本文選題：赴美上市企業(yè) + VIE模式��； 參考：《江西農(nóng)業(yè)大學(xué)》2014年碩士論文

【摘要】：對(duì)于國(guó)內(nèi)眾多有上市融資需求的企業(yè)來(lái)說(shuō)，它們或者因?yàn)樨?cái)務(wù)水平和管理能力相對(duì)較低，或者因?yàn)樘厥獾男袠I(yè)管制，往往達(dá)不到兩家證券交易機(jī)構(gòu)（上海和深圳證券交易所）嚴(yán)格的上市要求。因此，這些企業(yè)一般會(huì)選擇到海外資本市場(chǎng)上市來(lái)獲得企業(yè)進(jìn)一步發(fā)展壯大所需要的融資。而中國(guó)企業(yè)境外上市的首選地，往往是資本市場(chǎng)最為發(fā)達(dá)的美國(guó)。 VIE，，即可變利益實(shí)體（Variable Interest Entities）。如果投資者對(duì)于一個(gè)實(shí)體對(duì)象的權(quán)益所擁有的控制權(quán)并非基于多數(shù)投票權(quán)，而是通過(guò)一系列控制協(xié)議的方式實(shí)現(xiàn)的，我們稱(chēng)之為可變利益實(shí)體。VIE模式已經(jīng)成為內(nèi)地企業(yè)進(jìn)入美國(guó)資本市場(chǎng)最常見(jiàn)的選擇。VIE模式有其成功的一面，也存在著一些風(fēng)險(xiǎn)。采用VIE模式的企業(yè)，在美國(guó)資本市場(chǎng)上的表現(xiàn)往往更容易受到一些外界因素的影響。 有鑒于此，本文首先對(duì)采用VIE模式赴美上市的我國(guó)企業(yè)的行業(yè)分布及上市歷程進(jìn)行梳理，發(fā)現(xiàn)VIE模式赴美上市企業(yè)主要集中在TMT（科技、媒體、通信）、教育、生物醫(yī)藥和風(fēng)電太陽(yáng)能等行業(yè)，并呈現(xiàn)出三起三落的上市周期。接著對(duì)采用VIE模式赴美上市企業(yè)的融資規(guī)模、上市模式的選擇、赴美上市的原因進(jìn)行了分析。然后，本文選取了近年來(lái)與VIE模式相關(guān)的若干有代表性的典型企業(yè)案例進(jìn)行分析，并嘗試進(jìn)行評(píng)價(jià)。美國(guó)上市的中國(guó)企業(yè)，資本市場(chǎng)表現(xiàn)會(huì)受到中美兩國(guó)外部因素的影響。因此，對(duì)于這些因素進(jìn)行了實(shí)證分析，發(fā)現(xiàn)貨幣供給、人民幣兌美元匯率均會(huì)影響VIE模式赴美上市中國(guó)企業(yè)的股價(jià)表現(xiàn)。 對(duì)于我國(guó)企業(yè)來(lái)說(shuō)，首先，應(yīng)該明確赴美上市的目的以及VIE模式的潛在風(fēng)險(xiǎn)。其次，應(yīng)該明確自身的盈利模式與前景。第三，選擇合適的上市時(shí)機(jī)很重要。第四，針對(duì)VIE結(jié)構(gòu)的任何變動(dòng)，不可想當(dāng)然，應(yīng)時(shí)刻保持與美國(guó)投資者的交流溝通。 同時(shí)，對(duì)于國(guó)內(nèi)證券監(jiān)管部門(mén)來(lái)說(shuō)，建議放松對(duì)電信、互聯(lián)網(wǎng)、教育培訓(xùn)等行業(yè)的管制與準(zhǔn)入門(mén)檻，進(jìn)一步規(guī)范融資之后對(duì)企業(yè)融資利用情況的監(jiān)管。一方面吸引更多的優(yōu)秀企業(yè)在國(guó)內(nèi)上市，另一方面使國(guó)內(nèi)投資者可以分享這些企業(yè)快速發(fā)展的成果，實(shí)現(xiàn)雙贏。
[Abstract]:For many domestic enterprises with listed financing needs, either because of their relatively low financial level and management ability, or because of special industry regulation,Often do not meet the two securities exchanges (Shanghai and Shenzhen stock exchanges) strict listing requirements.As a result, these companies typically choose to list in overseas capital markets to obtain the financing needed to further their growth.The preferred place for Chinese companies to list overseas is the United States, which has the most developed capital markets.VIEs can be variable Interest entities.If investors have control over the rights and interests of an entity not based on majority voting rights, but through a series of control agreements,We call it the variable interest entity. Vie model has become the most common choice for mainland enterprises to enter the American capital market.Companies adopting VIE model tend to be more vulnerable to external factors in American capital markets.In view of this, this paper firstly combs the industry distribution and listing process of Chinese enterprises listed in the United States using VIE mode, and finds that the listed enterprises of VIE mode mainly concentrate on TMT (science and technology, media, communication, education, etc.)Biopharmaceutical and wind power solar industries, and showed three ups and downs of the market cycle.Then, the paper analyzes the financing scale, the choice of listing mode and the reason of listing in the United States by using VIE mode.Then, this paper selects some typical enterprise cases related to VIE model in recent years to analyze and try to evaluate.U.S. listed Chinese companies, capital market performance will be affected by China and the United States external factors.Therefore, the empirical analysis of these factors shows that the currency supply and RMB / US dollar exchange rate will affect the performance of Chinese companies listed in the United States under the VIE model.For Chinese enterprises, first of all, the purpose of listing in the United States and the potential risks of the VIE model should be clarified.Next, should clear oneself profit pattern and foreground.Third, it is important to choose the right time to go public.Fourth, any changes in the VIE structure should not be taken for granted and communication with U.S. investors should be maintained at all times.At the same time, for domestic securities regulatory authorities, it is suggested to relax the regulation and entry threshold for telecommunications, Internet, education and training industries, and further standardize the regulation of enterprise financing utilization after financing.On the one hand, attracting more excellent enterprises to list in China, on the other hand, the domestic investors can share the fruits of the rapid development of these enterprises, and achieve win-win.
【學(xué)位授予單位】：江西農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F279.2;F831.51

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