本文選題：境外上市 + 上市動(dòng)機(jī)��； 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：2008年金融危機(jī)后,為了幫助中國(guó)企業(yè)渡過(guò)經(jīng)濟(jì)危機(jī)的難關(guān),中國(guó)政府出臺(tái)了一系列重大舉措,其中不乏鼓勵(lì)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(guó)企業(yè)把目光更多的轉(zhuǎn)向海外市場(chǎng)。況且境內(nèi)上市條件嚴(yán)格,很多企業(yè)達(dá)不到要求,而且境內(nèi)上市所需的時(shí)間長(zhǎng),國(guó)內(nèi)市場(chǎng)融資能力也有限,諸多國(guó)內(nèi)市場(chǎng)的不足,導(dǎo)致很多發(fā)展很好的內(nèi)地企業(yè)紛紛轉(zhuǎn)向國(guó)際資本市場(chǎng)。同時(shí),世界主要的證券交易所各展所長(zhǎng),希望能夠吸引內(nèi)地公司來(lái)自己的交易所上市。所以,越來(lái)越多的內(nèi)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(duì)于企業(yè)境外上市,目前文獻(xiàn)大多是采用實(shí)證研究方法,個(gè)案研究比較少,而且關(guān)于企業(yè)境外上市理論聯(lián)系實(shí)際的研究也比較少,特別是針對(duì)有名的比較典型的案例公司做的分析相對(duì)來(lái)說(shuō)還是比較少的。所以,本文以阿里巴巴集團(tuán)企業(yè),這一典型的境外上市的企業(yè)為案例,來(lái)分析其動(dòng)機(jī)和績(jī)效,以利于其他企業(yè)由此得到啟發(fā)、吸取經(jīng)驗(yàn)。本文主要采用了案例分析法和描述性分析法。在文章的開(kāi)始說(shuō)明公司境外上市的概念、方式特點(diǎn)和理論基礎(chǔ)。接著文章分析阿里巴巴集團(tuán)境外上市的全過(guò)程,包括集團(tuán)決策的動(dòng)機(jī),時(shí)機(jī)的選擇和特點(diǎn)以及后來(lái)公司績(jī)效的變化情況。在文章的最后,總結(jié)了集團(tuán)境外上市的結(jié)論和成功經(jīng)驗(yàn),希望能夠給其他想要海外上市的內(nèi)地公司相應(yīng)的啟示。從文章架構(gòu)上來(lái)看,本文主要以阿里巴巴集團(tuán)境外上市的案例研究作為抓手,然后通過(guò)五個(gè)章節(jié)形成本文的結(jié)構(gòu)。第一章節(jié)闡述本文的研究背景和意義、與文章內(nèi)容相關(guān)的文獻(xiàn)綜述情況、文章的研究思路和方法、主要內(nèi)容和文章框架。因?yàn)橹袊?guó)資本市場(chǎng)沒(méi)有國(guó)際資本市場(chǎng)完善,所以在描述境外上市動(dòng)機(jī)和績(jī)效的研究現(xiàn)狀時(shí),本文主要引用國(guó)外和國(guó)內(nèi)學(xué)者的研究成果。第二章節(jié)說(shuō)明了境外上市的概念界定和方式特點(diǎn),以及相關(guān)的理論基礎(chǔ),包括市場(chǎng)分割假說(shuō)、流動(dòng)性假說(shuō)、投資者保護(hù)假說(shuō)、融資約束假說(shuō)四個(gè)假說(shuō)。第三章節(jié)重點(diǎn)分析阿里巴巴集團(tuán)海外上市的案例,說(shuō)明集團(tuán)的決策全過(guò)程和特點(diǎn),尤其點(diǎn)出了集團(tuán)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(jī)效包括其對(duì)于集團(tuán)市場(chǎng)表現(xiàn)、償債能力、成長(zhǎng)能力、盈利能力和品牌價(jià)值的影響,分析了出現(xiàn)這些績(jī)效變化的原因。第五章節(jié)總結(jié)本文案例分析的主要結(jié)論,同時(shí)提出相關(guān)的啟示以供參考。文章把阿里巴巴集團(tuán)境外上市的案例作為切入點(diǎn),分析阿里巴巴境外上市的動(dòng)機(jī)以及績(jī)效,發(fā)現(xiàn)阿里巴巴集團(tuán)通過(guò)境外上市推動(dòng)了企業(yè)本身的發(fā)展,提升了盈利能力和股東財(cái)富,改善了公司治理模式。給阿里巴巴集團(tuán)今后進(jìn)一步提升績(jī)效提供參考,同時(shí)期望能夠?yàn)椴糠终诨I備境外上市,或以后可能要實(shí)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(xué)位授予單位】：江西財(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;F831.51;F715.5

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