学大教育回归A股市场运作模式案例研究

发布时间：2018-05-18 06:53

本文选题：中概股回归 + 动因　；参考：《广东外语外贸大学》2017年硕士论文

【摘要】：自2000年以来,为了实现股东利益最大化,也因为无法满足A股市场的上市条件等原因,越来越多的中国企业选择海外上市。然而,随着中国宏观经济背景的影响和美国市场对中国概念股的信任危机,导致2010年后海外市场中概股股价普遍下跌,中概股陆续开始采用借壳上市等运作方式回归A股市场。如今,已经有大量知名企业完成私有化,如盛大游戏、巨人网络和分众传媒,并且在A股市场成功上市。关于私有化,已经有很多相关的研究,但是针对中概股的研究还为数不多。学大教育是首例通过A股上市公司收购直接回归中国资本市场的企业,因此本文以学大教育为例,对中概股回归A股的新运作模式进行研究,希望能给其他中概股企业以借鉴,并丰富相关文献。本文首先在中概股回归潮的背景下,对该现象的概况、动因进行分析,并总结了中概股回归会带来的经济后果。然后结合学大教育的具体案例,分析其回归A股的原因、回归路径以及回归后对财务和公司发展的影响。最后本文对中概股回归中存在的问题提出了解决建议。本文希望可以通过对学大教育回归A股市场新运作模式的研究,对其他亟待回归的企业提供借鉴。
[Abstract]:Since 2000, in order to maximize shareholders' interests and because they can not meet the listing conditions of A-share market, more and more Chinese enterprises choose to list overseas. However, with the impact of the macroeconomic background in China and the crisis of trust in Chinese stocks in the U.S. market, the prices of Chinese stocks in overseas markets have generally fallen since 2010, and Chinese Chinese stocks have started to return to the A-share market by means of backdoor listing and other operating methods one after another. Today, a large number of well-known companies have been privatized, such as Shanda Games, Giant Networks and focus Media, and successfully listed in the A-share market. On privatization, there have been a lot of relevant research, but the research on Chinese shares is still few. University education is the first enterprise to return directly to China's capital market through the acquisition of A-share listed companies. Therefore, this paper takes Xueh-Da Education as an example to study the new operation mode of returning Chinese general shares to A-shares, hoping to provide reference for other Chinese companies. And enrich the relevant literature. This paper first analyzes the general situation and causes of the phenomenon under the background of the return tide of the Chinese general stock and summarizes the economic consequences of the return of the Chinese general stock. Then combined with the specific case of university education, this paper analyzes the reasons for its return to A shares, the return path and the impact on the financial and corporate development after the return. Finally, this paper puts forward some suggestions to solve the problems existing in the regression of Chinese general stock. This paper hopes to provide reference for other enterprises that need to return to the A-share market through the study of the new operation mode of return to A-share market.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【参考文献】