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Research On The Problems Which The Private Enterprise Encountered When Listing In Abroad Stoek Market And The Consequent Settlement

Posted on:2015-03-19Degree:MasterType:Thesis
Country:ChinaCandidate:J F XuFull Text:PDF
GTID:2309330467465747Subject:Business administration
Abstract/Summary:PDF Full Text Request
At present, China’s private enterprises have become an important force in economic development, but in the development of the old restrictions due to private enterprise economic system and its governance structure is imperfect, small-scale enterprises, it is difficult to obtain credit banks and other financial institutions more difficult to use China’s capital market financing. Therefore, more and more private companies try to take advantage of overseas capital markets, choose overseas listing.For overseas-listed issues, academia has accumulated a large number of studies, including the motivation for overseas listing of research, economic research and other consequences. Motives which listed overseas, including financial income motivation, business income motivation, motivation theory of corporate governance. As for the economic consequences of companies listed overseas, scholars mainly from the performance of the companies listed overseas as well as market reaction to study two aspects, which for the performance of the enterprises listed overseas performance, the focus of the study focused on the effects of IPO companies; as for the reaction of market research companies listed overseas scholars mostly used event study method, the listing for the event by research firm stock prices and the impact on shareholder wealth. Although scholars have studied overseas-listed enterprises have accumulated considerable research, but there are still insufficient number of studies. For example, an object of the present study is that the whole enterprise listed overseas study sample, there is no breakdown of the study sample; research methods used mainly qualitative research methods, and less use of quantitative and empirical research methods. For this problem, this paper uses the case study method, in-depth analysis of XX Rare Precious Metal Co., Ltd. listed overseas this specific case, the in-depth analysis of motives of private enterprises listed overseas, the various problems faced by the path and the listing process, combined with relevant theory put forward corresponding countermeasures and suggestions on these issues, with a view to provide experience for the overseas listing of China’s private enterprises.Overseas Listing way currently available to select private enterprises, including direct market, RTO, building shell listing, listed convertible bonds, depository receipts and listing; while private enterprises listed overseas locations are available, including the United States Securities Market Hong Kong stock market, the stock market in Singapore, Australia and securities markets. In this paper, methods and locations of these overseas listed elaborate analysis of the strengths and weaknesses comparison between them.XX Rare Precious Metal Co., Ltd. is a private enterprise, this paper is divided into three levels of analysis of the reasons for selecting the Australian capital market. Its action is to provide public financing for the company due to financial support of investment projects; improve the financial situation of the company, to enhance the company’s future profitability; further enhance the company’s core competitiveness, consolidate and strengthen the company’s position in the industry. Select the overseas capital market because the domestic financing obstacles; overseas listing numerous financing advantages exist; overseas listing is more conducive to long-term development of enterprises. Select the Australian capital market due to the Australian Stock Exchange listed companies help to improve international visibility for enterprises brings a wealth of international cooperation resources; very active trading the Australian Stock Exchange, its shares could help to improve the circulation of convenience shares; Australia’s securities market size for the issuance of their investment of time and there is no limit, listed companies can more easily perform according to business needs additional investment, refinance and refinancing may exceed the size of the size of the IPO; Australia stock market for additional expansion There is no limit of time and the size of stocks, listed companies can more easily perform according to business needs additional investment, refinance, and then the size of the financing may exceed the size of the IPO; but our government and the Australian government has maintained political, economic, cultural good areas such as capital and cooperative relations, international dealings are more frequent.Combined with XX Rare Precious Metal Co., Ltd., the main problem faced by the overseas listing, the paper issue of private enterprises listed overseas summarize encountered during combing, including knowledge of the existence of errors overseas listing, the listing process for overseas risk control measures are not perfect, the corporate governance mechanism cannot meet the requirements of overseas capital markets, the lack of overseas listing of professionals with training and guidance, etc., then this paper corresponding countermeasures and suggestions on these issues, including the clear purpose of overseas listing and select the appropriate manner and place of listing familiar with overseas listing regulations and the establishment of supporting risk control mechanisms focus on information disclosure and improve the corporate governance, mechanism, and to train professionals and adept at using agency force.
Keywords/Search Tags:Private Enterprise, Overseas Listing, Listing Motivation, Stock MarketPerformance
PDF Full Text Request
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