發(fā)布時間：2018-03-16 15:54

  本文選題：中概股　切入點：私有化　出處：《安徽工業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：在經(jīng)濟全球化趨勢下,中國企業(yè)赴境外上市的現(xiàn)象愈演愈烈。自20世紀90年代中期,已經(jīng)有幾百家中國企業(yè)趕赴美國證券市場上市。然而,從2010年下半年開始,眾多美國中概念股紛紛開始了私有化退市。這種迫切撤出美國資本市場的現(xiàn)象廣遭非議,尤其是聚美優(yōu)品私有化引發(fā)的集體訴訟所帶來的影響是不容忽視的。因此,在我國關于中概股私有化退市的理論研究不完善的背景下,需從聚美優(yōu)品私有化這一典型案例突破,深層次分析導致這種現(xiàn)象的原因及其帶來的影響。本文根據(jù)現(xiàn)有的文獻,將退市理論與實際的退市案例相結(jié)合,分析聚美優(yōu)品私有化退市動因及其私有化遭遇暫緩的原因,研究該私有化事件所帶來的影響,最后從聚美優(yōu)品企業(yè)自身、其他上市企業(yè)、投資者以及政府監(jiān)管部門角度分別提出相應的建議。通過對聚美優(yōu)品私有化這一典型案例的動因分析,發(fā)現(xiàn)在美上市中概股公司選擇私有化退市很大程度上是受宏觀背景影響以及公司經(jīng)濟利益和治理方面的需求。但是并不是每個私有化都是能夠成功的,其中不僅受政策影響,也有企業(yè)自身私有化策略不當?shù)葐栴},且給各層各界帶來巨大影響。針對聚美優(yōu)品私有化事件產(chǎn)生的影響,本文的主要建議如下:第一,聚美優(yōu)品應該加強與各界的溝通、重塑企業(yè)信心并慎重考慮未來的發(fā)展戰(zhàn)略;第二,上市公司應根據(jù)自身發(fā)展定位作出權(quán)衡,謹慎決策上市,理性對待私有化退市;第三,投資者應該提高投資危機意識、謹慎選擇投資企業(yè);第四,監(jiān)管部門應該對中概股私有化退市中的問題做好規(guī)范、監(jiān)管工作,并最大程度地保護中小股東的權(quán)益。
[Abstract]:Under the trend of economic globalization, the phenomenon of Chinese enterprises listing abroad has intensified. Since the middle of 1990s, hundreds of Chinese enterprises have gone public on the US stock market. However, since the second half of 2010, Many concept stocks in the United States have begun to privatize and delist. This urgent withdrawal from the US capital market has been widely criticized, especially the impact of the class-action lawsuit initiated by Jumei's privatisation. Therefore, Under the background of imperfect theoretical research on the privatisation and delisting of China's general shares, it is necessary to break through the typical case of privatization of Jumei and analyze the causes of this phenomenon and its influence. Combining the theory of delisting with the actual case of delisting, this paper analyzes the reasons for Jumei's privatization delisting and the reasons for the suspension of privatisation, studies the impact of the privatization incident, and finally analyzes the impact of the privatization incident. Finally, from the perspective of Jumei enterprises themselves and other listed enterprises, Investors and government regulatory departments respectively put forward corresponding suggestions. Through the analysis of the motivation of the typical case of the privatization of Jumei, It is found that the choice of privatizing and delisting in US listings is largely influenced by the macro context and the needs of the company's economic interests and governance. But not every privatization can be successful, and not only is it influenced by policy, There are also problems such as improper privatization strategies of enterprises themselves, which have brought great influence to all walks of life at all levels. In view of the impact of Jumei's privatization incident, the main suggestions of this paper are as follows: first, Jumei should strengthen communication with all walks of life. Second, listed companies should make trade-offs according to their own development orientation, make prudent decisions on listing, and rationally treat privatization and delisting. Third, investors should raise the awareness of investment crisis. In 4th, the regulatory authorities should regulate and supervise the problems in privatizing and delisting the shares, and protect the rights and interests of minority shareholders to the greatest extent.
【學位授予單位】：安徽工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F724.6;F715.5;F831.51

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本文編號：1620613