奇虎360公司融資策略研究

XCLW49650  奇虎360公司融資策略研究  (字數：13382)

摘  要

隨著我國經濟的進一步發展,我國國內的資本市場快速發展。根據當前的形勢，我國的資本市場出現了一股中概股私有化回歸的風潮。這是由于我國的資本市場歷史發展所導致的。在早期階段，我國的資本市場對于互聯網企業有了諸多的限制，因此很多互聯網企業選擇在國外進行上市的方式，在當時中國的企業在境外上市吸引了很多的國外投資者的注意力。因此，在歷史時期中國的概念股一度成為境外投資者競相追捧的對象，但是隨著經濟的進一步發展國外的市場環境日趨激烈，境外上市的政策法律法規的不斷的完善，在境外上市條件越來越嚴格。與此同時，很多互聯網企業搭建的VIE構架模式逐漸出現了不斷有風險的局面，同時，國內的互聯網市場環境大好國家的政策不斷向互聯網企業進行聽寫國內的市場投資環境不斷地回暖，因此出現了很多中概股回歸的現象。這不僅符合我國市場經濟的大格局，也能夠促進國家的經濟轉型，推動我國經濟體系的進步發展。

本文章通過對奇虎360公司融資以及融資進行的分析，主要了解360融資的現狀以及存在的問題，通過對奇虎360。年融資的現狀以及問題的分析為奇虎360公司融資提供一些相關的策略支持。同時通過對奇虎三六年公司的融資現狀的分析，增加企業留存收益，增加股東的追加投資以及獲得政府相關的資金支持為同行業的相關互聯網公司提供相應的案例，促進行業的發展。

關鍵詞：融資策略；融資方式；內源融資；外源融資

Abstract

With the further development of China's economy, the domestic capital market develops rapidly. According to the current situation, China's capital market has witnessed a return trend of private ownership of all shares. This is due to the historical development of China's capital market. In the early stage, China's capital market has many restrictions on Internet companies, so many Internet companies choose the way of listing abroad. At that time, Chinese companies listed abroad attracted the attention of many foreign investors. Therefore, in the historical period, China's concept stock once became the target of the overseas investors, but with the further development of the economy, the market environment of the foreign countries is becoming increasingly fierce, the policies, laws and regulations of the overseas listing continue to improve, and the conditions of the overseas listing are becoming more and more strict. At the same time, the vie framework model built by many Internet enterprises has gradually emerged a situation of continuous risks. At the same time, the domestic Internet market environment is very good. The national policy continues to dictate to Internet enterprises that the domestic market investment environment is constantly improving. Therefore, a lot of medium-sized stocks have returned. This is not only in line with the general pattern of China's market economy, but also can promote the country's economic transformation and promote the progressive development of China's economic system.

Through the analysis of Qihu 360's financing and financing, this article mainly understands the current situation and existing problems of 360's financing, through the analysis of Qihu 360. The analysis of the current situation and problems of the annual financing provides some relevant strategic support for the financing of Qihu 360 company. At the same time, through the analysis of the financing status of Qihu in the past three or six years, we can increase the retained earnings of the enterprise, increase the additional investment of the shareholders and obtain the financial support from the government to provide corresponding cases for the relevant Internet companies in the same industry and promote the development of the industry.

Key words: financing strategy; financing mode; internal financing; external financing

目錄

一、緒 論 1

（一）研究背景 1

（二）研究意義 1

二、奇虎360公司融資現狀及存在的問題 2

（一）奇虎360公司基本情況簡介 2

1.公司基本情況 2

2.內外部環境分析 2

（二）奇虎360公司融資現狀�� 2

1.奇虎360美股退市原因分析 2

2.奇虎360回歸A股模式選擇 3

3.奇虎360借殼上市運作過程 4

（三）奇虎360公司融資面臨的問題 5

1.融資渠道單一 5

2.融資需求巨大 6

3.內源融資不足 6

三、奇虎360公司融資問題成因分析 8

（一）企業運營管理分析 8

1.對賭協議隱患潛伏，經營業績壓力較大 8

2.業務模式水土不服，投資者回歸理性 9

（二）政府政策和市場制度原因分析 9

1.缺乏統一健全的知識產權交易市場 9

2.融資門檻高 9

3.政府扶持力度不足 10

4.融資制度、信用制度不完善 10

（三）企業融資創新能力分析 10

1.融資方式創新程度低 10

2.公司缺乏多層次融資結構 11

四、奇虎360公司融資策略選擇及實施保證 12

（一）內源融資策略選擇 12

（二）外源融資策略選擇 12

1.爭取政策融資 12

2.增加債務融資 12

3.嘗試創新融資 12

（三）實施保證措施 12

1.增強內源融資能力 12

2.降低商業融資成本 12

3.加強公司內部治理 13

五、結 論 14

參 考 文 獻 15