Research On Performance Of Overseas-listed Chinese Internet Companies

Since the1990’s,the rapid development of Internet information technology hasproduced a great influence for of the whole social life,but also changing people’s wayof life gradually. The first in1999China Internet enterprise china.com landing theNasdaq market has been more than10years since then. during which China Internetenterprises set off the five overseas listed Craze: the first listing frenzy at the end ofthe last century Chinese concept stocks first overseas capital market;2004-2005grand, Tencent Baidu, network game company, second listing frenzy; Titan in2007,perfect and spatio-temporal wait third market boom; youku.com, dangdang.com andother information portal websites in2009Fourth overseas listing upsurge;2011Qihoo360, Renren, century beautiful predestined relationship of social software listed as thefifth boom; then the second half of this year coming to Alibaba Jingdong mall, as therepresentative of the electronic Business Company listed will become the Chineseenterprises overseas listing the sixth boom. Not difficult to see that the range ofInternet listing Corporation covers information portals, search engine, e-commerce,blogs and so onWith the constant development and expansion of enterprises, in addition to theinput of human resource, more important is the need to invest more funds, is what wecall the problem of financing, it is a realistic problem faced by every business needs,and according to the current research stage, the financing is usually divided into twoparts, the first part is through the enterprise profitability and capital accumulation, andconstantly improve the reserve funds, to meet the requirements of the development ofenterprises, often referred to this part of the financing to internal financing, the other part is independent of the enterprise, from the enterprise external capital inflows,including bank loans, access way of issuing stocks. In our country, the listedcompanies have strict demand of profits, however, the Internet enterprise just startedthe stage of development it is difficult to meet the requirements of these profits, alarge part of the enterprise in the state of loss, and therefore cannot be successfullylisted in the domestic market; in contrast, foreign securities market without rigidprofit of enterprises listed overseas, policy the relatively open and relaxed, so seek anoverseas listing will become the ideal market development of various Internetenterprise.Out of the above considerations, this paper mainly from the theory of the existingInternet companies listed overseas, one introduces the common characteristics ofInternet enterprises, and mainly analyses the characteristics of China listed overseaslisted Internet companies, research on performance after the listing and the problems,and to solve these problems exposed, put forward the corresponding policy, from twoaspects of theory and empirical comprehensive analysis the present situation ofInternet companies listed overseas. In general, this article from the following fiveparts to make analysis and expansion:The first chapter is an introduction section of this article. This chapterintroduces the background and significance of the topic of this article, and relatedresearches conducted a literature review, then introduces the research method and putforward the basic framework of this paper, and in the last part of this chapter proposesinnovative article and deficiencies exist; the second chapter describes the theoreticalfoundation of China’s Internet companies listed overseas, through specific theoreticalanalysis, detailing the concept of Internet companies listed overseas, motives andcharacteristics, etc; the third chapter of the country Internet companies listed overseasstatus quo, including the distribution of overseas listing, there is a real problem andthe reality of the phenomenon delisting thinking, and prepared the way for thefollowing empirical analysis; Chapter IV use event study method, by shares in thecompany price to reflect the impact of overseas listed companies for the performance, using real data analysis performance problems listed overseas, and obtained Internetcompanies listed overseas market performance was not significantly better than theconclusion, so far from both theoretical and empirical aspects of overseas listing ofdoing a comprehensive analysis; Chapter is the final chapter of this article, chapter ofthis research done inductive summary, this study on the basis of China’s Internetcompanies listed overseas made a number of suggestions aimed at listed for the futuredevelopment path of China’s Internet companies to provide some ideas.