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论文编号：	7417
作者编号：	2120132431
上传时间：	2015/6/9 17:43:14
中文题目：	我国互联网企业境外上市的动因与绩效研究
英文题目：	The Research on the Reasons and Performance of the Overseas Listing of Our Country’s Internet Companies
指导老师：	王全喜
中文关键字：	互联网企业;境外上市;动因;绩效
英文关键字：	Internet Companies; Overseas Listing; Reasons; Performance
中文摘要：	自1999年我国第一支互联网企业中华网在纳斯达克上市以来，我国互联网企业境外上市的历程已有十六个年头，境外上市的互联网企业数量也在2014年达到了一个峰值（12家）；与此相比，只有少数的几家互联网企业选择了在境内A股上市。选择境外上市的企业有成功也有失败，有名利双收也有惨淡退市，不同的企业对境外市场的适应性也不尽相同。我国互联网企业是我国少有的走在世界前列的企业，越来越多的境内投资者希望这些企业能够在境内上市，而不是选择风险更大的境外市场上市，选择境内上市对企业和市场来说都有好处，毕竟境内上市风险和成本都更低，好的企业还可以促进我国资本市场的发展。在此背景下，本文着重研究我国互联网企业之所以青睐于境外市场的原因，以及在境外上市之后的绩效。 本文的研究思路是在对境外上市的文献进行归纳整理的基础上，总结互联网企业及其境外上市行为的特征，在之前学者的研究基础上做出研究假设并进行实证检验，验证互联网企业境外上市的动因与绩效，并给我国拟上市互联网企业、监管机构和证券交易所都提供了相关建议。 在研究方法上，本文结合了实证分析法与规范分析法，运用描述性统计、相关性检验和逻辑回归模型检验互联网企业选择境外上市的主要动因，运用统计分析对境外上市后的动因进行验证，运用事件研究法研究互联网企业在境外上市之后的市场表现。 本文的研究结论包括：互联网企业及其境外上市行为的特征；在上市动因方面，成长性高、杠杆率高、其他应收账款率高以及规模大的企业更愿意选择境外上市，即互联网企业更多是出于生存的原因选择境外上市，并非出于自我实现的需求；绩效方面，互联网企业境外上市的融资额高于境内上市，同时融资费用也较高，发行市盈率较低，而境外上市之后的市场表现与市场平均水平接近，但其趋势为先走高后降低，总体劣于市场平均；我国拟上市互联网企业、监管机构和证券交易所在这种背景下应当采取的措施。
英文摘要：	It has been more than a dozen years since the first Chinese Internet companies China.com chose overseas listing. And the number of overseas listing Internet companies reached a peak of 12 in 2014. In contrast, only a few Internet companies chose A-share market. Different overseas listing companies has different adaptability. Some of them were success and some of them became failure. Since Internet companies are rare in our country that in the forefront of the world, there are more and more domestic investors hope these companies can list in the A-share market so that the dividends can leave to our country’s shareholders instead of listing abroad with high risk and low IPO P/E ratio. It’s good for both companies and market if the Internet Companies choose listing in the A-share market. Because companies can suffer a lower risk and costs and such good companies also can promote the development of Chinese capital market. In this background, this paper focuses on the reasons and performance of the overseas listing of our country’s Internet companies. The research ideas of this paper is based on the summary of the overseas listing literatures and summarize the characteristics of Internet companies listed overseas. Make research hypothesis and empirical test on the basis of previous academic studies so that confirm the reasons and performance of the overseas listing of our country’s Internet companies. Also give some suggestions to our country’s Internet companies, regulators and stock exchanges. In research methods, this paper combine the empirical analysis and the normative analysis, using descriptive statistics, correlation test and logistic regression model to test the main reason of the overseas listing of our country’s Internet companies, using statistics analysis to test the effect of the reasons, and using event study to research the market performance of the overseas listing Internet companies. The conclusions of this paper include the following aspect: the feature of the Internet companies and the behavior of overseas listing. In terms of the reasons, the Internet companies with high growth, high leverage, high other accounts receivable rate and large scale tend to choose listing abroad which means that our country’s Internet companies making the overseas listing choice by the survival needs rather than the self-realization needs. In the term of the performance, the amount of financing of initial public offering of the overseas listing Internet companies is higher than those listed in the domestic markets. However, the issuing expenses are also higher in these companies who choose overseas listing as well as the IPO P/E ratio is lower. And the market performance after the overseas listing is close to the market average. But its tendency is going up and then going down, the overall performance is inferior to the market average. In the end of this paper, I give some suggestions and proposed measures to the Internet companies, regulators and stock exchanges.
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