《中国互联网公司跨国资本运作研究--论文》由会员分享，可在线阅读，更多相关《中国互联网公司跨国资本运作研究--论文（69页珍藏版）》请在金锄头文库上搜索。
1、中国互联网公司跨国资本运作研究作者姓名：沈烨指导教师：金德环学科专业：2001级金融专业 答辩日期：2004年12月中国互联网公司跨国资本运作研究摘 要中国互联网行业经历十年发展历程，已经成为内容涵盖网络媒体、网络广告、网络游戏、无线增值服务、搜索引擎、电子商务、互动社区、网络教育、网络营销、即时通讯、网上金融、网络安全等子行业，直接经济规模逾百亿、并拉动数百亿相关产业，呈现持续快速增长的庞大产业体系。作为中国互联网行业核心力量的中国互联网海外上市公司，已经发展成为市值逾100亿美元，年收入近10亿美元，高速成长初步具备国际竞争力的群体。包括海外公开发行上市、跨国私募发行、跨国收购兼在内的跨国
2、资本运作与中国互联网公司发展关系密切。跨国资本运作为中国互联网公司提供其发展所需大量资本，推动中国互联网公司不断创新、提高效率和增强竞争力，并促进公司规范管理、完善法人治理，提高公司知名度。在跨国资本运作中，中国互联网公司创业者和风险投资基金，利用互联网公司股票市场市值和实体经济利润间巨大的杠杆效应，通过IPO出售旧股和上市后出售股权等方式，获取巨额资本增值。但同时跨国资本运作也产生了多种风险，尤其是互联网公司股票市值波动风险。创新、政策、市场等多重合力使中国互联网行业发展潜力巨大，资本市场资源配置的结果资金流向中国互联网行业。由于认知差异、资金实力、体制差异和盈利模式差异，使外资比国内资本更
3、热衷于中国互联网行业。但由于政策限制和其他障碍，使外资选择资本运作而非直接投资进入中国互联网行业。由此形成中国互联网公司跨国资本运作格局。跨国私募、公开发行和并购的相互作用促成了贯穿中国互联网公司发展过程的资金链。跨国私募推动海外IPO，海外IPO实现私募利润，跨国并购既是大互联网公司私募和IPO资金运用的结果，也是中小互联网公司获取融资的推动力。通过跨国资本运作过程，利用国际资本市场本身的局限性、互联网公司估值的复杂性、投资者不理性及信息不对称等因素，中国互联网公司创业者能够将超额风险转嫁给公众投资者，从而获取超额收益。中国互联网公司跨国资本运作风险可以归纳为跨国资本运作行为本身的风险、投资
4、者的投资风险和创业者的经营风险。探究风险根源，资本运作行为风险来自国际资本市场游戏规则；投资者资本利得风险来自互联网公司合理估值困难、投资者认知和理性程度有限；创业者经营风险来自互联网行业固有风险、创业者决策、执行和运用资本能力的局限性。中国互联网公司投资者防范投资风险关键在于对国际资本市场游戏规则的理解和应用、建立在对互联网公司全面评估基础上的合理估值、以及适当的投资态度。中国互联网公司创业者防范经营风险关键在于合理投融资、开拓创新、准确决策和有效执行。关键词 互联网，公开发行，私募发行，收购兼并RESESRCH ON TRANSNATIONAL CAPITAL OPERATION OF C
5、HINESE INTERNET COMPANIESABSTRACTAfter 10 years development, China internet industry has become a voluminous industry system with over RMB 10 billion Yuan direct market size and pulled billons Yuan of turnover of other related industries. It covers various segment industries including internet media
6、, online advertisement, online game, wireless value-added service, internet search engine, e-businesses, online society, online education, online marketing, immediate message, online finance, online security, etc. As the core part of the China internet industry, Chinese overseas-listed internet comp
7、anies, has evolved into a highly developing and bearing an international competitiveness group on the whole with over 10 billion US$ market value and over one billion US$ sales per year.The developments of the Chinese internet companies have a very close connection with the transnational capital ope
8、ration including overseas public offering and listing, transnational private offering and transnational M&A. Transnational capital operations have supplied the Chinese internet companies with ample funds and driven them to innovate, to improve efficiency and to strengthen competitiveness, and with t
9、he effect of the improved management level, the reformed corporate governance and the upgraded company reputation. In the transnational capital operations, the Chinese internet companies founders and the venture capital funds have taken advantage of the enormous business leveraged effects between th
10、e companies market value and their real economic returns to gain great capital increment by the way of sales of stocks through IPOs and selling stocks after listing. Meanwhile, the transnational capital operations also exhibit some kinds of risks, especially their gigantic stock market risk.Chinese
11、internet industry has a tremendous development potential, resulting from multiply forces including innovation, policies and market drive. Therefore, funds has flowed into the Chinese internet industry as the result of the resource allocation in capital market. Foreign funds have showed much more int
12、erest in the industry than local funds because of the significant differences in the recognition, funds capacity, investment system and payoff mode. But considering the policy restrictions and other obstacles, foreign funds have to choose the way of capital operations rather than direct investments
13、in the industry, which forms the situation of the transnational capital operations of the Chinese internet companies. The interactive effect of the transnational private offers, public offers and M&As has resulted in the capital chain penetrating the development course of the Chinese internet compan
14、ies. In the whole process, transnational private offer impels overseas IPO, and overseas IPO realizes the private offers profits and transnational M&A is the outcome of the funds employment, which drives the small or medium sized internet companies to receive private offers.Through transnational cap
15、ital operations, internet companies have transferred the above-norm risks to the public investors and earned above-norm profits, taking advantage of the factors such as the shortcomings of the international capital markets itself ( not strong-form efficient market ), the complexity of the value anal
16、ysis of the internet companies, the investor irrationality and the information asymmetry.The transnational capital operation risk of the Chinese internet companies can be divided into the risk of transnational capital operation behaviour itself, the investment risk of the investors and the operating risks of the founders. Among them, the transnational capital operation beh
