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| Title: | 企業上市策略—以小米IPO為例
Enterprise IPO strategy—Taking Xiaomi IPO as an example |
| Authors: | 胡智辰
Hu, Zhi-Chen |
| Contributors: | 李志宏
Lee, Jie-Haun
胡智辰
Hu, Zhi-Chen |
| Keywords: | IOT物聯網
同股不同權
上市策略
上市市场
上市價格
公司價值
Internet of Things
Shareholding rights
IPO strategy
IPO market
IPO price
Company value |
| Date: | 2019 |
| Issue Date: | 2019-07-01 10:45:48 (UTC+8) |
| Abstract: | 本文以香港證券交易所在2017年12月宣佈改革後，2018年7月份小米集團選擇在香港上市，探討公司在上市前後是如何做出最符合公司利益的相關決策，以及小米如何進行評價並訂定上市價格。個案首先分析了小米的經營狀況以及營收中細項的構成，並分析小米的商業模式，發現小米是一家除了手機業務，今年來還在不斷發展IOT和互聯網公司的綜合性企業。小米公司選擇在2018年進行IPO，主要是考量了業績的改善以及“優先股”贖回的問題。在上市市場的選擇上，通過分析內部因素，並且比較兩市場的外部因素。在綜合考量下，小米會選擇在香港作為IPO地點。再用DCF法對小米公司進行估值。最後對上市的股價表現做一個後續追蹤，並且對股價的下跌給出合理的解釋理由。
Based on the reform announced by the Hong Kong stock exchange in December 2017 and Xiaomi group`s selection of listing in Hong Kong in July 2018, this paper discusses how the company makes relevant decisions that are most in line with the company`s interests before and after the listing, as well as how Xiaomi evaluates and sets the listing price. The case first analyzes Xiaomi`s business situation and the composition of the revenue, and analyzes its business model. It is found that Xiaomi is a comprehensive enterprise that has been developing IOT and Internet companies in addition to mobile phone business this year. Xiaomi chose 2018 as the year for its IPO, citing improved performance and redemption of its preferred stock. In the selection of the listed market, the internal factors are analyzed and the external factors of the two markets are compared. All things considered, Xiaomi will choose Hong Kong as its IPO venue. Then use DCF method to evaluate Xiaomi. Finally, the market reaction was observed after the listing, and the decline of Xiaomi`s share price was analyzed. |
| Reference: | 中文部分：
1.小米（2017）。小米招股書。中國。
2.香港交易所（2018）。雙重股權架構與生物科技行業的上市制度改革。中國香港。
3.天風證券（2018）。《小米系列：硬體公司或互聯網公司？》。中國。
4.方正證券（2018）。《小米：硬體引流的互聯網創新公司，巨人登錄資本市場，面向星辰大海開啟新征途》。中國。
5.西南證券（2018）。《小米：從Mobile到IOT，科技獨角獸的非凡之路》。中國。
6.i黑馬。小米的蝴蝶效應。2018/07/10。取自：http://www.iheima.com/zixun/2018/0710/169132.shtml
7.搜狐。“流血”也要上市，為什麼小米評價打了對折 雷軍依然要上市？。2018/07/09。取自：http://www.sohu.com/a/240097208_100128024
8.虎嗅。王吉偉。從2015到2018，小米為什麼選擇現在上市？。2018/05/04。取自：https://www.huxiu.com/article/242750.html
9.億邦。幾個維度解析小米明年上市的可能性。2017/12/07。取自：http://www.ebrun.com/20171207/258117.shtml
10.钜亨網。小米招股攻略：同股不同權。2018/05/12。取自：https://news.cnyes.com/news/id/4128292
11.知乎。小米的“可轉換可贖回優先股”是個什麼？。2018/05/08。取自：https://zhuanlan.zhihu.com/p/36508327
12.億邦。硬體公司還是互聯網公司？小米究竟值多少錢？。2018/05/03。取自：http://www.ebrun.com/20180503/275690.shtml
英文部分：
1.Baker, H. K., Nofsinger, J. R., & Weaver, D. G. (2002). International cross-listing and visibility. Journal of Financial and Quantitative Analysis.
2.Coffee Jr, J. C. (2002). Racing towards the top: The impact of cross-listing and stock market competition on international corporate governance. Colum. L. Rev.
3.Doidge, C., Karolyi, G. A., & Stulz, R. M. (2004). Why are foreign firms listed in the US worth more?. Journal of financial economics.
4.Foerster, S. R., & Karolyi, G. A. (1999). The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States. The Journal of Finance.
5.Lins, K. V., Strickland, D., & Zenner, M. (2005). Do non-US firms issue equity on US stock exchanges to relax capital constraints?. Journal of financial and quantitative analysis.
6.Pan, F., & Brooker, D. (2014). Going global? Examining the geography of Chinese firms’ overseas listings on international stock exchanges. Geoforum.
7.Pagano, M., Röell, A. A., & Zechner, J. (2002). The geography of equity listing: why do companies list abroad?. The Journal of finance.
8.Pagano, M., Randl, O., Röell, A. A., & Zechner, J. (2001). What makes stock exchanges succeed? Evidence from cross-listing decisions. European Economic Review.
9.Pirinsky, C., & Wang, Q. (2006). Does corporate headquarters location matter for stock returns?. The Journal of Finance. |
| Description: | 碩士
國立政治大學
財務管理學系
106357036 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0106357036 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900135 |
| Appears in Collections: | [財務管理學系] 學位論文
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