本文選題：境外上市 + 上市動機��； 參考：《江西財經大學》2017年碩士論文

【摘要】：2008年金融危機后,為了幫助中國企業(yè)渡過經濟危機的難關,中國政府出臺了一系列重大舉措,其中不乏鼓勵和支持企業(yè)“走出去”的措施,這些“走出去”政策,使得尋求上市的中國企業(yè)把目光更多的轉向海外市場。況且境內上市條件嚴格,很多企業(yè)達不到要求,而且境內上市所需的時間長,國內市場融資能力也有限,諸多國內市場的不足,導致很多發(fā)展很好的內地企業(yè)紛紛轉向國際資本市場。同時,世界主要的證券交易所各展所長,希望能夠吸引內地公司來自己的交易所上市。所以,越來越多的內地公司選擇海外上市,滿足自身發(fā)展和戰(zhàn)略規(guī)劃的需要。對于企業(yè)境外上市,目前文獻大多是采用實證研究方法,個案研究比較少,而且關于企業(yè)境外上市理論聯(lián)系實際的研究也比較少,特別是針對有名的比較典型的案例公司做的分析相對來說還是比較少的。所以,本文以阿里巴巴集團企業(yè),這一典型的境外上市的企業(yè)為案例,來分析其動機和績效,以利于其他企業(yè)由此得到啟發(fā)、吸取經驗。本文主要采用了案例分析法和描述性分析法。在文章的開始說明公司境外上市的概念、方式特點和理論基礎。接著文章分析阿里巴巴集團境外上市的全過程,包括集團決策的動機,時機的選擇和特點以及后來公司績效的變化情況。在文章的最后,總結了集團境外上市的結論和成功經驗,希望能夠給其他想要海外上市的內地公司相應的啟示。從文章架構上來看,本文主要以阿里巴巴集團境外上市的案例研究作為抓手,然后通過五個章節(jié)形成本文的結構。第一章節(jié)闡述本文的研究背景和意義、與文章內容相關的文獻綜述情況、文章的研究思路和方法、主要內容和文章框架。因為中國資本市場沒有國際資本市場完善,所以在描述境外上市動機和績效的研究現狀時,本文主要引用國外和國內學者的研究成果。第二章節(jié)說明了境外上市的概念界定和方式特點,以及相關的理論基礎,包括市場分割假說、流動性假說、投資者保護假說、融資約束假說四個假說。第三章節(jié)重點分析阿里巴巴集團海外上市的案例,說明集團的決策全過程和特點,尤其點出了集團上市特有的與其他公司不同的情況。第四章節(jié)分析了阿里巴巴境外上市后的績效包括其對于集團市場表現、償債能力、成長能力、盈利能力和品牌價值的影響,分析了出現這些績效變化的原因。第五章節(jié)總結本文案例分析的主要結論,同時提出相關的啟示以供參考。文章把阿里巴巴集團境外上市的案例作為切入點,分析阿里巴巴境外上市的動機以及績效,發(fā)現阿里巴巴集團通過境外上市推動了企業(yè)本身的發(fā)展,提升了盈利能力和股東財富,改善了公司治理模式。給阿里巴巴集團今后進一步提升績效提供參考,同時期望能夠為部分正在籌備境外上市,或以后可能要實施境外上市的企業(yè)提供借鑒。
[Abstract]:After the 2008 financial crisis, in order to help Chinese enterprises tide over the economic crisis, the Chinese government has introduced a series of major measures, including encouraging and supporting enterprises to "go out", these "going out" policies. That makes Chinese companies looking for listings to look more to overseas markets. Moreover, the domestic listing conditions are strict, many enterprises fail to meet the requirements, and the domestic listing takes a long time, the domestic market financing capacity is also limited, and many domestic markets are inadequate. As a result, many well-developed mainland enterprises have turned to international capital markets. At the same time, the world's leading stock exchanges are expanding their heads, hoping to attract mainland companies to their own exchanges. Therefore, more and more mainland companies choose overseas listing to meet the needs of their own development and strategic planning. For the overseas listing of enterprises, most of the literature at present adopts empirical research methods, case studies are relatively few, and the research on the theory and practice of overseas listing of enterprises is also relatively few. Especially for famous more typical cases of companies to do relatively less analysis. Therefore, this paper takes Alibaba Group, a typical overseas listed enterprise, as an example, to analyze its motivation and performance, so as to benefit other enterprises to get inspiration and learn from experience. This paper mainly adopts case analysis and descriptive analysis. At the beginning of the article, the author explains the concept, characteristics and theoretical basis of the company's overseas listing. Then the paper analyzes the whole process of Alibaba Group's overseas listing, including the motivation of group decision, the choice of timing and characteristics, and the later changes of company performance. At the end of the article, the author summarizes the conclusions and successful experiences of overseas listing of the group, hoping to give some enlightenment to other mainland companies who want to list overseas. From the point of view of the structure of the article, this paper mainly takes the case study of Alibaba Group's overseas listing as its grasp, and then forms the structure of this paper through five chapters. The first chapter describes the background and significance of this paper, the literature review related to the content of the article, the research ideas and methods, the main content and the framework of the article. Because China's capital market is not as perfect as the international capital market, this paper mainly refers to the research results of foreign and domestic scholars when describing the current research situation of the motivation and performance of overseas listing. The second chapter explains the definition and characteristics of the concept of offshore listing, as well as the relevant theoretical basis, including the market segmentation hypothesis, liquidity hypothesis, investor protection hypothesis, financing constraint hypothesis four hypotheses. The third chapter mainly analyzes the case of Alibaba Group's overseas listing, explains the whole process and characteristics of the group's decision, especially points out the unique situation of the group's listing which is different from that of other companies. The fourth chapter analyzes the performance of Alibaba after overseas listing, including its impact on group market performance, solvency, growth ability, profitability and brand value, and analyzes the reasons for these performance changes. The fifth chapter summarizes the main conclusions of this case analysis, and puts forward the relevant enlightenment for reference. This article regards the case of Alibaba Group's overseas listing as the starting point, analyzes the motivation and performance of the overseas listing of Alibaba, and finds that the group has promoted the development of the enterprise itself through the overseas listing. Improved profitability and shareholder wealth, improved corporate governance model. This paper provides a reference for Alibaba Group to further improve its performance in the future, and expects to provide reference for some enterprises that are preparing for overseas listing or may implement overseas listing in the future.
【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F724.6;F831.51;F715.5

