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论文编号：	10907
作者编号：	2120172931
上传时间：	2019/6/13 10:48:46
中文题目：	我国教育机构在海外上市之VIE模式的研究 ——以新东方为例
英文题目：	Study on VIE model of Chinese educational institutions listed overseas——Take new Oriental for example
指导老师：	齐岳
中文关键字：	VIE模式；海外上市动因；新东方教育科技集团
英文关键字：	VIE model;Foreign listing motivation;New Oriental education & technology group
中文摘要：	2019年3月，李克强在政府工作报告中指出，现阶段需要“促进多层次资本市场健康稳定发展，提高直接融资特别是股权融资比重”。2018年9月，习近平在全国教育大会上表示，“教育兴则国家兴,教育强则国家强。”近年来，海外上市成为中国企业进行直接融资走向国际的重要方式之一，不少教育机构前往美国、香港等地上市，而内地上市的教育机构屈指可数。探究我国教育培训机构赴海外上市的动因并分析其上市模式，对中国教育企业的直接融资有着重要意义。 本文认为，我国对教育机构的营利与非营利定位，不够成熟的内地资本市场，以及相关贷款融资及税收政策等给教育培训机构在内地上市带来了压力。而海外上市是一种相对容易的获得融资的方式，故我国教育培训机构纷纷赴海外上市。其中，新东方是海外上市成功的典型教育企业，其财务现状相对稳定，发展较好，商业模式、运营模式、上市模式等都有可取之处。在这之中，值得为中国内地企业借鉴的是新东方的VIE上市模式（Variable Interest Entities,简称VIE，国内又称“协议控制”，VIE上市模式是海外注册的上市主体与境内的业务运营实体相分离，海外的上市主体通过协议的方式控制境内的业务实体，业务实体就是上市实体的可变利益实体）。 本文以新东方为例，详细分析了VIE上市模式的构建方式，梳理了其上市过程，探究了新东方在应用VIE模式的过程中出现的问题，并对VIE上市模式的优势进行了分析，对新东方的经验进行了总结，得到相关启示。基于新东方以VIE模式成功在海外上市的案例，结合当前国内外经济形势，本文对我国教育企业如何借鉴VIE上市模式，进而在海外上市获得直接融资提出了建议。我国教育企业需要关注VIE上市模式，并在法律允许的范围内进行合理应用，明确自身发展目标，抓住上市时机。此研究对增强国内教育机构在海外上市的认识有着一定意义，也为其他期望在海外上市的同类公司提供了一定的参考和借鉴。
英文摘要：	In March 2019, Li Keqiang proposed in the government work report that the current state needs to "promote the healthy and stable development of the multi-level capital market and increase the proportion of direct financing, especially equity financing".In September 2018, Xi Jinping told the national education congress that " a strong education will make the country prosperous, and a strong education will make the country strong." In recent years, the overseas listing has become one of the important ways for Chinese enterprises to conduct direct financing and go global. It is of great significance for the direct financing of Chinese education enterprises to explore the motivation of Chinese education and training institutions to list overseas and analyze their listing modes. This paper argues that Chinese profit-making and non-profit orientation of educational institutions, the immature mainland capital market, and relevant loan financing and tax policies have brought pressure to the listing of educational and training institutions in the mainland. However, the overseas listing is a relatively easy way to obtain financing, so Chinese education and training institutions have been listed overseas. Among them, new Oriental is a typical educational enterprise with the successful overseas listing. Its financial status is relatively stable and its development is relatively good, and it’s business model, operation model and listing model are all desirable. Among them, the VIE listing model can be used for reference by Chinese mainland enterprises (Variable Interest Entities (VIE), also known as "agreement control" in China,i.e.the listed entity registered overseas is separated from the domestic business operation entity, and the overseas listed entity controls the domestic business entity through agreement, and the business entity is the variable interest entity of the listed entity). Taking new Oriental as an example, this paper analyzes the construction mode of VIE listing mode in detail, sorts out its listing process, probes into the problems in the application of VIE listing mode in new Oriental, analyzes the advantages of VIE listing mode, summarizes the experience of new Oriental and obtains relevant enlightenment. Based on the successful overseas listing of new Oriental in the VIE model, combined with the current domestic and foreign economic situation, this paper puts forward Suggestions on how Chinese educational enterprises can learn from the VIE listing model and obtain direct financing in the overseas listing. Chinese education enterprises need to pay attention to the VIE listing model, and within the scope of the law allows reasonable application, clear their development goals, seize the listing opportunity. This study is of certain significance to enhance the understanding of domestic educational institutions on listing overseas, and also provides a certain reference for other similar companies that expect to list overseas.
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