中国电商物流企业境内外上市融资比较分析.docxVIP

PAGE 22 摘 要 近年来，电子商务的迅猛发展带动了物流企业的高速增长，电商物流企业竞相上市融资以谋求新的发展。本文旨在通过对比分析我国电商物流企业境内外上市渠道和融资效应的差异，以期为未来拟上市企业提供合理的上市地选择建议。在上市渠道方面，分别对我国境内IPO上市、借壳上市和境外IPO上市三种模式在上市方式、条件、成本和监管程度四方面进行了比较分析，得出了借壳上市方式最复杂且成本最高、境外上市条件最宽松但监管程度最严格的结论；在融资效应方面，分别从融资规模、首发日表现和财务指标三方面进行比较，得出了境外上市虽首发日表现不佳但融资规模最高，且公司治理水平最高的结论，同时可知境内外上市均可使企业盈利能力和偿债能力增加，但能力高低与其上市地选择无绝对关系。未来拟上市公司应依据不同上市模式的特点、结合自身实际情况选择适合自己的上市模式。 关键词：电商物流企业 境内外上市 比较分析 ABSTRACT In recent years, the rapid development of e-commerce has driven the rapid growth of logistics enterprises. E-commerce logistics companies are competing for listing and financing to seek new development. This paper aims to compare and analyze the differences between domestic and overseas listed channels and financing effects of e-commerce logistics enterprises in China, in order to provide reasonable listing options for listed companies in the future. In terms of listing channels, the three listing channels of Chinas domestic IPO listing, backdoor listing and overseas IPO listing were compared in terms of listing methods, conditions, costs and supervision levels. The most complicated and costly method is backdoor listing. The overseas listing conditions are the most lenient but the most regulated is the same. In terms of financing effect, the comparison is made from the aspects of financing scale, first day performance and financial indicators. And it is concluded that the overseas listing has poor performance on the first day but its financing scale is the highest, and its corporate governance level is the highest. We can also know that both them can increase the profitability and solvency of enterprises, but the level of ability has no absolute relationship with the choice of listing place. In the future, the other company should choose the suitable listing model according to the characteristics of different listing models and their actual situation. Keywords: e-commerce logistics enterprise, domestic and overseas listing, comparative analysis 绪 论 （一）研究背景及意义 近年来，我国电