中国概念股私有化退市问题研究

发布时间：2018-07-28 09:25

【摘要】：2010年以来，海外中国概念股公司遭遇的信任危机掀起了中概股私有化退市浪潮。截止2013年底，累计有81家中概股公司宣布私有化退市，交易总金额高达234亿美元，其中不乏阿里巴巴、盛大网络和小肥羊等行业标杆企业。资本市场宛若围城，围城外千军万马正想着进去，缘何还会有历经辛苦成功上市的中概股公司向往着围城之外？其动机何在？我国政府、企业和中介机构又应当如何应对？这是个值得探讨的问题。因此，笔者决定对中国概念股私有化退市问题进行研究，重点分析中概股公司私有化退市的动因，以期为促进我国企业境外上市持续健康发展和完善我国资本市场做出贡献。论文分为六个部分：第一部分是绪论，介绍了研究背景、研究意义以及本文的创新与不足；第二部分是文献综述与理论基础；第三部分主要介绍了中概股境外上市的制度背景；第四部分先分析私有化退市浪潮概况，再剖析其动因；第五部分从企业、政府和中介机构的角度分别提出应对策略；第六部分是结论。私有化退市在我国并不多见，本文研究的主要贡献在于：对中国概念股私有化退市做了比较全面、系统的研究。目前国外对私有化退市问题的研究文献较多，但是专门针对中概股的却很少，而且成熟资本市场的经验不一定对我国适用；国内方面，大多数只是针对中概股的新闻报道，或仅仅针对某个具体案例的研究，或是对某个问题某个方面的研究，基本没有关于中概股私有化退市的系统性研究。而本文从中国企业海外上市开始论述，剖析其上市动机；接着，分析中概股私有化现象，研究其动因；最后从企业、政府和中介机构等角度分别提出相应的建议。因此，可以说本文是对中国概念股私有化退市的一个比较系统的研究。然而，由于笔者知识的局限性，文章还存在很多不足。并且，私有化退市更大程度上是企业的一种战略性选择，必须依赖一定的职业判断，因此难以挖掘其真正动机。此外，理论铺垫也稍显不足。这些缺陷，笔者将在以后的学习中不断完善，，逐步改进。
[Abstract]:Since 2010, overseas Chinese concept companies encountered a crisis of confidence in the privatisation of Chinese stocks to lift the wave of delisting. By the end of 2013, a total of 81 stock companies had delisted, with deals worth $23.4 billion, including Alibaba, Shanda Network and Little Sheep. Capital markets are like besieged, besieged outside the army is thinking about going in, why there will be a successful listing after a hard listing of companies looking forward to besieged outside? What is the motive? How should our government, enterprises and intermediary agencies deal with it? This is a question worth exploring. Therefore, the author decides to study the delisting of the Chinese concept stock privatization, focusing on the analysis of the causes of the privatization of Chinese stock companies, with a view to contributing to the sustainable and healthy development of the overseas listing of Chinese enterprises and the improvement of the capital market in our country. The thesis is divided into six parts: the first part is the introduction, introducing the research background, the significance of the research and the innovation and deficiency of this paper; the second part is the literature review and theoretical basis; The fourth part first analyzes the general situation of privatization delisting wave, then analyzes its causes; the fifth part from the perspective of enterprises, government and intermediary organizations respectively put forward the coping strategies; the sixth part is the conclusion. Privatisation delisting is rare in China. The main contribution of this paper lies in: a more comprehensive and systematic study on the privatization-delisting of Chinese concept stocks. At present, there are many studies abroad on the issue of privatization and delisting, but few are specifically focused on Chinese stocks, and the experience of mature capital markets is not necessarily applicable to our country. In the domestic aspect, most of them are just news reports aimed at Chinese stocks. There is no systematic study on privatisation and delisting of Chinese shares. This paper starts from the overseas listing of Chinese enterprises, analyzes the motivation of listing; then, analyzes the phenomenon of privatisation of shares in China, studies its motivation; finally, from the perspective of enterprises, government and intermediary organizations, respectively, puts forward the corresponding suggestions. Therefore, this paper is a systematic study on the privatisation and delisting of Chinese concept stocks. However, due to the limitations of the author's knowledge, there are still many shortcomings in the article. Moreover, privatization delisting is to a greater extent a strategic choice of enterprises, and must rely on certain professional judgment, so it is difficult to tap its real motivation. In addition, the theoretical cushion is also slightly inadequate. These defects, the author will continue to improve in the future learning, gradually improve.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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