本文關(guān)鍵詞： VIE模式 海外上市 財(cái)務(wù)風(fēng)險(xiǎn)　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：VIE模式即控制協(xié)議模式,已經(jīng)在我國(guó)運(yùn)用了十多年的時(shí)間,自從新浪公司實(shí)現(xiàn)了第一次海外上市以來(lái),在海外上市的互聯(lián)網(wǎng)公司越來(lái)越多。2011年,以馬云為首的阿里巴巴公司,單方面違約,將VIE模式下的問(wèn)題暴露了出來(lái)。從而使得中概股產(chǎn)生了嚴(yán)重的信任危機(jī),以至于出現(xiàn)了股價(jià)大幅度下跌等嚴(yán)重的不良后果。這些后果的出現(xiàn)使得許多有意向通過(guò)海外上市的企業(yè)望而卻步,從而導(dǎo)致大多數(shù)的企業(yè)返回到內(nèi)陸上市。為了更加詳細(xì)的分析VIE模式下企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn),所以以公司真實(shí)地案例為切入口,首先對(duì)研究的案例企業(yè)進(jìn)行分析,然后分析VIE模式的特點(diǎn),以及該模式下實(shí)施的企業(yè)的特點(diǎn),和企業(yè)的VIE模式的基本建設(shè),同時(shí)對(duì)該企業(yè)所具有的相關(guān)的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行詳細(xì)的分析,從這些分析當(dāng)中識(shí)別出現(xiàn)如今采用VIE模式上市的企業(yè)具有的相應(yīng)的財(cái)務(wù)風(fēng)險(xiǎn)。所具有的財(cái)務(wù)風(fēng)險(xiǎn)主要有以下兩種形式,即廣義的和狹義的財(cái)務(wù)風(fēng)險(xiǎn)。為了更好的分析,則結(jié)合了上市公司對(duì)于籌資方面的情況,以及中美對(duì)于財(cái)務(wù)報(bào)表的披露上存在的不同之處,并對(duì)國(guó)內(nèi)外對(duì)于VIE模式的相關(guān)的政策法規(guī)進(jìn)行了研究,以及政策的變動(dòng)和監(jiān)管形式。以企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)的管理作為研究的理論基礎(chǔ),和上市公司對(duì)于面對(duì)財(cái)務(wù)風(fēng)險(xiǎn)時(shí)的應(yīng)對(duì)措施。綜合的將企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)的種類考慮在內(nèi),以及在應(yīng)對(duì)這些風(fēng)險(xiǎn)的時(shí)候的不足之處,同時(shí)提出了關(guān)于應(yīng)對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的一些意見(jiàn)和建議。首先介紹了財(cái)務(wù)風(fēng)險(xiǎn)的概念以及成因,財(cái)務(wù)風(fēng)險(xiǎn)的主要的研究歷程,并且對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的特點(diǎn)進(jìn)行分析、評(píng)價(jià)和控制等相關(guān)的基本理論知識(shí),并且對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的基礎(chǔ)性的理論進(jìn)行了綜合的論述。然后,結(jié)合公司的案例,將上述財(cái)務(wù)風(fēng)險(xiǎn)理論和方法實(shí)際的應(yīng)用到公司中去。對(duì)公司存在的風(fēng)險(xiǎn)和類型進(jìn)行分析,以及給公司帶來(lái)的影響,并且提出了相對(duì)應(yīng)的意見(jiàn)和建議,從組織架構(gòu)的制定、公司采用的戰(zhàn)略、公司的戰(zhàn)略目標(biāo)以及在實(shí)際的執(zhí)行過(guò)程當(dāng)中,對(duì)面對(duì)財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行了合理的預(yù)警、防范、規(guī)避以及控制。
[Abstract]:VIE mode, the control protocol model, has been used in China for more than ten years. Since Sina Company realized the first overseas listing, more and more Internet companies listed overseas. 2011. Led by Ma, Alibaba, a unilateral default, exposed the problems under the VIE model, thus causing a serious crisis of trust in the Chinese stock market. As a result, there have been serious adverse consequences, such as sharp falls in stock prices, which have deterred many companies interested in listing overseas. As a result, most enterprises return to the inland listing. In order to analyze the financial risk of the enterprise in more detail under the VIE model, we take the real case as the entry point. First of all, this paper analyzes the case of the enterprise, and then analyzes the characteristics of the VIE model, as well as the characteristics of the enterprise implemented under the model, and the capital construction of the VIE model of the enterprise. At the same time, the related financial risks of the enterprise are analyzed in detail. From these analyses, we can identify the corresponding financial risks of the enterprises listed in VIE mode. The financial risks are mainly in the following two forms. In order to better analyze, it combines the financing situation of listed companies and the differences of the disclosure of financial statements between China and the United States. And at home and abroad for the VIE model related policies and regulations are studied, as well as policy changes and regulatory forms. The financial risk management of enterprises as the theoretical basis of the study. And listed companies in the face of financial risks. Comprehensive consideration of the types of financial risks of enterprises, as well as when dealing with these risks deficiencies. At the same time, it puts forward some opinions and suggestions on how to deal with financial risk. Firstly, it introduces the concept and causes of financial risk, the main research process of financial risk, and analyzes the characteristics of financial risk. Evaluation and control and other related basic theoretical knowledge, and the financial risk of the basic theory of a comprehensive discussion. Then, combined with the case of the company. The above financial risk theory and method are applied to the company. The risk and type of the company are analyzed, and the impact on the company is also analyzed, and the corresponding opinions and suggestions are put forward. From the formulation of the organizational structure, the strategy adopted by the company, the strategic objectives of the company and the actual implementation process, the opposite to the financial risk of reasonable warning, prevention, avoidance and control.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F724.6;F715.5

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