本文選題：借殼上市 + 動(dòng)因　； 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：借殼上市于1934年首次在美國(guó)出現(xiàn),由于其擁有上市成本低且擁有高成功率的優(yōu)點(diǎn),受歡迎程度也越來(lái)越高。受20世紀(jì)二三十年代在經(jīng)濟(jì)較為衰退的影響,一些上市公司的盈利能力及市場(chǎng)價(jià)值大幅下降,甚至面臨著退市的風(fēng)險(xiǎn),這都給部分未上市企業(yè)提供了借殼的契機(jī)。自1993年深圳寶安通過(guò)并購(gòu)延中實(shí)業(yè)實(shí)現(xiàn)借殼上市以來(lái),借殼上市這一現(xiàn)象在我國(guó)屢屢發(fā)生,越來(lái)越多的非上市企業(yè)希望通過(guò)借殼上市的方式來(lái)實(shí)現(xiàn)在證券市場(chǎng)上直接融資的目的。借殼上市為一些財(cái)力雄厚的非上市公司提供了上市途徑和額外的融資渠道,大幅縮短了上市所需時(shí)間,促進(jìn)了公司的可持續(xù)發(fā)展。一般來(lái)說(shuō),IPO上市和借殼上市是我國(guó)企業(yè)上市的兩種主要途徑。IPO上市通常適合資金實(shí)力較強(qiáng)的企業(yè),而借殼上市可以降低上市的門檻,縮短融資時(shí)間的周期,因而適合眾多資金實(shí)力不足的企業(yè)。從我國(guó)資本市場(chǎng)的層面上看,由于市場(chǎng)結(jié)構(gòu)調(diào)整和經(jīng)濟(jì)政策變更的影響,非金融企業(yè)在證券市場(chǎng)上的融資并不順利,資本市場(chǎng)中“殼”的數(shù)量將逐漸增加,選擇借殼上市的企業(yè)將愈發(fā)增多。本文以浙報(bào)傳媒的借殼上市為案例,采用理論分析與典型案例相結(jié)合的方法來(lái)探究企業(yè)借殼上市的動(dòng)因以及成功上市后的績(jī)效情況。在閱讀大量文獻(xiàn)的基礎(chǔ)上,本文闡述了借殼上市的含義、主要模式、動(dòng)因以及相關(guān)理論基礎(chǔ),并結(jié)合財(cái)務(wù)指標(biāo)來(lái)分析浙報(bào)傳媒借殼上市后的績(jī)效情況,最后根據(jù)相關(guān)分析,得出有用的結(jié)論與啟示。本文開篇介紹了選擇借殼上市為研究方向的背景及意義,闡述了本文的思路與方法。在理論概述的部分提出了“殼”與“殼公司”以及借殼上市的概念。接著歸納總結(jié)了借殼上市的4種主要模式,包括資產(chǎn)置換、定向增發(fā)、換股合并和股權(quán)收購(gòu)。采用競(jìng)爭(zhēng)優(yōu)勢(shì)理論、協(xié)同效應(yīng)理論、交易成本理論和市場(chǎng)勢(shì)力理論作為分析的理論基礎(chǔ)。在案例分析部分首先介紹了浙報(bào)傳媒以及白貓股份的基本情況,闡述了浙報(bào)傳媒借殼上市的整個(gè)過(guò)程,提出的浙報(bào)傳媒借殼上市的動(dòng)因包括拓寬融資渠道,獲得宣傳效應(yīng),國(guó)家文化產(chǎn)業(yè)扶持政策的支持,傳媒業(yè)IPO上市的難度大以及整合集團(tuán)內(nèi)的優(yōu)勢(shì)媒體資源的需要。本文在分析浙報(bào)傳媒借殼上市的績(jī)效分析時(shí),首先選取了從2010年到2014年的財(cái)務(wù)數(shù)據(jù),即浙報(bào)傳媒實(shí)現(xiàn)借殼前后五年的財(cái)務(wù)報(bào)表披露數(shù)據(jù)為樣本來(lái)分析財(cái)務(wù)指標(biāo)。同時(shí)從企業(yè)股價(jià)的波動(dòng)和券商對(duì)浙報(bào)傳媒股票的投資評(píng)級(jí)入手分析了借殼上市后的市場(chǎng)效應(yīng)。本文最后得出的結(jié)論是,浙報(bào)傳媒的成功離不開國(guó)家文化扶持政策的正確引導(dǎo),同時(shí)擁有專業(yè)高效的經(jīng)營(yíng)團(tuán)隊(duì)以及正確的發(fā)展觀念是浙報(bào)傳媒成功的助力。此外,一個(gè)優(yōu)秀的殼公司也是必不可缺的。浙報(bào)傳媒的成功給了我們?cè)S多的啟示,企業(yè)需要在合理利用政策優(yōu)勢(shì)的同時(shí)也要加強(qiáng)自身建設(shè),借鑒同類公司的成功經(jīng)驗(yàn),尋找適合自身的上市路徑。
[Abstract]:Because of its low cost and high success rate, its popularity is becoming more and more popular because of its low cost and high success rate. In 20s and 30s twentieth Century, the profitability and market value of some listed companies fell sharply, even faced with the risk of delisting, which were all given to the Department. The unlisted companies provide the opportunity to borrow the shell. Since 1993 Shenzhen Baoan has been listed on the stock market through the merger and acquisition, the phenomenon of the backdoor listing has occurred repeatedly in our country. More and more non listed companies want to get the purpose of direct financing in the stock market through the way of the backdoor listing. The strong non-listed company provides the way of listing and the additional financing channels, which greatly shortens the time required for the listing and promotes the sustainable development of the company. Generally speaking, the IPO listing and the backdoor listing are the two main ways of listing in China's enterprises,.IPO is usually suitable for enterprises with strong funds, and the backdoor listing can be reduced. The threshold of the city, which shortens the period of financing time, is suitable for many enterprises