【參考文獻】

相關期刊論文 前10條

1 樊詩夢;;互聯(lián)網企業(yè)境外上市VIE模式——以天鴿互動為例[J];財會通訊;2016年11期

2 胡海峰;陳明哲;;關于我國優(yōu)質企業(yè)境外上市的思考[J];經濟縱橫;2016年03期

3 崔學剛;周穎;;境外上市、股利政策與投資者保護[J];財務研究;2015年05期

4 靖慧明;;由阿里巴巴美國上市思考中國企業(yè)海外上市熱潮[J];山東紡織經濟;2015年09期

5 周龍;張末晗;;境外上市、公司治理結構與企業(yè)溢價研究[J];會計之友;2015年10期

6 何瑛;張大偉;;阿里巴巴整體上市解析[J];財務與會計;2015年10期

7 蘭邦華;;移動互聯(lián)網企業(yè)境內上市問題探討[J];證券市場導報;2015年02期

8 劉曉敏;蔣欣;;透過阿里巴巴海外上市反思我國A股市場[J];時代金融;2014年33期

9 張耘;賈媛媛;;互聯(lián)網企業(yè)境外上市的動機分析[J];財務與會計(理財版);2012年06期

10 李曉良;韓丹;;國內企業(yè)海外上市對公司價值的影響研究——來自中國“A+H”股的經驗數據[J];財經理論與實踐;2012年03期

相關碩士學位論文 前1條

1 姜蓮君;中國中小企業(yè)海外上市動因、現狀和對策研究[D];上海交通大學;2013年

，

本文編號：1836449