本文選題：殼資源 + 借殼上市　； 參考：《上海交通大學(xué)》2012年碩士論文

【摘要】：企業(yè)通過上市可以解決企業(yè)發(fā)展所需要的資金，為公司的持續(xù)發(fā)展獲得穩(wěn)定的長期的融資渠道，并借此可以形成良性的資金循環(huán)；可以提高知名度，獲得品牌效應(yīng)，積聚無形資產(chǎn)；還可以享有政策支持，提高公司行業(yè)競爭力。這使得我國很多企業(yè)都渴望通過上市敲開證券市場的大門。但是，由于我國上市條件和政策限制，，很多企業(yè)無法通過首次公開募股進(jìn)行上市，極大制約了企業(yè)的發(fā)展。因此，殼公司就成了證券市場中的稀缺性資源，很多條件有限的企業(yè)，只能選擇借殼方式實(shí)現(xiàn)上市，從而能夠較快的引入金融資本補(bǔ)充企業(yè)原本規(guī)模有限的產(chǎn)業(yè)資本。 借殼上市第一步要選擇一個(gè)好的“殼”，即凈殼公司，然后通過實(shí)施收購和資產(chǎn)重組后，發(fā)行新股，達(dá)到間接上市的目的。其中的核心是殼公司和擬注入資產(chǎn)的價(jià)值估值。借殼上市中定價(jià)問題涉及兩個(gè)層面，一個(gè)是殼資源的定價(jià)，另一個(gè)是擬注入資產(chǎn)的定價(jià)。目前，由于借殼的界定在學(xué)界還不統(tǒng)一，加之市場中借殼上市行為的千差萬別，殼資源的定價(jià)問題是一個(gè)很復(fù)雜的問題，也是一個(gè)尚未形成統(tǒng)一意見的課題。擬注入資產(chǎn)的定價(jià)方法也很難得到統(tǒng)一，傳統(tǒng)方法有它的局限性，新方法的可操作性又不強(qiáng)。因此，借殼上市中定價(jià)問題成了證券市場上熱點(diǎn)。 本文首先梳理了借殼上市相關(guān)理論與文獻(xiàn)綜述，界定了殼資源、殼公司、借殼上市等基本概念，分析了我國殼資源的價(jià)值走向，描述了借殼上市所涉及到的一些常用的定價(jià)方法，并簡要描述了一種新的定價(jià)方法——實(shí)物期權(quán)定價(jià)方法以供參考，通過國海證券和新太科技借殼上市方案進(jìn)一步探討了定價(jià)方法。 作者希望通過本文的研究，能對我國目前借殼上市的定價(jià)問題有一個(gè)清晰明確的認(rèn)識，能對我國證券市場的業(yè)內(nèi)人士和從事借殼上市研究的學(xué)者提供有益的幫助。
[Abstract]:Through listing on the market, enterprises can solve the funds needed for the development of enterprises, obtain stable long-term financing channels for the sustainable development of the company, and thus form a virtuous capital cycle; they can increase their visibility and gain brand effects. Accumulation of intangible assets; can also enjoy policy support to improve the competitiveness of the company industry. This makes many enterprises eager to open the door of the securities market through listing. However, due to the listing conditions and policy constraints, many enterprises can not go public through IPO, which greatly restricts the development of enterprises. Therefore, shell companies have become the scarce resources in the securities market. Many enterprises with limited conditions can only choose the backdoor way to realize listing, and thus can quickly introduce financial capital to supplement the original limited industrial capital of enterprises. The first step of backdoor listing is to select a good "shell", that is, a net shell company, and then to issue new shares through the implementation of acquisition and asset restructuring, so as to achieve the purpose of indirect listing. The core of this is the shell company and the valuation of the value of the assets to be injected. The pricing of backdoor listing involves two aspects, one is the pricing of shell resources and the other is the pricing of assets to be injected. At present, because the definition of shell borrowing is not uniform in academic circles, and the behavior of shell listing is different in the market, the pricing of shell resources is a very complicated problem, and it is also a subject that has not yet formed a unified opinion. It is difficult to unify the pricing method of assets to be injected. The traditional method has its limitations and the new method is not feasible. Therefore, the issue of pricing in backdoor listing has become a hot spot in the securities market. This paper first combs the theory and literature review of shell listing, defines shell resources, shell companies, shell listing and other basic concepts, analyzes the value trend of shell resources in China. This paper describes some common pricing methods involved in backdoor listing, and briefly describes a new pricing method-real option pricing method for reference. Through Guohai Securities and New Pacific Technology backdoor listing scheme to further explore the pricing method. The author hopes that through the research in this paper, we can have a clear understanding of the pricing problem of backdoor listing in our country at present, and can provide beneficial help to the people in the industry of securities market and the scholars engaged in the research of backdoor listing in our country.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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