本文關鍵詞：容大礦業(yè)買殼上市的探討　出處：《西南財經(jīng)大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 資本市場 買殼上市 融資 礦業(yè)

【摘要】：公司上市的目的之一是吸收社會資本,獲得持續(xù)籌資的渠道,保障公司擁有充足的運營資金,為公司未來戰(zhàn)略發(fā)展提供資金保障。然而,目前我國二板市場尚未開放,主板市場受到容量限制,且準入門檻高、審批時間長,同時監(jiān)管機構對公司規(guī)模、經(jīng)營業(yè)績、進入輔導期時間等均有嚴格規(guī)定,致使一些優(yōu)秀的民營企業(yè)和成立不久的高科技企業(yè)不能上市融資。這些企業(yè)多為基本面優(yōu)秀、前景良好,卻因為無法在短期內(nèi)獲得有效的籌資渠道,而限制了企業(yè)質(zhì)的發(fā)展。 因此,買殼上市成為現(xiàn)實情況下上市融資的一種快捷渠道和工具。買殼上市是一種資產(chǎn)重組現(xiàn)象。非上市公司通過一定途徑獲得上市公司的控股權,然后將原公司的一些優(yōu)質(zhì)資產(chǎn)注入該上市公司,達到間接上市、證券籌資的目的。買殼上市現(xiàn)象經(jīng)常性地在中國證券市場上發(fā)生,買殼上市行為已成為學術界和實務界共同研究和關注的熱點問題之一。 本文的研究對象為容大礦業(yè),這是一家從事于黃金礦產(chǎn)開發(fā)及生產(chǎn)銷售為一體的川內(nèi)本土民營企業(yè),是一家以黃金礦山開采為主,集科研、采礦選冶、黃金加工提純、銷售、礦山勘查開發(fā)咨詢服務為一體的高新技術企業(yè)。在企業(yè)上市的道路上遇到了許多阻礙,于是選擇了買殼上市的方式曲線救國。買殼上市對進一步擴大企業(yè)規(guī)模,對企業(yè)找礦與礦權收購,以及整合四川境內(nèi)的黃金資源方面提供有力的支持,對創(chuàng)立西部乃至國內(nèi)黃金企業(yè)品牌,增大國家對黃金的戰(zhàn)略儲備有著極其重要的作用。 本文通過對公司內(nèi)外部環(huán)境分析,確立了公司發(fā)展的戰(zhàn)略目標,并將買殼上市作為公司進入資本市場的首選渠道。通過對黃金礦產(chǎn)行業(yè)已上市企業(yè)的分析,從本公司運營情況及戰(zhàn)略發(fā)展角度進行研究,尋求如何解決資產(chǎn)和技術評估與股本結構等關鍵性問題,從而找出制約企業(yè)發(fā)展的關鍵問題并提出解決方案,尋求到最優(yōu)的上市融資方案。 在研究方法上,本論文采用案例分析法、類比法、經(jīng)驗總結法等。結合自身的工作實踐,查閱國家、省、地區(qū)、縣政策及相關法規(guī),對公司內(nèi)部盡職調(diào)查資料進行分析研究,并對公司戰(zhàn)略發(fā)展進行調(diào)整,從而解決關鍵性問題。 本文分為五章三大部分,第一、二章為第一部分,論述了國內(nèi)外黃金的現(xiàn)狀與未來走勢,以及國內(nèi)黃金行業(yè)的現(xiàn)狀及市場分布和容大礦業(yè)公司簡介；第三章為第二部分,對容大礦業(yè)的外部環(huán)境與內(nèi)部環(huán)境進行了分析評價；第四、五章為第三部分,闡述了公司上市戰(zhàn)略的選擇,指出上市準備工作中遇到的癥結,并提出解決方案與控制手段。 本文寫作中運用企業(yè)戰(zhàn)略管理、財務管理、資本理論等基本理論,以資本運營和資產(chǎn)重組的基本理論為基礎,結合本人親身參與間接上市的實際運作經(jīng)驗及體會,對公司買殼上市過程中的工作做出了總結和深化。寫作的目的一方面希望能對準備買殼上市或正在運作買殼上市的企業(yè)有所幫助,另一方面是對自己在該案例中的工作進行總結,對以后在上市公司的工作進行指導。
[Abstract]:One of the listed companies is to absorb social capital, sustainable financing channels, ensure the company has sufficient operating funds, to provide financial support for the company's future development strategy. However, the second board market of our country is not open, the motherboard market by capacity constraints, and access to the high threshold, long processing time, while regulators on the size of the company and business performance, enter counseling time has strict regulations, resulting in a number of outstanding private enterprises and established high-tech enterprises. These enterprises can not be listed financing for the fundamentals of good, good prospects, but because they can not get effective financing in the short term, and restrict the development of enterprise quality.
Therefore, the backdoor listing become reality for financing a quick channel and tools. Backdoor listing is an asset reorganization phenomenon. Holding the right non-listed company listed companies through a certain way, then some high-quality assets into the listed company of the original company, to achieve indirect listing, financing securities backdoor listing phenomenon often. To Chinese occurred in the stock market, the backdoor listing has become one of the hot issues in academic circles and practice circles of common research and attention.
The object of this research is the large capacity of the mining industry, this is a company engaged in gold mining development and production and sales as one of the local private enterprises in Sichuan, is a gold mining research, mining, smelting, processing and purification of gold mine exploration and development, sales, consulting services for the integration of high-tech enterprises in the enterprise listed on the road encountered many obstacles, so the choice of the way of saving the nation. The curve listed backdoor listing to further expand the scale of enterprises, enterprises of prospecting and mining rights acquisition, as well as gold resources integration in Sichuan face provide strong support for creating the western and domestic gold enterprises brand strategy. The national reserves of gold has an extremely important role.
Based on the analysis of internal and external environment of the company, established the company's strategic objectives, and will be listed as the preferred channel for companies to enter the capital market. Through the analysis of listed gold mining industry enterprises, research from the company's operations and strategic development perspective, seeking how to solve the assets and technology assessment and capital structure etc. key issues, so as to find out the key problems restricting the development of enterprises and puts forward the solution, to seek listing for the best.
In research methods, this paper adopts a case study method, analogy method, experience summary method. Combined with the work practice, their access to the state, province, region, county policies and relevant laws and regulations, research and Analysis on the internal data and due diligence, to adjust to the company's strategic development, so as to solve the key problems.
This paper is divided into five chapters in three parts, the first, second chapter is the first part, discusses the situation and development trend of gold, as well as the status and market distribution of the domestic gold industry and the large capacity of mineral company; the third chapter is the second part, the analysis and evaluation of the external environment and internal environment of mining; the fourth, fifth chapter the third part expounds the listed company strategy, points out the meeting listed on the preparatory work in the crux of the problem, and put forward the solutions and means of control.
The use of financial management of enterprise strategic management, this paper, the basic theory of capital theory, the basic theory of capital operation and asset restructuring as the basis, combined with my participation in the actual operation experience of indirect listing and the experience, the company listed in the process of work were summarized and deepened. The purpose of writing a hope to prepare the backdoor listing or running backdoor listing to help the company, on the other hand is to own in the case of a summary of the work, to guide in the work of listed companies.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F426.1;F832.51

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本文編號：1434224