with insufficient funds. From the level of capital market in China, the financing of non financial enterprises in the stock market is not smooth because of the adjustment of market structure and the change of economic policy. The number of "shell" in the capital market will gradually increase and choose the borrowed shell. The enterprises in the city will be more and more. This paper, taking the case of the shell of the Zhejiang newspaper as a case, uses a combination of theoretical analysis and typical cases to explore the motivation of the listing of the corporate shell and the performance after the successful listing. On the basis of reading a large number of documents, this paper expounds the meaning, the main model, the motivation and the phase of the listing of the borrowed shells. On the basis of the theoretical basis, and combining the financial indicators to analyze the performance situation of the Zhejiang newspaper's media backdoor listing, finally, according to the relevant analysis, draw useful conclusions and enlightenment. This paper introduces the background and significance of the study direction of the selection of the shell listing, and expounds the ideas and methods of this paper. "Shell company" and the concept of shell listing, then summed up the 4 main models of the shell listing, including asset replacement, directional increase, stock exchange merger and stock acquisition. The theoretical basis of the analysis of the theory of competitive advantage, synergy effect theory, transaction cost theory and market power theory. The basic situation of the zhe newspaper and the stock of the white cat is introduced. The whole process of the listing of the case of the Zhejiang newspaper is expounded. The reasons for the listing of the Zhejiang newspaper's backshell are to broaden the financing channels, obtain the publicity effect, support the support policy of the national culture industry, the difficulty of the IPO listing in the media industry and the advantageous media resources in the integration group. In the analysis of the performance analysis of the backdoor listing in Zhejiang newspaper, this paper first selected the financial data from 2010 to 2014, that is, the financial statement data of the five years' financial statements before and after the loan of the Zhejiang newspaper was carried out to analyze the financial indicators. The conclusion of this paper is that the success of Zhejiang newspaper media is inseparable from the correct guidance of the national cultural support policy. At the same time, a professional and efficient management team and the correct concept of development are the help of the success of the Zhejiang newspaper. In addition, an excellent shell company is indispensable. The success of the media has given us a lot of inspiration. Enterprises need to strengthen their own construction at the same time with the rational use of the advantages of the policy, learn from the successful experience of the same kind of companies and find the way to fit for their own market.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：G219.27;F832.51

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相關(guān)期刊論文 前10條

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本文編號(hào)：2069768