本文選題：借殼整體上市 + 財務風險�。� 參考：《華東交通大學》2017年碩士論文

【摘要】：借殼整體上市較首次公開發(fā)行途徑上市的審核時間短,相對不那么嚴格,時間成本低,在成功借殼整體上市后便于企業(yè)融資。所以不管是房地產(chǎn)業(yè)還是車企業(yè)以及快遞業(yè)都越來越傾向于選擇借殼整體上市。本文就這個熱點展開探討,但是國內(nèi)對借殼整體上市的財務風險研究很少,大多研究上市的效果或?qū)ζ髽I(yè)價值的影響,因此這為本文的研究留出了很大的空間。同時借殼整體上市也是一項高風險的資本運作方式。因此,在構(gòu)建適用于我國車企業(yè)借殼整體上市風險的識別、控制模型時結(jié)合借殼整體上市的特點對提高其成功率,提供理論指導具有一定的現(xiàn)實意義和研究價值。借殼整體上市是企業(yè)兼并而采取的一種收購方式。它是在證券市場快速發(fā)展而建立的一種高級的形態(tài)的資本運作現(xiàn)象,上市殼公司由于被借殼避免被停牌、摘牌風險,非上市公司通過借殼可以保持自己的資產(chǎn)和業(yè)務的上市,所以籌資融資的渠道變得更寬。但是借殼整體上市給上市公司和非上市公司帶來雙贏的同時,也隱藏著財務風險。無論運用哪種估值方法,由于受到估值技術和人為因素制約,所以殼資源的定價風險是一種客觀存在的風險。不同的定價又影響支付方式。債務融資成本較低,但不能過度使用,否則降低償債能力,出現(xiàn)資金鏈斷裂。股權融資的風險通常小于債務融資,但也不能過度使用。總之企業(yè)在借殼整體上市時要避免單一支付方式,分散風險。企業(yè)在整合階段也面臨著整合風險和持續(xù)經(jīng)營風險。借殼整體上市后,雙方在文化、技術、管理、產(chǎn)業(yè)鏈上都要進行整合�？茖W有效的整合才能實現(xiàn)協(xié)同效應,保證借殼整體上市的成功。借殼整體上市在便于融資的同時使車企面臨著較大的風險,在發(fā)展壯大的同時,也實現(xiàn)對資本的成功的運作。對借殼整體上市的財務風險進行及時的識別、防范和控制才能確保企業(yè)受益于整體上市,否則將會影響企業(yè)的發(fā)展。本文以上汽集團為例,在介紹借殼整體上市和財務風險的理論之后系統(tǒng)梳理了上汽集團借殼整體的動因、過程和效果分析,分別在選殼、借殼和整合階段識別了財務風險,進而利用層次分析法建立上汽集團借殼整體上市的財務風險評價模型,對涉及的財務風險進行了詳細的探討,最后總結(jié)了對財務風險的控制。上汽集團作為中國汽車行業(yè)的領軍企業(yè),其發(fā)展不僅對自身盈利情況有重大的意義,而且在一定程度上對我國經(jīng)濟的發(fā)展也會產(chǎn)生一定的影響。
[Abstract]:The whole listing by backdoor is shorter than that of the initial public offering. It is relatively not so strict, and the time cost is low, so it is convenient for the enterprise to raise funds after the successful listing of the whole through the backdoor. Therefore, whether the real estate or car companies and express delivery industry are more and more inclined to choose backdoor listing as a whole. This paper discusses this hot spot, but there are few researches on the financial risk of backdoor listing in China, most of which are about the effect of listing or the impact on enterprise value, so it leaves a lot of room for the research of this paper. At the same time, backdoor listing as a whole is a high-risk capital operation. Therefore, it is of practical significance and research value to improve the success rate and provide theoretical guidance in the construction of the risk identification and control model for the whole listing of car enterprises in our country. The whole listing through the backdoor is a kind of acquisition method adopted by the merger of the enterprise. It is a kind of advanced form of capital operation phenomenon established by the rapid development of the securities market. Because the listed shell companies avoid being suspended from trading and delisting risks, the non-listed companies can keep their assets and business listed through backdoor. So the financing channels become wider. But the whole listing by backdoor brings both the listed company and the non-listed company a win-win, but also hides the financial risk. No matter which valuation method is used, the pricing risk of shell resource is an objective risk because it is restricted by valuation technology and human factors. Different pricing affects payment methods. Debt financing costs are low, but can not be overused, otherwise reduce solvency, capital chain break. Equity financing is usually less risky than debt financing, but it cannot be overused. In short, enterprises should avoid a single way of payment and spread risks when they are listed as a whole. Enterprises are also faced with integration risk and continuing management risk in the integration stage. After the whole listing, both sides should integrate in culture, technology, management and industry chain. Scientific and effective integration can achieve synergy and ensure the success of backdoor listing. The whole listing through the backdoor is easy to raise funds and makes the auto enterprises face greater risks. While developing and expanding, it also realizes the successful operation of the capital. Only by identifying the financial risk of the whole listing through backdoor, can the enterprise benefit from the whole listing. Otherwise, it will affect the development of the enterprise. Taking SAIC Group as an example, after introducing the theory of the whole listing and financial risk of backdoor, this paper systematically combs the motivation, process and effect analysis of the whole shell lending of SAIC Group, and identifies the financial risks in the stage of shell selection, shell borrowing and integration, respectively. Then the paper establishes the financial risk evaluation model of SAIC Group by using Analytic hierarchy process (AHP), discusses the financial risk involved in detail, and finally summarizes the control of financial risk. The development of SAIC Group, as a leading enterprise in China's automobile industry, not only has great significance to its own profit situation, but also has a certain impact on the economic development of our country to a certain extent.
【學位授予單位】：華東交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F426.471;F406.7

【參考文獻】

相關期刊論文 前10條

1 魏成龍;許萌;鄭志;魏榮桓;;國有企業(yè)整體上市績效及其影響因素分析[J];中國工業(yè)經(jīng)濟;2011年10期

2 郭海星;萬迪f ;;上市模式、代理成本和公司績效——基于中國上市公司的經(jīng)驗證據(jù)[J];軟科學;2010年09期

3 黃凌靈;;關于企業(yè)并購財務風險問題的探討[J];會計之友(中旬刊);2010年02期

4 施玉潔;;層次分析法在企業(yè)財務分析中的運用[J];財會通訊(理財版);2008年05期

5 于左;;從企業(yè)集團的邊界看中央企業(yè)集團整體上市[J];經(jīng)濟管理;2008年03期

6 朱紅軍;江峰;喻立勇;;內(nèi)部人控制、整體上市與資源配置效率——TCL集團整體上市的案例研究[J];上海立信會計學院學報;2007年03期

7 姜啟曉;;企業(yè)財務治理評價指標體系初探[J];北方經(jīng)濟;2007年10期

8 丁香乾,石碩;層次分析法在項目風險管理中的應用[J];中國海洋大學學報(自然科學版);2004年01期

9 胡艷,任建華;企業(yè)并購的“風險終止系數(shù)”的計量及評價[J];武漢理工大學學報;2003年09期

10 劉桂芝;企業(yè)并購風險問題研究初探[J];科技與管理;2003年04期

，

本文編號：1803740