而且境内上市所需的时间长,国内市场融资能力也有限,诸多国内市场的不足,导致很多发展很好的内地企业纷纷转向国际资本市场。同时,世界主要的证券交易所各展所长,希望能够吸引内地公司来自己的交易所上市。所以,越来越多的内地公司选择海外上市,满足自身发展和战略规划的需要。对于企业境外上市,目前文献大多是采用实证研究方法,个案研究比较少,而且关于企业境外上市理论联系实际的研究也比较少,特别是针对有名的比较典型的案例公司做的分析相对来说还是比较少的。所以,本文以阿里巴巴集团企业,这一典型的境外上市的企业为案例,来分析其动机和绩效,以利于其他企业由此得到启发、吸取经验。本文主要采用了案例分析法和描述性分析法。在文章的开始说明公司境外上市的概念、方式特点和理论基础。接着文章分析阿里巴巴集团境外上市的全过程,包括集团决策的动机,时机的选择和特点以及后来公司绩效的变化情况。在文章的最后,总结了集团境外上市的结论和成功经验,希望能够给其他想要海外上市的内地公司相应的启示。从文章架构上来看,本文主要以阿里巴巴集团境外上市的案例研究作为抓手,然后通过五个章节形成本文的结构。第一章节阐述本文的研究背景和意义、与文章内容相关的文献综述情况、文章的研究思路和方法、主要内容和文章框架。因为中国资本市场没有国际资本市场完善,所以在描述境外上市动机和绩效的研究现状时,本文主要引用国外和国内学者的研究成果。第二章节说明了境外上市的概念界定和方式特点,以及相关的理论基础,包括市场分割假说、流动性假说、投资者保护假说、融资约束假说四个假说。第三章节重点分析阿里巴巴集团海外上市的案例,说明集团的决策全过程和特点,尤其点出了集团上市特有的与其他公司不同的情况。第四章节分析了阿里巴巴境外上市后的绩效包括其对于集团市场表现、偿债能力、成长能力、盈利能力和品牌价值的影响,分析了出现这些绩效变化的原因。第五章节总结本文案例分析的主要结论,同时提出相关的启示以供参考。文章把阿里巴巴集团境外上市的案例作为切入点,分析阿里巴巴境外上市的动机以及绩效,发现阿里巴巴集团通过境外上市推动了企业本身的发展,提升了盈利能力和股东财富,改善了公司治理模式。给阿里巴巴集团今后进一步提升绩效提供参考,同时期望能够为部分正在筹备境外上市,或以后可能要实施境外上市的企业提供借鉴。
[Abstract]:After the 2008 financial crisis, in order to help Chinese enterprises tide over the economic crisis, the Chinese government has introduced a series of major measures, including encouraging and supporting enterprises to "go out", these "going out" policies. That makes Chinese companies looking for listings to look more to overseas markets. Moreover, the domestic listing conditions are strict, many enterprises fail to meet the requirements, and the domestic listing takes a long time, the domestic market financing capacity is also limited, and many domestic markets are inadequate. As a result, many well-developed mainland enterprises have turned to international capital markets. At the same time, the world's leading stock exchanges are expanding their heads, hoping to attract mainland companies to their own exchanges. Therefore, more and more mainland companies choose overseas listing to meet the needs of their own development and strategic planning. For the overseas listing of enterprises, most of the literature at present adopts empirical research methods, case studies are relatively few, and the research on the theory and practice of overseas listing of enterprises is also relatively few. Especially for famous more typical cases of companies to do relatively less analysis. Therefore, this paper takes Alibaba Group, a typical overseas listed enterprise, as an example, to analyze its motivation and performance, so as to benefit other enterprises to get inspiration and learn from experience. This paper mainly adopts case analysis and descriptive analysis. At the beginning of the article, the author explains the concept, characteristics and theoretical basis of the company's overseas listing. Then the paper analyzes the whole process of Alibaba Group's overseas listing, including the motivation of group decision, the choice of timing and characteristics, and the later changes of company performance. At the end of the article, the author summarizes the conclusions and successful experiences of overseas listing of the group, hoping to give some enlightenment to other mainland companies who want to list overseas. From the point of view of the structure of the article, this paper mainly takes the case study of Alibaba Group's overseas listing as its grasp, and then forms the structure of this paper through five chapters. The first chapter describes the background and significance of this paper, the literature review related to the content of the article, the research ideas and methods, the main content and the framework of the article. Because China's capital market is not as perfect as the international capital market, this paper mainly refers to the research results of foreign and domestic scholars when describing the current research situation of the motivation and performance of overseas listing. The second chapter explains the definition and characteristics of the concept of offshore listing, as well as the relevant theoretical basis, including the market segmentation hypothesis, liquidity hypothesis, investor protection hypothesis, financing constraint hypothesis four hypotheses. The third chapter mainly analyzes the case of Alibaba Group's overseas listing, explains the whole process and characteristics of the group's decision, especially points out the unique situation of the group's listing which is different from that of other companies. The fourth chapter analyzes the performance of Alibaba after overseas listing, including its impact on group market performance, solvency, growth ability, profitability and brand value, and analyzes the reasons for these performance changes. The fifth chapter summarizes the main conclusions of this case analysis, and puts forward the relevant enlightenment for reference. This article regards the case of Alibaba Group's overseas listing as the starting point, analyzes the motivation and performance of the overseas listing of Alibaba, and finds that the group has promoted the development of the enterprise itself through the overseas listing. Improved profitability and shareholder wealth, improved corporate governance model. This paper provides a reference for Alibaba Group to further improve its performance in the future, and expects to provide reference for some enterprises that are preparing for overseas listing or may implement overseas listing in the future.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F831.51;F715.5

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