Enterprise Value F Rom The Perspective Of Cross-Border Financing Creation Path Research

Since 2000,Intemet companies have mushroomed,It has brought great vitality to China's economic development.It takes time for these companies from the beginning grow to have profitability,And their initial development needs a lot of financial support.Therefore,enterprises must obtain fun through certain channels.However,domestic financing policies are not very friendly to emerging companies,making it difficult for them to go public for financing.As a result,these enterprises put their eyes on overseas markets where they do not have high requirements on corporate profits and pay more attention to corporate growth.However,once the overseas financing is successful,the businesses that can be operated normally may face the awkward situation that they cannot operate once the domestic enterprises become foreign enterprises.In order to circumvent Thecatalogue of foreign-invested industries on restricting and prohibiting the entry of foreign capital into industries with restricted categories.VIE structures adapted to the new rules have emerged,Many restricted Internet companies have successfully listed in overseas markets through VIE structures.However,as Chinese concept stocks frequently encounter short-selling crisis in overseas markets,the value of Chinese concept stocks is seriously underestimated.At the same time,the domestic capital market situation is good,suitable for the development of enterprises.So many companies have returned to A shares to create greater value.Firstly,this paper makes a literature summary and theoretical analysis of the basic theories of cross-border financing,VIE framework and value creation,and then puts forward relevant propositions on the basis of theoretical research:Under the condition that the domestic financing of enterprises is blocked,the overseas financing is one of the effective ways to resolve the financing difficulties and institutional restrictions;The VIE structure is an effective strategy to break through the policy restrictions that may exist in the production and operation of foreign-funded enterprises in China due to the change of enterprise nature after overseas financing;For the concept shares of VIE structure with business rooted in China,delisting and returning to A share market after overseas financing is a way to realize enterprise value appreciation.In the end,this paper uses the case study method to analyze the perfect world cases and verify the three propositions through the cases.This paper comes to the conclusion:When emerging enterprises face domestic financing difficulties,cross-border financing can not only raise the required funds,but also expand the popularity and enhance the enterprise value;VIE structure can bypass domestic restrictions on special industries and help enterprises list overseas.When Chinese companies suffer from short-selling crisis,which leads to stock price decline,refinance is difficulty returning to the domestic capital market can improve the value of enterprises.In addition,this paper from the social level as well as the enterprise level to put forward relevant Suggestions for reference.