本文選題：中概股 + 分眾傳媒　； 參考：《深圳大學(xué)》2017年碩士論文

【摘要】：多年來,由于A股對于新上市企業(yè)的諸多限制,迫使一些成長性非常好的企業(yè)遠(yuǎn)赴海外上市融資。具體到美國上市的中資股,則普遍被投資者稱為中概股。自2000年新浪登陸美國市場以來,中概股經(jīng)歷了起伏的發(fā)展歷程。從迅速發(fā)展到被追捧、隨后丑聞頻發(fā)轉(zhuǎn)而出現(xiàn)信任危機(jī),并陷入退市和私有化潮。后逐漸恢復(fù)元?dú)?迎來以京東IPO和阿里巴巴上市為標(biāo)志的高峰。然而自2014年下半年以來,中概股市場表現(xiàn)大幅落后于中美兩地市場。對比同行業(yè)A股企業(yè),越來越多的中概股企業(yè)考慮回歸A股市場,以期在更為熟悉的市場環(huán)境中獲得更高的估值、更廣的知名度、更好的流動性和融資功能。本文首先闡述了中概股回歸概況,由分析得知中概股的回歸原因?yàn)閮r值被低估、戰(zhàn)略調(diào)整、大股東套現(xiàn)、再融資困難以及規(guī)避監(jiān)管等。并且對中概股的回歸過程及路徑進(jìn)行了探討。具體回歸過程可以分為“私有化退市——解除VIE架構(gòu)——A股上市”三個步驟,回歸路徑有直接IPO上市、A股借殼上市、新三板上市以及資產(chǎn)收購上市。其次對分眾傳媒回歸A股的案例進(jìn)行分析,從回歸動因、回歸優(yōu)勢、回歸風(fēng)險和回歸成效四個方面展開討論。分眾傳媒的回歸動因主要?dú)w結(jié)為價值低估、戰(zhàn)略調(diào)整、做空危機(jī)、擺脫監(jiān)管�；貧w的優(yōu)勢在于私有化回歸資金充裕、投資者關(guān)系處理靈活、回歸工作準(zhǔn)備充分和回歸時機(jī)選擇恰當(dāng)。同時回歸中主要面臨借殼上市風(fēng)險、法律訴訟風(fēng)險和國內(nèi)政策變化風(fēng)險。此外公司在回歸后估值得到提升,股權(quán)結(jié)構(gòu)得到優(yōu)化,投資者也從中獲得超額收益。最后對中概股回歸提出相應(yīng)的啟示與建議。在公司層面,建議中概股企業(yè)正確看待私有化回歸,根據(jù)自身情況做出理性的回歸抉擇。同時加強(qiáng)風(fēng)險管理,通過選擇合適的戰(zhàn)略合作者、合適的上市方式以減小成本風(fēng)險;通過嚴(yán)格遵守國內(nèi)外相關(guān)法律規(guī)定、制定合理的私有化價格以減小法律風(fēng)險;通過關(guān)注政策變化以減小政策風(fēng)險。在監(jiān)管層面,需推進(jìn)股票市場供給制改革以及完善境內(nèi)資本市場的制度。在投資者層面,應(yīng)當(dāng)謹(jǐn)慎參與中概股回歸的投資,判斷中概股企業(yè)回歸的真實(shí)意圖,提高風(fēng)險意識,保持理性投資。
[Abstract]:For many years, A-shares have imposed restrictions on new listings, forcing some companies with very good growth to go overseas to raise funds. Specific to the U. S. listed Chinese stocks, is generally known as investors in the stock market. Since Sina landed in the United States market in 2000, Chinese stocks have experienced ups and downs of the development process. From rapid growth to popularity, scandals followed by a crisis of trust, and a wave of delisting and privatisation. After gradually recovering vitality, ushered in JingDong IPO and Alibaba listing as the symbol of the peak. Since the second half of 2014, however, the Chinese market has lagged significantly behind the U.S. and China markets. Compared with A-share companies in the same industry, more and more Chinese companies are considering returning to the A-share market in order to obtain higher valuation, wider visibility, better liquidity and better financing function in the more familiar market environment. This paper first expounds the general situation of the return of China's general stock. From the analysis, it is found that the reasons for the return of China's general stock are undervalued, strategic adjustment, large shareholders' cash, refinancing difficulties and circumventing supervision and so on. In addition, the regression process and path of Chinese stock are discussed. The specific regression process can be divided into three steps: "privatizing delisting-lifting VIE structure A share listing". The return path includes direct IPO listing, A share backdoor listing, new third board listing and asset acquisition listing. Secondly, the paper analyzes the case of focus media returning to A shares, and discusses the factors, advantages, risk and effect of return. The return motivation of focus Media mainly comes down to undervaluation, strategic adjustment, short crisis and getting rid of supervision. The advantages of the return are that privatization is rich in capital, investor relations are flexible, work is well prepared and the timing is right. At the same time, it mainly faces the risk of backdoor listing, legal litigation and domestic policy change. In addition, after the return of the value of the company was improved, the equity structure was optimized, investors also received excess returns. At last, the author puts forward the corresponding enlightenment and suggestion to the regression of Chinese general stock. At the company level, we suggest that the stock companies treat privatization regression correctly and make a rational decision according to their own situation. At the same time, we should strengthen risk management, reduce the cost risk by choosing the right strategic partner and the right way of listing, and set a reasonable privatization price to reduce the legal risk by strictly complying with the relevant laws and regulations at home and abroad. Reduce policy risks by focusing on policy changes. At the regulatory level, we need to promote the stock market supply system reform and improve the domestic capital market system. At the investor level, we should be careful to participate in the investment of the return of the general stock, judge the true intention of the return of the enterprise, improve the risk consciousness, and keep the rational investment.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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