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ID:32054073
大小:2.94 MB
页数:70页
时间:2019-01-31
《互联网企业境外上市对企业成长影响的实证分析》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、万方数据AbstractWiththerapiddevelopmentoftheinteractpenetrationlevelandinformationtechnologyinrecentperiods,Chineseinteractindustryhasenteredthefast-growthstage.Asreported,intheyearof2014themarketscaleofinternetadvertisingexceeded150billionRMBandthegrowth
2、ratewasupto56.5%;thetradingvolumeofonlineretailbusinessincreasedby45%to2863.7billionRMB.Intheboom,anumberofwell-knownChineseintemetcompaniessuchaSBaidu,Sina,Tecenthademerged.However,sinceourdomesticcapitalmarketisnotwelldeveloped,therisingintemetindus
3、trywasfacedwithstrongfmancingrestriction.Ontheotherhand,theopennessandsophisticationofoverseasstockexchangescontributestorelievethoseconstrainssufferedbyChineseintemetenterprises.Asforthesereasons,themajorityofinternetcompaniesinChinahadchosenlistinga
4、broadtoseekfmancing.Fromtheyearof2000,itexperiencedfivehottidesofoverseaslistingbyChinesedotcomenterprises.AndSOfar,almostalltheleadingcompaniesofintemetindustryinourcountryhaveconductedtheirlistinginoverseasstockexchanges.Butinrecentyears,astheinvest
5、mentpassionheldbyoverseasinvestorsonthelistedChinesedotcomcompanieshasbecomemoreandmorerational,thestockpricesofsomeChineseinteractfirmsdeclinedandtendedtoremainthedownwardtendency.Moreover,anumberofthesefirmshaddelistedandsortieothercompaniesareinthe
6、processofdelistingfbomtheoverseasexchanges.Despiteallthese,thenumberofdomesticdotcomfkmswhichpreparetOlistabroadmaintainsgrowing.Basedonsuchbackground,theresearchonthecorrelationbetweentheoverseaslistingandthefirmgrowthinChineseinteractenterprisesiscr
7、ucialbothinthepracticalguidanceandtheacademicstudies.Inthefirst,thispaperreviewstherelevanttheoreticalhypothesis.Secondly,weanalyzethestatusofintemetcompaniesinchina,suchasthefirmcharacteristics,thecourseofoverseaslistingandtheperformanceonIPOday.Thir
8、dly,basedonthesamplesoftheChineseinteractcompanieslistedbetween2000and2012inNasdaq,NYSEandHKEX,thisarticleconductestheempiricalresearchonoverseaslisting万方数据andthefmngrowthbyexternalfinancing.tastly,basedontheempiricalresult'thepaperprovidesthe
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