The Research Of High-Tech Business Foreign Listing Pattern

Foreign listing is a valid way for ventures and companies in china to list on the capital market in short time, avoiding complicated examination and approval procedure. An appropriate foreign listing pattern should be a key point to its success, While it seems that many domestic companies could not choose an appropriate foreign listing pattern and for this reason those companies could not get full success in foreign listing. Thus how to choose an effective listing pattern becomes a hotpot of company finance.This text introduced three representative and characteristic foreign listing patterns, straight IPO, RTO and ADRs, summarized different motivations of foreign listing, analyzed the cost and income of foreign listing for domestic companies, and analyzed the impact factors of domestic companies'foreign listing from the business enterprise view. On this foundation, according to recapitulative and representative principle, selected indexes related to foreign listing motivations, indexes related to foreign listing cost and indexes related to foreign listing income. Take the data of Chinese concept network companies listing on U.S.A. capital market as example, with gray associate analysis method sieved the primary indexes, and established the index system of foreign listing pattern. According to the index system, this text adopted fuzzy comprehensive evaluation method to analyze the foreign listing pattern for domestic companies. In the process of fuzzy comprehensive evaluation, this text adopted information entropy method to figure out the power heavy allotment of each index, thereby got the power matrix. With power heavy allotment matrix and subjection degree matrix which express relation between foreign listing pattern and each index, this text established a fuzzy comprehensive evaluation model of foreign listing pattern. The result of case analysis showed that 51JOB took a valid foreign listing pattern which matched to the model's choice, thus the fuzzy comprehensive evaluation model of foreign listing pattern proved to be practical.