【摘要】：隨著金融危機的影響在全球蔓延，中國企業(yè)尤其是中小企業(yè)的發(fā)展環(huán)境受到了一定程度的影響，“融資難”成為在此過程中暴露的最為嚴重的普遍性問題。面對這一問題，中國企業(yè)結(jié)合自身狀況選擇了不同的融資渠道，其中就有一部分中小企業(yè)選擇赴海外上市融資。于是，OTCBB市場憑借其申請條件低、報價費用低廉等特點得到了部分中國企業(yè)的青睞。但是，隨著赴美OTCBB上市的中國企業(yè)數(shù)量逐年增加，其風(fēng)險也隨之暴露出來。 本文從論述OTCBB市場概況出發(fā)，在第一章介紹美國OTCBB市場的含義、特點和上市流程，并介紹中國企業(yè)在OTCBB上市的現(xiàn)狀，從而引出中國企業(yè)在OTCBB上市可能面對的各類風(fēng)險，同時，為能將其風(fēng)險概括全面，，本文根據(jù)風(fēng)險因素的來源不同，在第二章將其分為外部因素引發(fā)的風(fēng)險和企業(yè)自身在OTCBB上市后可能面對的風(fēng)險兩類來闡述。為論述中國企業(yè)在OTCBB上市后承擔(dān)的風(fēng)險狀況，本文在第三章采用Z計分模型對已在OTCBB上市的中國企業(yè)做了財務(wù)風(fēng)險的實證分析，以此來說明在相關(guān)風(fēng)險的影響下企業(yè)的經(jīng)營狀況受到不同程度的影響。根據(jù)實證結(jié)論，在OTCBB上市的部分企業(yè)財務(wù)狀況不佳且有惡化的趨勢。因此，本文在第四章的結(jié)論和啟示部分指出，雖然OTCBB市場風(fēng)險較大，但只要企業(yè)可以加強風(fēng)險監(jiān)管、政府能夠正確引導(dǎo)，那么OTCBB可以成為日后中國企業(yè)海外融資的有效途徑。
[Abstract]:With the impact of the financial crisis spreading all over the world, the development environment of Chinese enterprises, especially the small and medium-sized enterprises, has been affected to a certain extent, and the "financing difficulty" has become the most serious universal problem exposed in this process. In the face of this problem, Chinese enterprises choose different financing channels according to their own situation, among which some SMEs choose to go overseas to raise funds. Therefore, OTCBB market is favored by some Chinese enterprises because of its low application conditions and low price. However, as the number of OTCBB listed in the United States increases year by year, the risks are exposed. This paper discusses the general situation of OTCBB market, introduces the meaning, characteristics and listing process of American OTCBB market in the first chapter, and introduces the current situation of Chinese enterprises listed in OTCBB, which leads to all kinds of risks that Chinese enterprises may face in OTCBB listing, at the same time, In order to generalize its risk, according to the different sources of risk factors, in the second chapter, the risk caused by external factors and the risks that enterprises may face after OTCBB listing are discussed. In order to discuss the risk situation of Chinese enterprises after OTCBB listing, this paper makes an empirical analysis on the financial risk of Chinese enterprises listed in OTCBB by using Z score model in the third chapter. In this way, under the influence of related risks, the operating conditions of enterprises are affected to varying degrees. According to the empirical conclusion, some enterprises listed in OTCBB have a poor financial situation and a trend of deterioration. Therefore, the conclusion and enlightenment of the fourth chapter point out that although the market risk of OTCBB is high, as long as enterprises can strengthen risk supervision and the government can guide correctly, then OTCBB can become an effective way for Chinese enterprises to raise overseas funds in the future.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F831.51;F279.2


本文編號：2178926