巨人网络在中美资本市场的估值差异研究

发布时间：2018-07-05 01:49

本文选题：巨人网络 + 估值差异　；参考：《兰州财经大学》2017年硕士论文

【摘要】：巨人网络作为在美发行规模第一的民营企业,2014年从美国资本市场退市之后于2015年成为首个在中国A股资本市场成功上市的互联网信息服务企业,出现了中国估值高于美国估值的现象,因此本文选择巨人网络进行案例研究,以分析其在中美资本市场估值差异产生的原因及影响,进而为互联网信息服务企业上市融资地点的选择提供参考。本文通过市场法中的市盈率模型对比巨人网络在中美资本市场的企业估值,发现其在中国A股资本市场的企业估值较高,仅2015年的市盈率升幅就达395.76%,且稳定在千倍市盈率水平;而在美上市期间的市盈率最高值仅为5.39,升幅仅为22.22%。通过评价企业成长性的可持续增长率模型发现巨人网络中美资本市场估值差异产生的原因包括股利支付率产生的成本差异及销售利润率产生的收益差异:巨人网络在美期间的股利支付率升幅为208.43%,销售利润率降幅为11.23%;在A股资本市场的股利支付率降幅为131.54%,销售利润率升幅为152.74%。通过贝塔值、上市后宣传费、超额收益的计算发现估值差异对巨人网络上市融资地点选择的影响:与在美期间稍低的贝塔融资风险、整体升幅37.40%的上市后宣传费、固定不变的超额收益相比,巨人网络在A股资本市场稍高于市场风险的贝塔值、整体降幅44.87%的上市后宣传费、整体升幅2477.51%的超额收益促使其选择A股资本市场作为企业上市融资的地点。通过美国资本市场比A股资本市场较大的做空风险、较高的信息披露费及较难推广的品牌知名度发现互联网信息服务企业上市融资地点选择的影响因素主要有融资风险、融资成本、融资收益三方面,其中融资风险包括阿尔法融资风险及贝塔融资风险;融资成本包括显性上市成本、隐性上市成本、显性维护成本、隐性维护成本;融资收益包括阿尔法融资收益及贝塔融资收益。根据上市融资地点选择的影响因素,建议互联网信息服务企业在进行上市融资地点的选择时全面对比各资本市场中企业可以控制的上市融资风险、可以承担的上市融资成本、可以获得的上市融资收益,理性地选择适合企业自身发展的地点进行上市融资,从而获得高估值及高融资额、增强企业的成长潜力、实现企业的可持续发展。
[Abstract]:Giant Network, the largest private company in the United States, became the first Internet information services company to list successfully in China's A-share capital market in 2015, after delisting from the US capital market in 2014. The phenomenon of Chinese valuation is higher than that of American valuation, so this paper chooses Giant Network as a case study to analyze the causes and effects of the valuation differences between China and the United States. Then it provides a reference for the selection of financing location for Internet information service enterprises. This paper compares the valuation of giant network in Chinese and American capital market by using the price-earnings ratio model of market method, and finds that the valuation of Chinese A-share capital market is higher, and the price / earnings ratio increase in 2015 is 395.76%, and it is stable at the level of 1000 times price-to-earnings ratio. The highest price-to-earnings ratio in the U.S. was only 5.39, up only 22.22. By evaluating the sustainable growth rate model of enterprise growth, it is found that the causes of the valuation differences in the US capital market in the Giant Network include the difference in the cost of dividend payment rate and the profit difference in sales profit margin: Giant net Dividend payments rose 208.43 in the U.S., while profit margins fell 11.23, while those in the A-share capital market fell 131.54 and sales margins rose 152.74. Through beta value, post-IPO publicity fee, excess income calculation, we find that valuation differences affect the choice of financing location of Giant Network listing: compared with Beta financing risk which is slightly lower during the period in the United States, the overall increase is 37.40% after listing publicity fee. Compared with the fixed excess return, Giant Network is slightly higher than the beta value of market risk in the A-share capital market, and the overall decline is 44.87% of the post-listing publicity fee. The overall increase of 2477.51 percent in excess returns prompted it to choose the A-share capital market as a venue for corporate listing. Through the higher risk of short selling in American capital market than that in A-share capital market, the higher information disclosure fee and the more difficult brand popularity, it is found that the main factors affecting the choice of financing location for Internet information service enterprises are financing risk. The financing cost includes Alfa financing risk and beta financing risk, the financing cost includes explicit listing cost, implicit listing cost, explicit maintenance cost and implicit maintenance cost. Financing income includes alpha financing income and beta financing income. According to the influencing factors of the choice of listed financing location, it is suggested that Internet information service enterprises should compare the listed financing risk and the listed financing cost that enterprises can control in each capital market when they choose the listed financing location. The listed financing income can be obtained by rationally choosing the suitable place for the development of the enterprise to carry on the listed financing, so as to obtain the high valuation and the high financing amount, enhance the growth potential of the enterprise, and realize the sustainable development of the enterprise.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F831.51

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