{"title":"双层股权结构的影响:阿里巴巴IPO成功分析","authors":"Shuai Shao","doi":"10.1080/13602381.2023.2179169","DOIUrl":null,"url":null,"abstract":"ABSTRACT In September 2014, Alibaba went public in the United States through the largest IPO (initial public offering) in history, raising $21.8 billion and elevating the company’s value to $218.7 billion. The successful listing of Alibaba, the world’s largest online and mobile commerce enterprise, has attracted a lot of attention to investment strategy; in particular, the dual-class share structure of Internet enterprises designed to protect the control rights of company founders and the promotion of enterprise IPO have become a focus for international scholars. Based on the IPO case of Alibaba Group, this paper studies the dual share system of Alibaba with regards to three aspects: theoretical analysis, case analysis and financial index analysis. First, it introduces the literature relevant to the dual share system. It then takes Alibaba as a case study in order to analyse the reasons for the success of its IPO, and studies the impact of the dual share system on this IPO. Finally, it analyzes the effect and influence of the dual share system on IPO with regards to four dimensions of financial performance. Through the discussion in this paper, we hope to provide better ideas and suggestions for companies planning an external IPO.","PeriodicalId":47156,"journal":{"name":"Asia Pacific Business Review","volume":"31 1","pages":"350 - 371"},"PeriodicalIF":2.0000,"publicationDate":"2023-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Impact of dual-class share structure: Alibaba IPO success analysis\",\"authors\":\"Shuai Shao\",\"doi\":\"10.1080/13602381.2023.2179169\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT In September 2014, Alibaba went public in the United States through the largest IPO (initial public offering) in history, raising $21.8 billion and elevating the company’s value to $218.7 billion. The successful listing of Alibaba, the world’s largest online and mobile commerce enterprise, has attracted a lot of attention to investment strategy; in particular, the dual-class share structure of Internet enterprises designed to protect the control rights of company founders and the promotion of enterprise IPO have become a focus for international scholars. Based on the IPO case of Alibaba Group, this paper studies the dual share system of Alibaba with regards to three aspects: theoretical analysis, case analysis and financial index analysis. First, it introduces the literature relevant to the dual share system. It then takes Alibaba as a case study in order to analyse the reasons for the success of its IPO, and studies the impact of the dual share system on this IPO. Finally, it analyzes the effect and influence of the dual share system on IPO with regards to four dimensions of financial performance. Through the discussion in this paper, we hope to provide better ideas and suggestions for companies planning an external IPO.\",\"PeriodicalId\":47156,\"journal\":{\"name\":\"Asia Pacific Business Review\",\"volume\":\"31 1\",\"pages\":\"350 - 371\"},\"PeriodicalIF\":2.0000,\"publicationDate\":\"2023-02-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia Pacific Business Review\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1080/13602381.2023.2179169\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia Pacific Business Review","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/13602381.2023.2179169","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}
Impact of dual-class share structure: Alibaba IPO success analysis
ABSTRACT In September 2014, Alibaba went public in the United States through the largest IPO (initial public offering) in history, raising $21.8 billion and elevating the company’s value to $218.7 billion. The successful listing of Alibaba, the world’s largest online and mobile commerce enterprise, has attracted a lot of attention to investment strategy; in particular, the dual-class share structure of Internet enterprises designed to protect the control rights of company founders and the promotion of enterprise IPO have become a focus for international scholars. Based on the IPO case of Alibaba Group, this paper studies the dual share system of Alibaba with regards to three aspects: theoretical analysis, case analysis and financial index analysis. First, it introduces the literature relevant to the dual share system. It then takes Alibaba as a case study in order to analyse the reasons for the success of its IPO, and studies the impact of the dual share system on this IPO. Finally, it analyzes the effect and influence of the dual share system on IPO with regards to four dimensions of financial performance. Through the discussion in this paper, we hope to provide better ideas and suggestions for companies planning an external IPO.
期刊介绍：
The growth of the Asia Pacific region and the rising presence of its multinationals in world markets has raised a number of questions about the origins of national economic success. Asia Pacific Business Review addresses these key issues and draws together the lessons of the analysis of culture, economies, history, politics and societies in the area, in order to explore business-related phenomena in the Asia Pacific countries, both in their general and specific contexts. The Review is intended for both academics and interested observers, contains the contributions of recognized experts, and is essential to anyone seeking the latest research on Asia Pacific business in a readily available, approachable form. We welcome articles which deal with nations and societies in the Asia Pacific region, namely those in East Asia and South-East Asia (but not South Asia), including those in APEC and ASEAN, individually or comparatively. Of interest also are contributions on the Asia Pacific economies, comparing those inside with those outside, or those investing in it. We do not, however, publish papers based solely on countries from outside the region.
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