本文選題：借殼整體上市 + 財(cái)務(wù)風(fēng)險(xiǎn)　； 參考：《華東交通大學(xué)》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(shí)間短,相對(duì)不那么嚴(yán)格,時(shí)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(gè)熱點(diǎn)展開探討,但是國(guó)內(nèi)對(duì)借殼整體上市的財(cái)務(wù)風(fēng)險(xiǎn)研究很少,大多研究上市的效果或?qū)ζ髽I(yè)價(jià)值的影響,因此這為本文的研究留出了很大的空間。同時(shí)借殼整體上市也是一項(xiàng)高風(fēng)險(xiǎn)的資本運(yùn)作方式。因此,在構(gòu)建適用于我國(guó)車企業(yè)借殼整體上市風(fēng)險(xiǎn)的識(shí)別、控制模型時(shí)結(jié)合借殼整體上市的特點(diǎn)對(duì)提高其成功率,提供理論指導(dǎo)具有一定的現(xiàn)實(shí)意義和研究?jī)r(jià)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(chǎng)快速發(fā)展而建立的一種高級(jí)的形態(tài)的資本運(yùn)作現(xiàn)象,上市殼公司由于被借殼避免被停牌、摘牌風(fēng)險(xiǎn),非上市公司通過借殼可以保持自己的資產(chǎn)和業(yè)務(wù)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(shí),也隱藏著財(cái)務(wù)風(fēng)險(xiǎn)。無論運(yùn)用哪種估值方法,由于受到估值技術(shù)和人為因素制約,所以殼資源的定價(jià)風(fēng)險(xiǎn)是一種客觀存在的風(fēng)險(xiǎn)。不同的定價(jià)又影響支付方式。債務(wù)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(quán)融資的風(fēng)險(xiǎn)通常小于債務(wù)融資,但也不能過度使用�？傊髽I(yè)在借殼整體上市時(shí)要避免單一支付方式,分散風(fēng)險(xiǎn)。企業(yè)在整合階段也面臨著整合風(fēng)險(xiǎn)和持續(xù)經(jīng)營(yíng)風(fēng)險(xiǎn)。借殼整體上市后,雙方在文化、技術(shù)、管理、產(chǎn)業(yè)鏈上都要進(jìn)行整合�？茖W(xué)有效的整合才能實(shí)現(xiàn)協(xié)同效應(yīng),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(shí)使車企面臨著較大的風(fēng)險(xiǎn),在發(fā)展壯大的同時(shí),也實(shí)現(xiàn)對(duì)資本的成功的運(yùn)作。對(duì)借殼整體上市的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行及時(shí)的識(shí)別、防范和控制才能確保企業(yè)受益于整體上市,否則將會(huì)影響企業(yè)的發(fā)展。本文以上汽集團(tuán)為例,在介紹借殼整體上市和財(cái)務(wù)風(fēng)險(xiǎn)的理論之后系統(tǒng)梳理了上汽集團(tuán)借殼整體的動(dòng)因、過程和效果分析,分別在選殼、借殼和整合階段識(shí)別了財(cái)務(wù)風(fēng)險(xiǎn),進(jìn)而利用層次分析法建立上汽集團(tuán)借殼整體上市的財(cái)務(wù)風(fēng)險(xiǎn)評(píng)價(jià)模型,對(duì)涉及的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行了詳細(xì)的探討,最后總結(jié)了對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的控制。上汽集團(tuán)作為中國(guó)汽車行業(yè)的領(lǐng)軍企業(yè),其發(fā)展不僅對(duì)自身盈利情況有重大的意義,而且在一定程度上對(duì)我國(guó)經(jīng)濟(jì)的發(fā)展也會(huì)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(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F426.471;F406.7

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