上市公司为什么要退市——基于盛大互动和阿里巴巴的案例研究

Why Do Public Companies Go Private——Case Studies of Shanda Interactive Entertainment Limited and Alibaba.com Limited

本文基于盛大互动娱乐有限公司和阿里巴巴网络有限公司这两个分别从美国和中国香港资本市场主动退市的典型案例,研究了上市公司退市的影响因素。本文通过研究发现,盛大互动和阿里巴巴的退市作为企业的一项资本战略,是退市成本与收益综合权衡的结果,符合成本收益原则,同时企业退市也是企业整体战略的一部分,符合资本战略服从于企业整体战略的要求。结论表明,退市行为作为企业发展过程中一个重要决定,并不是孤立存在的,企业战略、企业再上市的动机以及制度环境的变化都是影响企业退市的重要因素。在此基础上,本文结合中国企业主动退市的实践,提出了转型经济国家企业退市的理论分析框架。研究结论为上市公司的退市决策和非上市公司的上市决策提供了理论借鉴,同时也为政府监管部门加快推进国际板建设和完善中国资本市场退市制度提供了有益的参考。

This paper analyzes the factors that influence firms＇ going-private decisions using Shanda Interactive Entertainment Limited （hereafter, SNDA） and Alibaba.com Limited （hereafter, Alibaba） as examples, which are typical cases of Chinese firms listed in the United States and Hong Kong choosing to go private. The paper finds that SNDA and Alibaba＇s going-private decisions, as firm＇s capital strategy, are trade-offs among delisting costs and delisting benefits, which is in accordance with cost-benefit principle. At the same time, going private is also a part of firm＇s broad strategy, which is in line with the argument that the financial strategy should be complied with firms＇ broad strategy. The findings indicate that going-private decision, as an important decision in the process of firm development, does not exist in isolation. Firm strategy, motivations of returning to public and transition of institutional environment are all important factors affecting firm＇s going-private decision. Based on the findings, the paper puts forward theoretical framework for firms＇ going-private based on the Chinese firms＇ going private practices. The paper has theoretical implications for public firms＇ going-private decisions and private firms＇ going-public decisions, and is also helpful for the government to speed up the construction of the international board and improve the delisting system of Chinese capital market.