本文選題：價(jià)值評(píng)估　切入點(diǎn)：借殼上市　出處：《遼寧大學(xué)》2017年碩士論文

【摘要】：近年來(lái),國(guó)內(nèi)快遞行業(yè)競(jìng)爭(zhēng)日趨激烈,上市已成為快遞企業(yè)打開(kāi)市場(chǎng)的迫切需求。而作為行業(yè)的龍頭,原本打算永不上市的順豐控股,面對(duì)當(dāng)前的競(jìng)爭(zhēng)環(huán)境,為了繼續(xù)保持行業(yè)領(lǐng)先的地位,也選擇了上市,募集營(yíng)運(yùn)資金,擴(kuò)展公司的航運(yùn)能力,拓展生鮮市場(chǎng),補(bǔ)充公司的流動(dòng)資金。借殼上市一直是中國(guó)證券市場(chǎng)備受關(guān)注的熱點(diǎn),也是歷來(lái)市場(chǎng)炒作的焦點(diǎn),但是近一段時(shí)間快遞巨頭在A股市場(chǎng)集中借殼上市,這一現(xiàn)象還是較為罕見(jiàn),企業(yè)價(jià)值評(píng)估作為快遞公司借殼上市重組運(yùn)作中重要的一環(huán),自然也成為了其中的焦點(diǎn)。本文選取快遞行業(yè)龍頭企業(yè)順豐控股作為研究的對(duì)象,采用案例研究的方法對(duì)順豐控股借殼上市的過(guò)程進(jìn)行研究分析,以期從中得到一些結(jié)論、啟示,為投資者等相關(guān)利益者提供一些有價(jià)值的參考建議,本文的主要內(nèi)容如下:首先介紹了研究的背景與意義,簡(jiǎn)要闡述了快遞行業(yè)的現(xiàn)狀,以及本文的寫作意義,扼要地介紹了了本文的主要研究?jī)?nèi)容與研究方法。其次,簡(jiǎn)要的介紹了借殼雙方的基礎(chǔ)信息,以及借殼雙方借殼上市的目的,然后以案例的形式對(duì)借殼上市的過(guò)程進(jìn)行詳細(xì)描述,同時(shí)也對(duì)借殼雙方的實(shí)際價(jià)值評(píng)估做了簡(jiǎn)要的介紹。再次,在簡(jiǎn)要介紹相關(guān)概念、評(píng)估方法和理論的基礎(chǔ)上,從公司發(fā)展?fàn)顩r、行業(yè)發(fā)展?fàn)顩r、同行業(yè)可比交易等多個(gè)維度出發(fā),對(duì)借殼雙方的價(jià)值評(píng)估過(guò)程進(jìn)行詳細(xì)分析,找出企業(yè)價(jià)值評(píng)估過(guò)程中對(duì)營(yíng)業(yè)收入、凈利潤(rùn)、貝塔值等的預(yù)測(cè)存在的不足之處,并從證券市場(chǎng)、資產(chǎn)評(píng)估機(jī)構(gòu)、企業(yè)價(jià)值評(píng)估方法等角度分析存在這些問(wèn)題的原因。最后,給出了案例分析的結(jié)論和啟示,并針對(duì)案例中存在的問(wèn)題從企業(yè)價(jià)值評(píng)估方法、證券市場(chǎng)、資產(chǎn)評(píng)估機(jī)構(gòu)等方面提出自己的建議,以期為其他快遞公司借殼上市提供借鑒,更有利于保護(hù)并購(gòu)雙方投資者的利益。
[Abstract]:In recent years, competition in the domestic express delivery industry has become increasingly fierce, listing has become an urgent need for express delivery enterprises to open the market. As the leader of the industry, Shunfeng Holdings, which was originally intended to never go on the market, faced with the current competitive environment. In order to continue to maintain the leading position in the industry, it has also chosen to go public, raise working capital, expand the shipping capacity of the company, expand the fresh and fresh market, and replenish the company's liquidity. Backdoor listing has always been a hot spot in China's securities market. It has also been the focus of market hype. However, in the recent period, express delivery giants have concentrated on backdoor listing in the A-share market. This phenomenon is still relatively rare. As an important link in the operation of express delivery companies' backdoor listing and restructuring, enterprise value evaluation is still relatively rare. This paper selects Shunfeng Holdings, a leading enterprise in express delivery industry, as the object of study, and analyzes the process of Shunfeng holding's backdoor listing by using the method of case study, in order to draw some conclusions. The main contents of this paper are as follows: firstly, it introduces the background and significance of the research, briefly describes the current situation of express delivery industry, as well as the significance of this paper. The main research contents and methods of this paper are briefly introduced. Secondly, the basic information of both parties and the purpose of listing in shell are briefly introduced. Then the process of backdoor listing is described in detail in the form of case, and the actual value evaluation of both parties is also briefly introduced. Thirdly, on the basis of brief introduction of relevant concepts, evaluation methods and theories, Starting from the development of the company, the development of the industry and the comparable trade of the same industry, the paper makes a detailed analysis of the value evaluation process of both parties, and finds out the operating income and net profit in the process of enterprise value evaluation. The shortcomings of Beta value prediction are analyzed from the perspective of securities market, asset appraisal organization and enterprise value evaluation method. Finally, the conclusion and inspiration of case analysis are given. And in view of the existing problems in the case from the enterprise value evaluation methods, the securities market, asset evaluation institutions and other aspects of their own suggestions, in order to provide reference for other express companies to borrow the shell listing, More conducive to the protection of the interests of M & A investors.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F259.23;F253.7

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