本文關(guān)鍵詞：麥考林海外上市財(cái)務(wù)績效研究　出處：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 海外上市 財(cái)務(wù)績效 互聯(lián)網(wǎng)企業(yè) 負(fù)面效應(yīng)

【摘要】：自上世紀(jì)八十年代以來,隨著經(jīng)濟(jì)全球化與“互聯(lián)網(wǎng)+”時(shí)代的來臨,越來越多的互聯(lián)網(wǎng)企業(yè)選擇海外上市,尋求更廣闊的發(fā)展空間。自1999年至今已經(jīng)有大約五次的互聯(lián)網(wǎng)企業(yè)海外上市熱潮,海外上市也逐漸成為國內(nèi)外企業(yè)管理、金融等多個(gè)領(lǐng)域的研究熱點(diǎn)。尤其在當(dāng)前世界經(jīng)濟(jì)增長乏力的情況下,中國不免受到了經(jīng)濟(jì)下行的壓力,互聯(lián)網(wǎng)企業(yè)未來的發(fā)展路徑也成為一個(gè)亟待探討的問題。目前一些實(shí)踐和研究表明,海外上市對(duì)于企業(yè)自身有一定的益處,有助于企業(yè)滿足融資需求、開拓國際市場、提升企業(yè)軟實(shí)力、加強(qiáng)公司治理,讓企業(yè)跨入高速發(fā)展的軌道。但海外上市在促進(jìn)我國互聯(lián)網(wǎng)行業(yè)和企業(yè)發(fā)展的同時(shí),也產(chǎn)生了種種問題。由于國內(nèi)外資本市場在財(cái)務(wù)、會(huì)計(jì)制度等方面存在差異,以及海外投資者與企業(yè)之間的信息不對(duì)稱加大了企業(yè)股價(jià)被低估的風(fēng)險(xiǎn),從而使企業(yè)的上市計(jì)劃無法達(dá)到初始的融資目的。這可能導(dǎo)致企業(yè)的發(fā)展脫離原有的軌道,產(chǎn)生更嚴(yán)重的后果。對(duì)于互聯(lián)網(wǎng)企業(yè)而言,不應(yīng)將目光局限于海外上市帶來的短期收益,要明晰海外上市的利弊,結(jié)合企業(yè)自身情況決定未來的發(fā)展方向。本文以在納斯達(dá)克上市的麥考林為例,著重分析海外上市所帶來的負(fù)面效應(yīng)。首先闡述國內(nèi)外學(xué)者關(guān)于海外上市動(dòng)因、上市效果以及財(cái)務(wù)績效的相關(guān)理論,總結(jié)研究現(xiàn)狀和研究方向,為后面的研究做理論鋪墊;其次,通過分析互聯(lián)網(wǎng)行業(yè)現(xiàn)狀、麥考林的基本情況及海外上市歷程,多角度深入發(fā)掘其海外上市的動(dòng)因;之后對(duì)麥考林海外上市前后的財(cái)務(wù)績效數(shù)據(jù)進(jìn)行整理歸納,通過計(jì)算其償債能力、營運(yùn)能力、盈利能力、成長能力等相關(guān)指標(biāo),對(duì)企業(yè)的財(cái)務(wù)績效進(jìn)行上市前后的對(duì)比分析,得出結(jié)論并探討問題產(chǎn)生的原因;最后結(jié)合實(shí)際情況,提出改善互聯(lián)網(wǎng)企業(yè)海外上市財(cái)務(wù)績效及未來可持續(xù)發(fā)展建議。企業(yè)應(yīng)當(dāng)正確認(rèn)識(shí)海外市場,建立海外上市長遠(yuǎn)規(guī)劃,同時(shí)慎用股權(quán)融資,重視并遵守海外上市相關(guān)法律準(zhǔn)則,國家也需要發(fā)揮自己應(yīng)有的作用,拓寬互聯(lián)網(wǎng)企業(yè)融資渠道,重視與海外資本市場的交流與溝通,盡力改善國內(nèi)資本市場環(huán)境,幫助企業(yè)長遠(yuǎn)健康的發(fā)展。希望本文能夠?yàn)橐恍┟つ可鲜械钠髽I(yè)敲響警鐘,對(duì)潛在的上市公司提供實(shí)踐參考,避免產(chǎn)生負(fù)面效應(yīng)。
[Abstract]:Since the last century since 80s, with the economic globalization and the "Internet plus" era, more and more Internet companies overseas listing, seek a broader space for development. Since the boom in 1999 and has about five Internet companies listed overseas, overseas listing has become the domestic and foreign enterprise management, research focus in many fields finance. Especially in the current world economic growth under the condition of the weak, China inevitably by the pressure of the economic downturn, the Internet enterprise future development path has become an urgent problem. At present, some practice and research shows that the overseas listing has certain benefits for enterprises, help enterprises to meet the financing needs. To explore the international market, enhance corporate soft power, strengthen corporate governance, make the enterprise into the track of rapid development. But the overseas listing in the promotion of China's Internet The industry and enterprise development at the same time, but also created problems. Due to the domestic capital market in the financial accounting system, there are differences, information asymmetry between enterprises and overseas investors and increase the risk of the enterprise stock price is undervalued, so as to make the enterprise's listing plan can not achieve the initial purpose of financing. This may lead to the enterprise the development from the original track, resulting in more serious consequences. For Internet companies, should look limited short-term benefits listed overseas, to clarify the advantages and disadvantages of listed overseas, combined with their own situation to decide the future direction of development. In this paper, the NASDAQ listed Mcglaughlin as an example, analyzes the negative effects of overseas listing bring. Firstly, the domestic and foreign scholars on the motivation of overseas listing, listing effect and the related theory of financial performance, summarizes the research status quo and The direction of research, lay a theoretical foundation for the following research; secondly, through the analysis of the Internet industry status, the basic situation and the course of Mcglaughlin's overseas listing, multi angle to further explore the motivation of overseas listing; after the financial performance of the data before and after the overseas listing of Mcglaughlin were summed up, by calculating its solvency, operating capacity, profitability. Relevant indicators of growth capacity, were analyzed and compared before and after the listing of the company's financial performance, draws the conclusion and discusses the causes of the problem; finally, combined with the actual situation, put forward to improve the Internet companies listed overseas financial performance and future sustainable development. Enterprises should have a correct understanding of overseas markets, the establishment of overseas listed equity financing and long-term planning, caution pay attention to, and comply with relevant legal standards listed overseas, the country also needs to play its due role, broaden the Internet enterprise The financing channel, exchange and communication with the attention of overseas capital market, to improve the domestic capital market environment, help the enterprise long-term development of health. I hope this paper can give some blind listed companies sounded the alarm, and provides practical reference for the potential of listed companies, to avoid producing negative effects.

【學(xué)位授予單位】：吉林財(cái)經(jīng)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;F831.51

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