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Analysis four Chuanmai Teng Chemical Co., Ltd. listed overseas financing

Author: FanGang
Tutor: PengShaoBing
School: Southwestern University of Finance and Economics
Course: Business Administration
Keywords: Domestic Enterprises Private enterprises Financing Overseas listing Hong Kong's capital markets
CLC: F426.72
Type: Master's thesis
Year: 2008
Downloads: 58
Quote: 1
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Abstract

Since the reform and opening up, China's private enterprises have developed rapidly and has become the foundation of the national economy, an important part of the socialist market economy and an important force to promote the development of social productive forces. However, due to historical reasons and their own limitations, and private enterprises in the actual business activities are facing many difficulties. Including financing difficulties prominent. How adverse external financing environment to find the means of financing enterprises, private enterprises to solve the problem of the survival and development. First, research the background and purpose of overseas listing as a means of financing, compared to domestic listed has a relatively relaxed listing requirements, faster time to market, lower cost of equity full circulation and advantages in financing and facilitation, private conditions an effective way for enterprises to solve the funding problem. In this thesis through a discussion and analysis of the actual operation of the process of their enterprises listed overseas, try to provide useful lessons for similar private enterprises to crack their financing problems. , Analysis and summary of China's private enterprises financing difficulties and their causes and to explore effective means of financing the necessary environmental analysis. Means of financing of private enterprises in China mainly in three aspects: bank loans, government support and the enterprises themselves. As the financial system by the national macroeconomic policies and the reason for its own business needs, not actively lending to private enterprises. Countries to support private enterprise loans due to the lack of relevant supporting measures, as well as the characteristics of this support itself, resulting in private enterprise can not thus solve the funding problem. Private enterprises many factors lead to its smooth financing channels can not open. 2, combined with the actual operation of specific enterprises, to explore and analyze the feasibility of overseas listed. Chinese enterprises listed abroad began in the early 1990s, with the development of an open economy, the corporate finance needs of the limitations of the domestic capital market intermediaries to promote promote a variety of factors, China's enterprises in recent years more and more towards foreign capital markets. Chinese enterprises listed overseas capital markets, which listed on the Hong Kong capital market, the majority concentrated in Hong Kong, the United States and Singapore. Chinese enterprises listed overseas, is of great significance in the use of foreign capital and market resources, to participate in international competition in the market, improve enterprise management level and efficiency, and enhance the international competitiveness of enterprises. Four-Chuan Mai Teng Fine Chemical Co., Ltd. in the process of enterprise development, history faced with the choice of overseas listing. At present, the enterprise is still in the process of listing a series of shell companies set up in the pre-IPO, equity restructuring, asset injection, and assess, audit has been completed. It is in this context, the author relevant policy analysis of four-Chuan Mai Teng Fine Chemical Co., Ltd. in the process, trying the basic content and process in to elaborate private enterprises listed overseas at the same time, by similar enterprises listed overseas to solve the funding problem provide a reference. Second, the main content and views from the common problem of private enterprise financing difficult, the analysis of the basic reasons that led to this problem. Then, combined with the actual operation of the specific enterprises listed overseas, and this necessary analysis of the current environment, private enterprises listed overseas to solve the funding problem means. Finally, in such a way, and a similar phenomenon to evaluate, place and proposed worth considering. This framework, and the main contents are as follows: Chapter 1, Introduction. This chapter example of an actual private enterprise financing difficult financing problem is commonly faced by private enterprises operating problems. The second chapter, the causes of difficulties in financing private enterprises. This chapter begins with the description of the private enterprise financing difficult situation began its three main ways of financing: bank loans, government support and the enterprises themselves, one by one to be analyzed to reveal the reasons for the difficulty of financing of private enterprises. Chapter III, Case background. This chapter describes the background of the writing of this article. Through four the Proton actual financing of Fine Chemical Co. Chuanmai experience, confirms that domestic private enterprises in the face of unfavorable financing environment at the same time, mainly elaborated its project financing needs. Chapter four Chuanmai Teng listed overseas. This chapter clues to the actual decision-making four Chuanmai Teng, discusses the reasons for the listing of enterprises, combined with the comparison and analysis of the differences and characteristics of the securities market in Hong Kong, the United States, Hong Kong Main Board as a specific place of listing and trading segment. And In comparing the Mainland and Hong Kong, the regulation of content on the overseas listing of such enterprises four Chuanmai Teng, discusses the feasibility of the actual business outside curve IPO. Finally, in the specific operation of combined the four Chuanmai Teng on the actual operation of the outside curve IPO process. Chapter V, Evaluation and thinking. The overseas listing is an effective means of private enterprise crack financing problems. The success overseas listing can bring many benefits for the enterprise. As a business manager, when needed to fight overseas listing is a challenge, but also an opportunity. From the Government's point of view, how to encourage private enterprise rational use of foreign capital markets, to prevent the loss of domestic pricing of assets, and a domestic enterprise income loss, must be considered at the same time, the government should avoid the economic ability to control and tax affected. Third, the main contribution of this paper combined Teng four Chuanmai listed outside the actual operation, trying to open up for private enterprises financing channels to provide ideas, issues of private enterprise financing difficult. The author hopes that the discussion and analysis in this process, and provide advice and learn from similar enterprise. Depth comparison and to explore the differences and characteristics of the securities market in Hong Kong, the United States, combined with actual four Chuanmai Teng and given the appropriate conclusions. Pointed out the general direction for the system to understand the relevant market for businesses to choose the location of the overseas listed. Actual comparison mainland and Hong Kong markets of four Chuanmai Teng so the overseas listing of the reality regulation pipe requirements, the more clearly for the enterprise specified in the overseas listing of the various systems obstacles, and by analyzing four Chuanmai Teng actual operation, to lift these barriers the reference. Set up shell companies to four Chuanmai Teng, equity restructuring and asset injection operation, for example, described an important way for enterprises listed overseas: the outside curve of the IPO market. It is not simply a domestic enterprise, but one involving the territory of the corporate interests of foreign enterprises listed on the outside curve.

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