Research On The Motivation,Mode And Risk Of Overseas Listing Of Chinese Small And Medium Enterprises

In recent years, the development of small and medium-sized enterprises, small and medium-sized enterprises have become the important force to promote China's socialist economic construction. However, China's domestic capital market has been unable to meet the financial needs of so many small and medium-sized enterprises, in order to solve the problem of financing difficulties of SMEs, but also need to rely on the help of overseas capital markets. Since 1990, China's small and medium enterprises have chosen to overseas listing, so far, the total number of overseas listed companies in China has more than 200, with a total market value of more than 600 billion u.. This article from three aspects of the motivation, the way and the risk of small and medium-sized enterprises listed overseas, through the analysis of a large number of text and data information to draw a conclusion.The main body of this paper has seven chapters. The first chapter is the introduction. The second chapter is the relevant theory of the overseas listing of small and medium-sized enterprises. Chapter three is motivation analysis, chapter four is mode choice. The fifth chapter is risk analysis. The sixth chapter is case analysis. The seventh chapter is the conclusion and prospect.Chapter three analysis the reason of the process, we from outside the territory of small and medium-sized enterprises listed conditions of the inside and outside the listed conditions were compared, summed up their respective advantages and disadvantages, in order to reveal the small and medium-sized enterprises to select overseas listing of several key factors, namely, financing cost factors, withstand the impact factors, commercial effect factors, binding hypothesis, investor protection.In the fourth chapter, we study the way of the overseas listing of small and medium enterprises, we start from the two aspects of the listing mode and listing location. Overseas listing of small and medium-sized enterprises of our country have IPO mode, backdoor listing mode, shell making listing mode and convertible bonds, depository vouchers, private equity and other patterns where there are Hong Kong, the United States and Singapore stock exchange market.In the fifth chapter, we first make a list of small and medium enterprises overseas listed may encounter all kinds of risks, including risk is too high, the valuation of risk and refinancing risk, value has been underestimated the risk, after the listing of the supervision responsibility and the legal risk, listing and separated business caused by the risk, is a hostile takeover and so on, and how to deal with the risk, puts forward the corresponding countermeasures.The sixth chapter is the case analysis, in order to go to the United States listed on the NYSE as an example, respectively, on the development process, the overseas listing motivation, methods, risks and countermeasures and other aspects of the study and to be stated.