CAJ | 학술논문

融资问题始终是制约中小企业发展的重大问题,中小企业强烈的股权融资需求与股权融资市场容量有限之间的矛盾迫使中小企业把目光转向了境外资本市场,尤其是以支持中小企业发展为主的境外创业板市场。在综合分析现有理论的基础上,以如家快捷酒店在美国纳斯达克上市为例,从其境外上市的融资规模、融资后资产结构与资本结构变化、公司治理改善状况等方面,系统研究了企业境外上市的融资效果。研究发现,企业境外上市能够有效克服融资约束,改善财务结构,完善公司治理,提高公司价值。
융자문제시종시제약중소기업발전적중대문제,중소기업강렬적고권융자수구여고권융자시장용량유한지간적모순박사중소기업파목광전향료경외자본시장,우기시이지지중소기업발전위주적경외창업판시장。재종합분석현유이론적기출상,이여가쾌첩주점재미국납사체극상시위례,종기경외상시적융자규모、융자후자산결구여자본결구변화、공사치리개선상황등방면,계통연구료기업경외상시적융자효과。연구발현,기업경외상시능구유효극복융자약속,개선재무결구,완선공사치리,제고공사개치。
Financing is a significant problem in the development of small and medium-sized enterprises（SMEs）.The contradiction between the strong demand for equity financing and the limited capital market in China makes the SMEs switch to overseas capital market,especially those overseas growth enterprise markets that support the development of SMEs.Based on the comprehensive analysis of both theory and national condition,taking the case of Home Inns Hotel listed in NASDAQ,this paper systematically studies the financing effect of overseas listed enterprises including the financing scale in overseas listing,the change in asset structure and capital structure,the improvement in corporate governance,etc.It finds that overseas listing can overcome the financing constraint effectively,improve the financial structure,integrate the corporate governance and heighten the corporate value.