| Internet finance is a new business pattern of financial industry in China.In the past three years,it has attracted more and more attention from all social sectors.Internet finance corporations are the carriers of internet finance service.Internet finance corporations with rapid development in recent years,on the one hand,has satisfied the financing needs of both small and micro enterprises and lower-middle class.Because promoting the development of small and micro enterprises and expand the employment jobs,internet finance corporations are truly irreplaceable by the existing financial institutions.On the other hand,they also exposed some serious dishonesty problems,such as a lower entry threshold,more insufficient capital compared with the traditional financial institutions,business owners escaping with all of the money,malicious fraud and so on.To overcome these "growing pains",not only does it need improving external force like the regulatory and encouragement efficiency of the relevant government departments,but also need the internal forces of internet finance companies' effective behavior in China.A large number of influential internet finance enterprises have disclosed their IPO plan in the coming 1-3 years since 2015.What's more,various venture capital investors only focus on internet finance enterprises,while lack of venture capital investment for a majority of industries in recent "capital winter".Based on above real-world background and the domestic conditions,this dissertation set Internet finance companies' IPO behavior preference in A share market as a scientific problem to be studied under the problem-oriented direction,in order to explore the deep motivation and endogenous mechanism of internet finance corporations' IPO behavior in A share market.Moreover,this dissertation makes a research on the relationships between different stakeholders and internet finance companies in IPO process and optimize their behaviors which impact on IPO purpose to avoid corporate reputation loss and inefficient resources allocation resulted from IPO anomolies.Consequently,this dissertation provides the theoretical basis on how to implement effectively IPO in A share market for internet finance corporations,and further promotes the regulation and development of the internet finance industry in China.On the basis of the existing literature,this dissertation focuses on IPO behavior preference of China's internet finance companies in A share market.The purpose of China's internet finance corporations' IPO behavior is the logistic starting point of this dissertation on the premise of establishing concerned concept system.By comparing the differences between internet finance companies and traditional finance institutes,and the distinctions between IPO in A share market and overseas,the generation mechanism of China's internet finance enterprises' IPO behavior preference in A share market has been revealed and made the research logic much more explicit.Consequently,According to the purpose of internet finance enterprises' IPO in A share market,further research on their IPO behavior preference in A share market has been conducted from financing and credit enhancement perspective respectively.For the financing preference,as the critical behavior of IPO,the IPO stocks' pricing and rationing is selected by the process analysis firstly.Besides qualitative analysis on institution background and rules characteristics,based on theory of financial growth cycle and the equity financing preference,game theory and other related methods are used to establish models on internet finance corporations' IPO stocks' pricing and rationing behaviors in A share market.Those models demonstrate internet finance corporations as the issuer,and illustrate the generation mechanism and constraints conditions of the issuer's pooling equilibrium and separating equilibrium during the IPO stocks' pricing and rationing process.For the credit enhancement preference,it is clear that credit enhancement is a different IPO purpose for internet finance enterprises from most of enterprises in other industries by dissecting the unique meaning of credit on current internet finance enterprises.And through analyzing operational deficiency of the current credit enhancement measures of internet finance enterprises,it is emphasized that the credit enhancement effect of IPO behavior in A share market for internet finance enterprises.Besides,there are two main reasons that both supervision efficiency and incentive efficiency need to improve for their dishonest behavior through studying the formation mechanism of current dishonest behavior of internet finance enterprises.Then,to solve above two issues,according to the principal-agent theory and corporate reputation theory,a supervision efficiency improvement model based on IPO information disclosure and an incentive efficiency improvement model based on IPO's reputation effect are established respectively,and two different optimal dynamic explicit incentive contracts within and without considering the reputation effects are designed and compared,in order to prove that the reputation effects from internet finance companies' IPO behavior preference improve the trustworthy incentive efficiency.For the IPO dual preference including financing preference and Credit Enhancement Preference,the IPO behavior of internet finance enterprises in A share market has dual purposes,so this dissertation make a further research on the dual preference.First and foremost,the dual preference characteristics of internet finance enterprises' IPO behavior in A share market bas been analyzed,and the cause of characteristics has also been explained based on network economics.It is concluded that the characteristics depends on capacity of hooking customers of internet finance enterprises.Then theoretical modelling verify the positive impact of capacity of hooking customers on the dual preference of internet finance enterprises' IPO behavior in A share market and existence and uniqueness of its critical point.What's more,it has been disclosed that there is a mutually complementary relationship between capacity of hooking customers and IPO endeavor level of internet finance enterprises in A share market.The last but not the least,feasible IPO strategies of internet finance enterprises based on their dual preference in A share market has been put forward to further enhance their capacity of hooking customers.In order to verify the effectiveness of these parameters on above three types of behavioral preference,cellular automata theories and methods are used to conduct simulation studies.Through establishing simulation models and designing simulation experiments,the simulation of unimplemented internet finance corporations' IPO behavior in A share market has been realized.With these simulation models,the evolution process of the behavior has been observed clearly and the influence of various parameters on the IPO behavior preference of internet finance enterprises in A share market has been truly verified.Thus,this dissertation has proposed feasible IPO strategies for internet finance enterprises in A share market,in order to achieve dual goal within financing and credit enhancement.This dissertation focuses on the internet finance corporations' IPO behavior preference in A share market under the circumstances of the main real-world conditions during the development of current internet finance companies in China.On the one hand,the theoretical contribution is to further enrich those theories and methods on capital market supporting the emerging industries,the emerging industries corporate IPO financing preference and IPO credit enhancement preference.On the other hand,the practical contribution is that IPO strategies for internet finance enterprises in A share market proposed are significant for both internet finance companies and other similar enterprises in emerging industries in the context of key transition period from traditional industries to emerging industries for the transformation and upgrading of Chinese economy. |
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