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论文编号：	14409
作者编号：	2320200359
上传时间：	2023/12/14 11:52:59
中文题目：	中国电信回归A股财务绩效问题研究
英文题目：	Research on Financial Performance of China Telecom''''s Return to A-share Market
指导老师：	张晓农
中文关键字：	中概股;中国电信; 回归A股;财务绩效
英文关键字：	Chinese Stocks;China Telecom;Return to A-share Market;Financial Performance
中文摘要：	中国电信作为国内三大运营商之一，是领先的大型全业务综合智能信息服务运营商。2020年12月31日美国启动中国三家运营商ADR摘牌退市。2021年8月20日，中国电信成功于上海证券交易所上市。中国电信A股战略配售引入20家战略投资人，涵盖大型企业、产业基金、互联网公司等，进一步完善公司治理和市场化经营机制，拓展生态版图，增强公司在产品服务、科技创新等领域的综合竞争力。 本文在梳理与总结已有文献的基础上，首先阐述中概股回归动因、路径以及财务绩效影响，将中国电信作为典型案例进行研究，通过探讨其回归A股动因、路径选择、IPO方案，希望为类似中概股公司的回归上市提供借鉴。此外中国电信作为国有企业，回归A股市场也符合国家资本市场的发展方向和政策导向。此举有助于提高A股市场的投资吸引力和国际影响力，为中国资本市场的发展注入新动力。接着对中国电信回归A股后从A股定价方案，基于事件研究法研究市场效应分析、财务指标分析法分析中国电信回归A股之后的经济效果，总结期回归后面临的财务绩效问题，提出解决方案，为未来回归A股市场的中概股公司提出相关的启示建议。 通过总结梳理中国电信回归A股的背景、回归方案、回归后面临的财务绩效问题，如何更好地吸引A股投资者，带来公司长远的业绩增长，据此对其发展提出几点建议：中概股企业应立足企业发展战略，端正回归动机，同时把握政策时机，结合自身实际情况选择合适的上市路径及方案。且中概股公司也应注意发展过程中的潜在风险，多举措提高财务绩效表现。
英文摘要：	Due to the immature domestic capital market in the early stage, the listing access conditions and audit system are very strict, and many enterprises choose overseas listing for demand However, in recent years, due to factors such as short selling of stocks in the Sino-US trade war, the supervision of Chinese stocks listed in the US has been deteriorating At the same time, many policies in the domestic capital market support the return of Chinese stocks to the A-share market, and Chinese stock companies accelerate the pace of returning to the domestic capital market. On the basis of combing and summarizing the existing literature, this paper first expounds the motivation, path and impact of the return of China concept stocks and takes the typical case of China Telecom as the research object, and discusses the motivation, path selection and IPO plan of its return to A-shares, hoping to provide reference for similar Chinese concept stocks to return to listing. In addition, as A state-owned enterprise, China Telecom's return to the A-share market is also in line with the development direction and policy guidance of the national capital market. The move will help enhance the investment attractiveness and international influence of the A-share market and inject new impetus into the development of China's capital market. Then, the paper analyzes the economic effect of China Telecom after its return to A-share from the perspective of A-share pricing scheme, market effect analysis based on event research method and financial index analysis, summarizes the financial performance problems faced by China Telecom after its return to A-share market, puts forward solutions, and puts forward relevant suggestions for the Chinese companies returning to A-share market in the future. By summarizing and sorting out the background, plan and financial performance problems of China Telecom's return to A-shares, and how to better attract A-share investors and bring the company's long-term performance growth, this paper puts forward several suggestions for its development: China concept stock enterprises should base on the enterprise development strategy, correct the motivation of return, grasp the policy opportunity, and choose the appropriate listing path and plan according to their actual situation. Moreover, Chinese companies should also pay attention to the potential risks in the development process and take more measures to improve their financial performance.
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