摘 要

近年来，由于受到经济全球化和国内资本市场需要上市时门槛较高的条件影响，越来越多中国企业选择在上市门槛降低的美国上市。20世纪90年代达到中概股在美上市的顶峰时期，前后我国在美上市企业共掀起五次赴美上市浪潮，截至2020年底，我国在美上市企业高达260家。然而，由于国内外资本市场市盈率的差异，中概股普遍市值被低估，加上美国做空机构对中概股企业进行恶意打压，使得中概股企业面临巨大压力，在美上市的日子并不好过。我国国内政策趋于良好，越来越多的中概股公司选择私有化退市的方式，退出美国资本市场。基于此背景，本文选择以聚美优品为案例公司，对中概股私有化退市的动因及影响进行研究，聚美优品的成功私有化退市，给即将想要私有化退市的中概股公司提供宝贵经验，供其参考。

本文利用文献研究法、案例分析法、定性与定量法对案例进行分析。对聚美优品2016年第一次私有化退市和时隔四年的2020年第二次退市，进行对比分析，总结得出聚美优品第一次私有化退市失败的原因是因为买方出价太低，遭到中小股东的强烈反对。第二次成功退市的原因是因为买方出价合理，加上疫情和美国金融市场的影响，推动聚美优品第二次私有化退市成功。本文重点是对聚美优品私有化退市的动因和影响进行分析，分析得出价值被低估是聚美优品进行私有化退市的最主要原因，此外公司经营状况难以为继、战略调整的需要以及受宏观环境的影响，也是聚美优品私有化退市的动因。分析聚美优品私有化退市带来的影响，分别从对企业自身、其他企业、中小股东三个角度进行全面剖析，聚美优品私有化退市给企业自身带来正向影响，给其他企业带来宝贵经验，在私有化退市的过程中，企业不仅要顾及企业自身利益，同时也要加强对中小股东的利益保护。

本文的重点章节结合聚美优品的各年度财报数据、金融股票数据等相关资料，将企业价值评估方法选定为自由现金流量法和市盈率法，对聚美优品的企业价值做出了详细的计算与解析。通过案例分析，总结结论和启示。分别对对企业经营管理、在美中概股、中小股东、资本市场监管部门四个方面给予启示。

关键词：私有化；动因；影响

ABSTRACT

In recent years, due to the influence of economic globalization and the higher threshold of listing in domestic capital market,more and more Chinese enterprises choose to list in the United States with lower listing threshold. In 1990s, China's listed companies reached the peak of listing in the United States.Before and after, Chinese listed companies set off five waves of listing in the United States.By the end of 2020, there were as many as 260 Chinese listed companies in the United States.However, due to the difference of P/E ratio between domestic and foreign capital markets, the general market value of Chinese stocks is underestimated,and the malicious suppression of Chinese stocks by American short-selling institutions makes Chinese stocks enterprises face tremendous pressure, and it is not easy to go public in the United States. China's domestic policies tend to be better,and more and more Chinese stock companies choose privatization and delisting to withdraw from the US capital market. Based on this background, this paper chooses Jumeiyoupin as a case company to studythe motivation and influence of privatization and delisting of China Stock Exchange. The successful privatization and delisting of Jumeiyoupin will provide valuable experience forChinese stock exchange companies that want to privatize and delist for their reference.

In this paper, literature research, case analysis,qualitative and quantitative methods are used to analyze the cases. The first privatization delisting of Jumeiyou products in 2016 and the second delisting in 2020 after four years were compared and analyzed,and it was concluded that the reason for the failureof the first privatization delisting of Jumeiyou products was that the buyer's bid was too low, which was strongly opposed by small and medium shareholders. The reason for the second successful delisting was that the buyer's bid wasreasonable, and the epidemic situation and the influence of American financial market promoted the second privatization delisting of Jumeiyou products.The key chapter of this paper analyzes the motivation and influence of two privatization delisting of Jumeiyou products,and concludes that the main reason for privatization delisting of Jumeiyou products is that the value is undervalued. In addition, the unsustainable business situation of the company,the need of strategic adjustment and the influence of macro environment are also the motivation for privatization delisting of Jumeiyou products. This paper analyzes the impact of privatization and delisting of Jumeiyouproducts, and makes a comprehensive analysis from three angles: the enterprise itself, other Chinese stock companies and small and medium shareholders. The privatization and delisting of Jumeiyou products brings positive influence to the enterprise itself and valuable experience to other Chinese stock companies. In the process of privatization and delisting,enterprises should not only take into accounttheir own interests, but also strengthen the protection of the interests of small and medium shareholders.

The key chapters of this paper combine the annual financial report data and financial stock data of Jumeiyou products,and select the free cash flow method and price-earnings ratio method to calculate and analyze the enterprise value of Jumeiyou products in detail. Through case analysis, the conclusion and enlightenment are summarized.Companies should choose the appropriate capital market when listing;If you want to privatize the Chinese stocks that are delisted,you should look at the delisting issue rationally;When choosing an investment enterprise,investors should not be blind, but should be more cautious; For the regulatory authorities, in this process, we should strictly implement the relevant supervision on the delisting of enterprises, and protect the rights and interests of small and medium shareholders in enterprises to a greater extent.

Key words: privatization; Motivation; affect