【摘要】：本文首先在公司金融的框架下描述了財務困境公司股東與債權人分享公司價值的基本情況。包括公司價值的幾個構成部分，，一般不良債權估值的方法，中國上市公司特有的殼價值以及殼價值的理論和實務估算方法。接下來利用魯賓斯泰英的輪流出價模型對債權清償中債務人和股東的博弈進行分析，指出了影響均衡的主要因素及其現(xiàn)實對應意義。在實際案例部分，本文描述了五個具有代表性的上市公司債務重組（借殼上市）的案例，分別代表了凈殼/保殼上市、直接清償/債務承繼，分別代表了不同的重組（借殼）模式。在文章的最后，通過模型和實例的分析，總結了影響上市公司不良債權交易和估值的主要因素，以及本分析可以在其他有殼價值主體的違約債務/債券的清償上的應用。
[Abstract]:This paper first describes the basic situation in which shareholders and creditors share the value of a company in financial distress under the framework of corporate finance. It includes several components of company value, the valuation method of general non-performing debt, the unique shell value of listed companies in China, and the theoretical and practical estimation methods of shell value. Then the paper analyzes the game between debtor and shareholder in debt settlement by using Rubenstein's alternating bid model and points out the main factors that affect the equilibrium and its realistic significance. In the actual case section, this paper describes five typical cases of debt restructuring (backdoor listing) of listed companies, representing the shell / shell listing, direct liquidation / debt succession, They represent different recombination (shell lending) models. At the end of the paper, through the analysis of models and examples, this paper summarizes the main factors that affect the trading and valuation of non-performing debts of listed companies, and the application of this analysis to the repayment of defaulting debts / bonds of other shell value subjects.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F276.6;F832.51

【參考文獻】

相關期刊論文 前1條

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