本文選題：反向并購　切入點：融資　出處：《復(fù)旦大學(xué)》2011年碩士論文

【摘要】：從二十世紀80年代的空殼公司上市到2005年開始興起的特殊目的收購公司(SPAC)反向并購在世界資本市場作為一種主要融資方式受到了廣泛的關(guān)注。對于境內(nèi)非上市公司來說,通過反向并購買殼上市具有比IPO決捷、法律關(guān)系簡單、監(jiān)管寬松的優(yōu)勢。同時,它又比設(shè)立特殊目的公司返程投資的融資方式審批流程便捷,沒有必須要在一年內(nèi)完成上市的時間限制,并且可以通過換股的方式一步到位完成買殼和裝殼,實現(xiàn)境內(nèi)資本境外上市融資。然而,自2006年《關(guān)于外國投資者并購境內(nèi)企業(yè)的規(guī)定》(“《并購規(guī)定》”)發(fā)布以來,境內(nèi)非上市公司通過反向并購登陸美股市場的腳步明顯放緩。 同時,對股權(quán)作為反向并購支付方式的限制性規(guī)定也成為了SPAC并購在我國蓬勃發(fā)展的催化劑。SPAC顛覆了傳統(tǒng)反向并購先買殼再裝殼的理念,用造殼、上市、再并購這三個步驟完成境內(nèi)企業(yè)上市融資的目的。并且,SPAC因為是先募集資本再進行定向并購,其可以用現(xiàn)金進行收購的能力成為了《并購規(guī)定》出臺后的一大亮點。 但是,SPAC并購與融資型反向并購一樣,有其潛在的風(fēng)險。隨著越來越多通過反向并購在美股上市的公司暴出審計及財務(wù)報告糾紛,聯(lián)邦證券交易委員會(“SEC”)已經(jīng)開始關(guān)注在美上市中國公司的公司治理和披露義務(wù)。如果不遵守美國上市公司的審計規(guī)則,甚至?xí)籗EC起訴從而功虧一簣。另外,即使境內(nèi)公司成功實現(xiàn)了從柜臺交易市場(‘'OTCBB")轉(zhuǎn)板NASDAQ,許多公司經(jīng)歷了一開始的高額溢價發(fā)行之后被私募等投資機構(gòu)大量拋售,使股價一落千丈,不僅沒有達到融資的初始目的,反而遭受了巨額損失,而不得不通過拆股的方式避免遭受退市的處罰。 本文針對以上情況對我國已有的監(jiān)管措施中存在的問題,以及對于我國企業(yè)通過SPAC并購境外上市中存在的風(fēng)險可能做到的監(jiān)管審查和對境內(nèi)企業(yè)的幫助,提出了自己的看法。希望能夠為監(jiān)管機關(guān)在立法過程中提供一些幫助,也能為境內(nèi)公司境外上市融資提供參考和借鑒。
[Abstract]:From the shell company listing in the 1980s to the special purpose buy-out company (SPAC) which began to rise in 2005, reverse mergers and acquisitions have received extensive attention as a major financing method in the world capital market. Listing by reverse and buying a shell has the advantage of being easier than IPO, simple legal relations, and easy to regulate. At the same time, it is more convenient than the approval process of setting up a return financing method for special purpose companies. There is no time limit on the need to complete the listing within one year, and it is possible to purchase and shell the shell in one step by means of a stock exchange to finance the domestic and overseas listing of capital. Since the release of "regulations on merger and acquisition of domestic Enterprises by Foreign investors" in 2006, the pace of landing of domestic non-listed companies in the US stock market through reverse mergers and acquisitions has slowed obviously. At the same time, the restrictive regulation of equity as the payment method of reverse merger has also become the catalyst for the vigorous development of SPAC M & A in our country. Because SPAC is to raise capital first and then conduct targeted M & A, its ability to purchase with cash has become a bright spot after the introduction of M & A regulations. However, SPAC mergers and acquisitions, like financing reverse mergers, have their potential risks. As more and more companies listed in the United States through reverse mergers and acquisitions burst out of audit and financial reporting disputes, The Federal Securities and Exchange Commission ("SEC") has begun to focus on corporate governance and disclosure obligations for Chinese companies listed in the United States. Even if domestic companies successfully realized the conversion of NASDAQ from the over-the-counter trading market to NASDAQ, many companies experienced a massive sell-off by private equity and other investment institutions after the initial high premium issue, causing the stock price to plummet, not only failing to achieve the initial purpose of financing. Instead suffered huge losses and had to avoid delisting through the way of delisting punishment. This paper aims at the problems existing in the existing regulatory measures in China under the above circumstances, as well as the possible regulatory review and assistance to domestic enterprises for the risks that exist in the M & A overseas listing of Chinese enterprises through SPAC. The author hopes to provide some help for the regulatory authorities in the process of legislation, and also to provide reference and reference for domestic companies' overseas listing financing.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：D996.4

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