阿里巴巴退市影响分析.docxVIP

毕 业 设 计（论 文）题 目：阿里巴巴退市对中国资本市场的启示系 别：经济管理学院专 业：财务管理班 级：T1053-4学生姓名：卢东阳学 号：20100531116指导教师：郁玉环摘要自2011年年初，在海外上市的中国企业由于受到国际金融危机的影响纷纷实施私有化退市。2012年2月21日，阿里巴巴网络有限公司的股票将以要约形式被其母公司阿里巴巴集团回购，经过一系列手续的实施，同年6月20日，阿里巴巴网络有限公司正式完成私有化退市。本文通过对阿里巴巴私有化退市事件的回顾，从宏观环境、成本收益、监管制约和企业战略四个方面具体分析了此次私有化退市的深层次原因，并联系中国资本市场的现状，分析了此次私有化退市对中国资本市场带来的影响和启示。研究结论表明投资者需要客观理性地看待企业退市问题，分清不同形式的退市行为；电子商务企业（行业）需要选择合适的融资渠道，通过整合升级业务，培育企业核心竞争力，占领更多的市场份额；国家监管机构需要完善各项制度，在市场机制下，充分发挥宏观调控能力，为企业和投资者创建一个良好的资本市场环境。这些结论可以推广给中国很多境外上市企业，使其更好地整合资源，提升公司价值，实现相关的战略目标。此外还将对中国资本市场持续良好的运转起到助推作用，使得中国的资本市场渐趋规范与成熟。在全球金融危机带来的影响下，阿里巴巴选择私有化退市是其理性的选择，也是为了能够更好地推进阿里巴巴集团整体上市的战略选择。今年5月7日，阿里巴巴集团整体赴美上市，计划融资10亿美元，拟在纽约证券交易所或纳斯达克全球市场挂牌。关键词：中国资本市场；私有化；退市；阿里巴巴AbstractSince early 2011, the overseas-listed Chinese companies due to the impact of the international financial crisis have to implement the privatization delisting. February 21, 2012, the stock will be offered in the form of A Limited is its parent company Alibaba Group to repurchase, through the implementation of a series of procedures, the same year on June 20, A Limited formally completed privatization delisting.Based on the events Alibaba privatization delisting review of the macro environment, costs and benefits, regulatory constraints and corporate strategy detailed analysis of four aspects of the deep-seated causes of the privatization of delisting and contact status of Chinas capital market, analysis of the privatization of delisting on the impact of Chinas capital markets and inspiration. Study concluded that investors need objective and rational manner corporate delisting issues delisting distinguish between different forms of behavior; e-business industry need to select the appropriate financing channels, through the integration of the upgrade business, cultivating core competitiveness of enterprises, occupying more market share; national regulatory agencies need to improve the system, under the market mechanism, give full play to the macro-control capabilities, cre