【摘要】：2010年以來，海外中國概念股公司遭遇的信任危機掀起了中概股私有化退市浪潮。截止2013年底，累計有81家中概股公司宣布私有化退市，交易總金額高達234億美元，其中不乏阿里巴巴、盛大網(wǎng)絡和小肥羊等行業(yè)標桿企業(yè)。資本市場宛若圍城，圍城外千軍萬馬正想著進去，緣何還會有歷經(jīng)辛苦成功上市的中概股公司向往著圍城之外？其動機何在？我國政府、企業(yè)和中介機構又應當如何應對？這是個值得探討的問題。因此，筆者決定對中國概念股私有化退市問題進行研究，重點分析中概股公司私有化退市的動因，以期為促進我國企業(yè)境外上市持續(xù)健康發(fā)展和完善我國資本市場做出貢獻。 論文分為六個部分：第一部分是緒論，介紹了研究背景、研究意義以及本文的創(chuàng)新與不足；第二部分是文獻綜述與理論基礎；第三部分主要介紹了中概股境外上市的制度背景；第四部分先分析私有化退市浪潮概況，再剖析其動因；第五部分從企業(yè)、政府和中介機構的角度分別提出應對策略；第六部分是結論。 私有化退市在我國并不多見，本文研究的主要貢獻在于：對中國概念股私有化退市做了比較全面、系統(tǒng)的研究。目前國外對私有化退市問題的研究文獻較多，但是專門針對中概股的卻很少，而且成熟資本市場的經(jīng)驗不一定對我國適用；國內方面，大多數(shù)只是針對中概股的新聞報道，或僅僅針對某個具體案例的研究，或是對某個問題某個方面的研究，基本沒有關于中概股私有化退市的系統(tǒng)性研究。而本文從中國企業(yè)海外上市開始論述，剖析其上市動機；接著，分析中概股私有化現(xiàn)象，研究其動因；最后從企業(yè)、政府和中介機構等角度分別提出相應的建議。因此，可以說本文是對中國概念股私有化退市的一個比較系統(tǒng)的研究。然而，由于筆者知識的局限性，文章還存在很多不足。并且，私有化退市更大程度上是企業(yè)的一種戰(zhàn)略性選擇，必須依賴一定的職業(yè)判斷，因此難以挖掘其真正動機。此外，理論鋪墊也稍顯不足。這些缺陷，筆者將在以后的學習中不斷完善，，逐步改進。
[Abstract]:Since 2010, overseas Chinese concept companies encountered a crisis of confidence in the privatisation of Chinese stocks to lift the wave of delisting. By the end of 2013, a total of 81 stock companies had delisted, with deals worth $23.4 billion, including Alibaba, Shanda Network and Little Sheep. Capital markets are like besieged, besieged outside the army is thinking about going in, why there will be a successful listing after a hard listing of companies looking forward to besieged outside? What is the motive? How should our government, enterprises and intermediary agencies deal with it? This is a question worth exploring. Therefore, the author decides to study the delisting of the Chinese concept stock privatization, focusing on the analysis of the causes of the privatization of Chinese stock companies, with a view to contributing to the sustainable and healthy development of the overseas listing of Chinese enterprises and the improvement of the capital market in our country. The thesis is divided into six parts: the first part is the introduction, introducing the research background, the significance of the research and the innovation and deficiency of this paper; the second part is the literature review and theoretical basis; The fourth part first analyzes the general situation of privatization delisting wave, then analyzes its causes; the fifth part from the perspective of enterprises, government and intermediary organizations respectively put forward the coping strategies; the sixth part is the conclusion. Privatisation delisting is rare in China. The main contribution of this paper lies in: a more comprehensive and systematic study on the privatization-delisting of Chinese concept stocks. At present, there are many studies abroad on the issue of privatization and delisting, but few are specifically focused on Chinese stocks, and the experience of mature capital markets is not necessarily applicable to our country. In the domestic aspect, most of them are just news reports aimed at Chinese stocks. There is no systematic study on privatisation and delisting of Chinese shares. This paper starts from the overseas listing of Chinese enterprises, analyzes the motivation of listing; then, analyzes the phenomenon of privatisation of shares in China, studies its motivation; finally, from the perspective of enterprises, government and intermediary organizations, respectively, puts forward the corresponding suggestions. Therefore, this paper is a systematic study on the privatisation and delisting of Chinese concept stocks. However, due to the limitations of the author's knowledge, there are still many shortcomings in the article. Moreover, privatization delisting is to a greater extent a strategic choice of enterprises, and must rely on certain professional judgment, so it is difficult to tap its real motivation. In addition, the theoretical cushion is also slightly inadequate. These defects, the author will continue to improve in the future learning, gradually improve.
【學位授予單位】：暨南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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本文編號：2149650