摘要:本文从对中国民营企业境外上市的动机及其在资本市场的状况等方面展开讨论。一开始便提及了中国民营企业境外上市历程和现状,总结了境外上市的发展过程,同时运用数据、图表及年份进行说明。
o solve the financing problem . However, from the money supply side point of view , China's commercial banks reform has shown initial commercial loans to the "big industry , big business ," a tendency to tilt the short term is unlikely to issue loans to private enterprises to achieve a breakthrough , the capital market financing huge potential for a more equitable financing requirements will undoubtedly be able to attract private enterprises to participate. Meanwhile, the stock market, bond market , long-term credit banks , including capital markets, long-term capital market intermediation place their funds with longer maturity and stability. The current lack of private enterprises mainly for technological innovation, to expand the scale of investment funds , funds of longer term occupation , which is the range of capital market financing has a strong coherency . Therefore, as soon as possible to promote China's private enterprises to enter the capital market to get the operation and development of the necessary funds for its valuable is undoubtedly significant.
By the end of 2010 in the IT industry is concerned, e-commerce website Dangdang and Youku video site while landing NYSE in the U.S. , financing amounted to 2.72 billion U.S. dollars and 233 million U.S. dollars . Especially Youku 's performance to investors impressive. Youku online city day or up to 167.97% , financing amounted to $ 233 million , the New York Stock Exchange, more than five years since the first day of trading the strongest performing stocks. Dangdang and Youku on the day after the listing , PolyBona successful landing NASDAQ , financing amounted to 9,979.00 million U.S. dollars. Then, Sky Network , United Tinto Group in December 10, 2010 while landing NASDAQ and NYSE , respectively, financing $ 58 million and $ 52 million , while iSoftstone in the 14th U.S. IPO , its financing amounted to $ 141 million .
Through data, the overseas capital market financing capacity is huge, it is also fully in line with the private enterprises financing needs.
Financing field, " discriminatory treatment " phenomenon is caused by an important reason for SME financing . Mainly refers to the discriminatory treatment of bank loans in the enterprise clear preference for state-owned enterprises , and for SMEs is unusually harsh. The reason for this phenomenon is that most small and medium private enterprises , survival of the fittest time in a competitive market among SMEs inevitable bad bank loans .
As China's traditional financial system differential treatment , SMEs generally rely on self-financing , financing channels for a single , and was followed by poor credit status , credit rating is low. In the absence of bad debt reserves and loan guarantees , banks lending to SMEs will make the bank's bad debt been increasing accountability , will increase outside of banks to SMEs bribes suspicion. In contrast , bank lending to the government and state-owned enterprises once produced bad debts, the bank will not be held responsible almost , so as to avoid the risk of financial institutions and a large amount of loan to the government and state-owned enterprises.
Owns more than 70% of the country 's four state-owned banks credit funds exist in large part to private enterprise "discrimination ." Requirements in the loan , the loan approval process and efficiency , non-perform
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