中小企业境外上市融资效果研究——基于如家快捷酒店的案例分析

Research on Financing Effect of Overseas Listed Small and Medium-sized Enterprises: A Case Study of Home Inns Hotel

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。

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.