本文關鍵詞： 快遞行業(yè) 上市動機 上市期望 上市模式　出處：《北京交通大學》2017年碩士論文　論文類型：學位論文

【摘要】：對于快遞行業(yè)而言,現(xiàn)階段屬于微利化、無利化、競爭化的市場,同質(zhì)化競爭帶來了一連串的惡性價格戰(zhàn),未來快遞行業(yè)的兼并重組是必然趨勢。鑒于上市身份的稀缺性以及上市帶來的資本支持,成功上市的快遞企業(yè)將會在未來行業(yè)的兼并重組中占據(jù)很大的優(yōu)勢。因此,2016年成為了快遞企業(yè)爭先上市的元年。但是,正是由于我國快遞行業(yè)的上市熱潮剛剛涌起,故針對快遞行業(yè)進行行業(yè)專題案例研究的很少,關于快遞企業(yè)上市動機和上市行為的研究尚不健全,因此本文針對快遞企業(yè)上市動機及上市模式的選擇進行研究,探究二者間的內(nèi)在關聯(lián),填補當前的行業(yè)研究空白。本文采用比較分析法對快遞行業(yè)上市企業(yè)上市動機及上市模式進行多案例分析和專題研究。通過對三家成功上市的快遞企業(yè)進行比較分析,全面、系統(tǒng)地研究這三家快遞企業(yè)的上市動機及上市模式,剖析這三家快遞企業(yè)的差異化上市動機及上市模式,研究差異化上市動機促使企業(yè)選擇不同上市模式的內(nèi)在機理。在明晰內(nèi)在機理的基礎上,從快遞企業(yè)差異化的上市動機出發(fā),列出其可能的上市期望,推出符合上市期望的最優(yōu)上市模式及可能出現(xiàn)的上市效果,對擬上市快遞企業(yè)起到借鑒作用。經(jīng)過多案例研究分析,本文最終得出以下結(jié)論:(1)快遞行業(yè)上市企業(yè)的上市動機除了融資動機外存在一定差異性,其上市動機還可能有治理動機、資本動機及戰(zhàn)略動機�；谶@些上市動機,企業(yè)擬通過上市解決目前所面臨的問題。(2)基于差異化的上市動機,快遞企業(yè)應選擇不同的上市模式,其原因在于上市動機與上市模式之間存在內(nèi)在機理。一方面,企業(yè)在不同上市板塊間借殼上市存在基本差異;另一方面,企業(yè)在不同資本市場進行IPO具有各自的優(yōu)劣勢。本文針對這兩方面的內(nèi)在機理進行了總結(jié)。(3)快遞企業(yè)差異化的上市動機可促使企業(yè)選擇不同的上市模式,從而達到期望的上市效果。除了融資動機外,具有治理動機的快遞企業(yè)出于上市速度快、尋求企業(yè)增值的同時獲得明顯攤薄效應的上市期望,可能更宜選用"滬市主板借殼上市"的上市模式;具有資本動機的快遞企業(yè)出于上市速度快、攤薄效應小、良好的市場表現(xiàn)與上市相關成本低的上市期望,可能更宜選用"深市中小板借殼上市"的上市模式;具有戰(zhàn)略動機的快遞企業(yè)出于上市速度快、上市門檻低與獲得國際知名度的上市期望,可能更宜選用"境外IPO"的上市模式。
[Abstract]:For express delivery industry, at this stage belongs to the small profit, no profit, competitive market, homogeneous competition has brought a series of vicious price war. In the future, the merger and reorganization of express delivery industry is an inevitable trend. In view of the scarcity of listing status and the capital support brought by listing. Successful listed express companies will occupy a great advantage in the future merger and reorganization of the industry. Therefore, 2016 has become the first year for express delivery enterprises to be listed first. It is just because of the upsurge of express delivery industry in our country that there are few special case studies on express delivery industry, and the research on the listed motivation and listing behavior of express delivery enterprises is not perfect. Therefore, this paper focuses on the choice of listed motivation and mode of express delivery enterprises to explore the inherent relationship between the two. This paper makes a multi-case analysis and special research on the listed enterprises' listed motivation and mode of express delivery industry by means of comparative analysis. Through the comparison of three successful express delivery enterprises listed on the market. Analysis. Comprehensive, systematic study of the three express companies listed motivation and listing mode, analysis of the three express companies differential listing motivation and listing mode. On the basis of clarifying the internal mechanism, this paper lists the possible listing expectations of express delivery enterprises from the perspective of their differentiated listing motivation. The introduction of the optimal listing model in line with the listing expectations and possible listing results, to be listed express enterprises to play a reference role. After multi-case study and analysis. Finally, this paper draws the following conclusion: 1) there are some differences in the listed motivation of express delivery industry in addition to the financing motivation, and the listed motivation may also have governance motivation. Capital motivation and strategic motivation. Based on these motivations, enterprises intend to solve the current problems by listing. (2) based on the differentiated motivation of listing, express delivery enterprises should choose different modes of listing. The reason lies in the inherent mechanism between the motivation of listing and the mode of listing. On the other hand. Enterprises have their own advantages and disadvantages in carrying out IPO in different capital markets. This paper summarizes the internal mechanism of these two aspects. The differential motivation of express delivery enterprises can promote enterprises to choose different modes of listing. In order to achieve the desired listing effect. In addition to the financing motivation, the express companies with governance motivation for the rapid listing speed, seeking to increase the value of enterprises at the same time to obtain an obvious diluted effect of the listing expectations. It may be more appropriate to choose the listing mode of "Shanghai stock market through backdoor listing"; The express delivery enterprises with capital motivation have the advantages of fast listing speed, small dilution effect, good market performance and low listing cost, so they may be more suitable to choose the listing mode of "Shenzhen small and medium-sized board listing through shell"; The express delivery enterprises with strategic motive are expected to be listed because of the high speed of listing, the low threshold of listing and the expectation of gaining international fame, so it may be more appropriate to choose the mode of "overseas IPO" listing.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F259.23;F832.51

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