新浪微博海外上市财务绩效研究

发布时间：2018-05-05 18:23

本文选题：互联网企业 + 海外上市　；参考：《广东财经大学》2017年硕士论文

【摘要】：自上世纪九十年代以来,全球一体化进展迅速,股权融资走向国际化。特别是我国的中小型的互联网企业,几乎无一例外地选择赴海外上市。海外上市即成为一种高科技企业融资的潮流,在学术上也成为了经管,金融类领域学青睐的研究对象。在我国的互联网企业中,绝大多数都选择在海外上市。然而,凡事都有双刃剑。海外上市既为互联网企业带来了快速优质的融资,同时也蕴含着巨大的风险,一些互联网企业由于片面追求上市财富效应,导致IPO后业绩增长乏力,股价也停滞不前,股票也无人问津。反之,优秀的互联网企业如果能够合理运用上市融得的资金和合理规划经营战略,就很有机会获得跨越式发展,完成股东财富最大化的目标。本文介绍了中国互联网企业的历次海外上市高潮及其首日市场表现,并总结了中国互联网企业赴海外上市的驱动因素。案例上选取纳斯达克上市的新浪微博为案例对象,通过分析其上市前后财务上逐渐扭亏为盈的表现,揭示了海外上市给新浪微博管理和战略上带来的积极影响。对拟上市互联网企业有一定借鉴意义。同时提出完善我国资本市场的建议,以吸引优秀高科技企业回流在国内上市。
[Abstract]:Since the 1990 s, global integration has made rapid progress and equity financing has been internationalized. In particular, China's small and medium-sized Internet enterprises, almost without exception choose to go overseas listing. Overseas listing has become a trend of financing for high-tech enterprises, and it has also become an attractive research object in the field of economics and finance. In our country's Internet enterprises, the vast majority choose to be listed overseas. However, everything has a double-edged sword. Overseas listing not only brings fast and high quality financing for Internet enterprises, but also contains huge risks. Some Internet companies have lacklustre performance growth and stock price stagnation after IPO because of their one-sided pursuit of listing wealth effect. Stocks are also unattended. On the other hand, if the excellent Internet enterprises can reasonably use the funds raised by the listed companies and reasonably plan the management strategy, they will have the opportunity to obtain leap-forward development and achieve the goal of maximizing the wealth of shareholders. This paper introduces the Chinese Internet enterprises' overseas listing climax and its first day's market performance, and summarizes the driving factors of Chinese Internet enterprises' overseas listing. This paper selects Sina Weibo listed on NASDAQ as the case object, and by analyzing its financial performance before and after listing, reveals the positive influence of overseas listing on the management and strategy of Sina Weibo. To be listed on the Internet enterprises have a certain reference significance. At the same time, the paper puts forward some suggestions to perfect the capital market in order to attract outstanding high-tech enterprises to return to the domestic market.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F831.51;F275

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