Dissertation
Dissertation > Economic > Information Industry economy ( Zonglun,)

Financing Behaviors of Sina Microblogging in View of Risks

Author KongJing
Tutor WuZuo
School Lanzhou University
Course Business Administration
Keywords the risk Sina microblogging financing behavior
CLC F49
Type Master's thesis
Year 2011
Downloads 340
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Sina Microblogging financing is an organic system, which contains various content. Based on the combination of Capital Structure Theory and Risk Financing Theory for basic analysis framework, taking Sina Microblogging as an example, this thesis discusses the general motive of high risk, high growth enterprise which expect to list in pursuit of the maximization of enterprise value and management of social equity value realization under the information asymmetry conditions. Meanwhile, considering the characteristics of Sina Microblogging case, it investigates the arrangement of Sina Microblogging financing decisions in view of risk.This thesis focuses on the systemic risks and non-systemic risk to analyze the financing risk. It discusses when political risks are controllable, we should emphasize on the non-systemic risk. Aiming at this kind of non-systemic risk research, the Risk Financing Relevance Theory focus on three aspect problems:one is the person’s level, it is about the agent problem of management team; Another is the enterprise level, it is about the controlling of the market and competition; The third is industry level, it is about the industry’s business model and resource matching problem. After defined these three levels of problems, it points out its relevance with the Capital Structure Theory. According to this framework, it further analyzes the financial contracts, enterprise value evaluation, and the relevant financial risks of business models (capital structure), venture capital exiting (listed or transfer) theory, etc.Base on the comprehensive introduction of theory, this thesis further analyzes the internal and external financing environment of Sina Microblogging. When it analyzes the internal financing environment of Sina Microblogging, it focuses on the cost and benefit. For Sina Microblogging financial data is not in public, it emphasis on comprising the reasonable forecasting to evaluate the valuation of Sina Microblogging-it compares with the other two similar business model for Sina Microblogging to get the uncertain valuation of Sina Microblogging.Based on valuation, it puts forward the financing choice standards of Sina Microblogging; it does all-round research of listing place and listing time; it comprehensively compares the mainboard and GEM listing conditions in domestic and overseas, and it also analyzes the cost and benefit; it points out the basic reason for Sina Microblogging will list in NASDAQ.Finally, expected Sina Microblogging to be listed, it further analyzes the financing decision of Sina Microblogging in seed period, starting period, developing period. It points out the essential motives that pursue the maximization of enterprise value and executives equity value, thus introducing strategic private equity is the core of financing decision before listing. Sina Microblogging financing is an organic system which contains various content.Based on the combination of Capital Structure Theory and Risk Financing Theory for basic analysis framework, Sina Microblogging as an example, the paper discusses the general motive of high risk, high growth enterprise which expect to list in pursuit of the maximization of enterprise value and management of social equity value realization under the information asymmetry conditions. Meanwhile, considering the characteristics of Sina Microblogging case, it investigates the arrangement of Sina Microblogging financing decisions in view of risk.The article focus on the systemic risks and non-systemic risk to analyze the risk, clearing about the premise that political risks are controllable, should emphasize investigate on the non-systemic risk of enterprise. Aiming at this kind of non-systemic risk research, the Risk Financing Relevance Theory focus on three aspect problems:one is human level, mainly is the agent problem of management team; Another is the enterprise level, about enterprise controlling the market and competition by itself; The third is industry level, is the industry’s business model and resource matching problem. After defined three levels problems, points out its relevance with the Capital Structure Theory. Then based on the analysis of the relevance, considering both two theories, constructed this article core thinking framework. And according to the thinking framework, further for reviewed financial contracts, enterprise value evaluation, and the relevant financial risks of business models (capital structure), venture capital exit (listed or transfer) theory, etc.Base on the comprehensive introduction of theory, further analyzed the internal and external financing environment of Sina Microblogging. With an emphasis on analysis of internal environment, and use estimation, compare method to analyzed cost and benefit. Under the circumstances of Sina Microblogging financial data is not open, emphasis on using value comparison method to reasonable forecasting the valuation of Sina Microblogging the-refer to two business model for Sina Microblogging comparison, and based on the respective analysis weighted average to obtained the uncertain valuation of Sina Microblogging.Based on valuation, puting forward the financing choice standards of Sina Microblogging, having an all-round research of listing place and listing time, comprehensively compared the mainboard and GEM listing conditions in domestic and overseas, and have a cost benefit analysis, pointing out the basic reason of Sina Microblogging choose list in NASDAQ.Finally, to be listed as the premise, further constructively analyze the financing decision of Sina Microblogging in seed period, starting period, development period. Points out the essential motives that pursue the maximization of enterprise value and executives equity value, thus introduce strategic private equity is the core of financing decision before listing.

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