本文選題：借殼上市 + 資產(chǎn)重組　； 參考：《中國海洋大學(xué)》2014年碩士論文

【摘要】：進(jìn)入資本市場不僅可以為公司快速融資，且融資成本較低，還能提高公司知名度。因此，上市融資成為很多公司發(fā)展到一定規(guī)模熱選的融資手段。目前，在我國資本市場上市有兩種途徑：其一為首次公開發(fā)行股票（IPO），另一種則為借殼上市。從被借殼方來講，借殼上市可以優(yōu)化上市公司資源配置，避免退市危機(jī)；從借殼方來講，借殼上市相比IPO更低的標(biāo)準(zhǔn)、更簡單的審批程序、更快的時間以及更低的成本等優(yōu)勢，使其成為很多想要進(jìn)入資本市場融資的企業(yè)選擇的手段。 隨著我國資本市場的發(fā)展，借殼上市先是被作為資產(chǎn)重組的一種手段被監(jiān)管，直到2011年有關(guān)借殼上市的標(biāo)準(zhǔn)才被正式界定，其相應(yīng)的監(jiān)管標(biāo)準(zhǔn)雖然與IPO趨同，但相對來說仍然較低。本文對從1998年第一部與借殼上市有關(guān)的監(jiān)管政策開始，對中國資本市場借殼上市監(jiān)管政策進(jìn)行了系統(tǒng)的梳理，并結(jié)合宏觀經(jīng)濟(jì)環(huán)境的變化加以總結(jié)和歸納其中的變化。2013年，證監(jiān)會發(fā)布《關(guān)于在借殼上市審核中嚴(yán)格執(zhí)行首次公開發(fā)行股票上市標(biāo)準(zhǔn)的通知》，明確提出借殼上市的標(biāo)準(zhǔn)與IPO等同，且不得在創(chuàng)業(yè)板借殼上市，借殼上市的標(biāo)準(zhǔn)越來越高，，越來越難。政策導(dǎo)向的明確，使得資本市場上很多想要通過借殼上市繞過IPO高標(biāo)準(zhǔn)監(jiān)管而進(jìn)入資本市場融資的企業(yè)開始研究現(xiàn)行監(jiān)管政策，從而出現(xiàn)不少繞道監(jiān)管、曲線借殼的案例。本文選取2013年政策公布后的兩組繞道借殼上市監(jiān)管紅線的重大重組案例進(jìn)行研究，一組為創(chuàng)業(yè)板上市公司天瑞儀器收購資產(chǎn)規(guī)模大于自身且盈利能力也遠(yuǎn)超自身的公司——宇星科技，通過對重組方案的設(shè)計(jì)，巧妙的規(guī)避了借殼上市的標(biāo)準(zhǔn)，進(jìn)一步規(guī)避了2013年新出臺的“不得在創(chuàng)業(yè)板借殼上市”的政策，其最終有可能規(guī)避借殼上市的監(jiān)管而實(shí)現(xiàn)借殼上市的實(shí)質(zhì)目的，另一組案例則為巨化集團(tuán)收購主板上市公司菲達(dá)環(huán)保，并完成對菲達(dá)環(huán)保注入資產(chǎn)，通過對重組方案的設(shè)計(jì)，也達(dá)到了規(guī)避借殼上市的標(biāo)準(zhǔn)，最終規(guī)避借殼上市等同IPO標(biāo)準(zhǔn)的監(jiān)管。 借殼上市有利于打通資本市場籌資渠道、優(yōu)化資本市場資源配置、加速確立現(xiàn)代企業(yè)制度，有利于深化我國經(jīng)濟(jì)體制改革，促進(jìn)資本市場發(fā)展，但其存在也有一定的風(fēng)險性，如果不好好加以監(jiān)管，會給資本市場帶來較嚴(yán)重的負(fù)面影響。通過對案例的分析，可以看出，如果借殼上市標(biāo)準(zhǔn)與IPO標(biāo)準(zhǔn)等同是加強(qiáng)我國資本市場建設(shè)的必然趨勢，那么目前我國對于借殼上市的監(jiān)管是存在很多漏洞的。借殼上市監(jiān)管政策的完善是市場發(fā)展的需要，也是必然的。本文通過分析總結(jié)，指出相應(yīng)的監(jiān)管漏洞，并進(jìn)一步為監(jiān)管部門加強(qiáng)對借殼上市監(jiān)管政策的完善提出相應(yīng)建議。
[Abstract]:Entering the capital market not only can raise funds quickly, but also can raise the company's popularity.Therefore, listed financing has become a hot financing means for many companies to develop to a certain scale.At present, there are two ways to go public in China's capital market: one is IPO and the other is backdoor listing.From the perspective of the backdoor side, the backdoor listing can optimize the allocation of resources of listed companies and avoid the crisis of delisting. From the perspective of the backdoor side, the backdoor listing has the advantages of lower standards, simpler approval procedures, faster time and lower cost than IPO.Make it a means of choice for many companies that want to enter the capital market for financing.With the development of China's capital market, backdoor listing was first regulated as a means of asset restructuring, and only in 2011 did the standards of backdoor listing be formally defined. The corresponding regulatory standards are similar to IPO.But it is still relatively low.Starting from the first regulatory policy related to backdoor listing in 1998, this paper systematically combs the regulatory policy of backdoor listing in China's capital market, and sums up and summarizes the changes in this policy in light of the changes in the macroeconomic environment.The CSRC has issued a notice on the strict implementation of the standards of initial public offering (IPO) in the review of backdoor listing. It has clearly pointed out that the standard of backdoor listing is identical to that of IPO, and that it is not allowed to list on the gem through backdoor listing, and the standards of backdoor listing are becoming higher and higher.It's getting harder and harder.The clear orientation of the policy makes many enterprises in the capital market begin to study the current regulatory policies by bypassing the high standard supervision of IPO through backdoor listing, which leads to a lot of cases of circumvention and backdoor borrowing.In this paper, two groups of major recombination cases of red line of backdoor listing after the policy announcement in 2013 were selected to study.A group of companies whose assets are larger than themselves and whose profitability is far higher than their own companies are listed on the gem. Through the design of the reorganization scheme, they skillfully circumvented the standard of backdoor listing.Further circumventing the new policy of "not to be listed on the gem" issued in 2013, which may eventually circumvent the regulation of backdoor listing and achieve the substantive purpose of backdoor listing,In another group of cases, the Juhua Group acquired Fida Environmental Protection, a listed company on the main board, and completed the injection of assets into Fida's environmental protection. Through the design of the reorganization plan, it also reached the standard of avoiding backdoor listing.The ultimate evasion of backdoor listing equivalent to the supervision of IPO standards.Backdoor listing is conducive to opening up the channels of capital market financing, optimizing the allocation of capital market resources, accelerating the establishment of modern enterprise system, deepening the reform of China's economic system, and promoting the development of the capital market, but its existence also has certain risks.If not properly regulated, will bring more serious negative impact on the capital market.Through the analysis of cases, we can see that if the standards of backdoor listing and IPO standards are the inevitable trend of strengthening the construction of capital market in China, there are many loopholes in the supervision of backdoor listing in our country at present.It is necessary and necessary for market development to perfect the supervision policy of backdoor listing.Based on the analysis and summary, this paper points out the corresponding regulatory loopholes, and further puts forward some suggestions for the regulatory authorities to strengthen the improvement of the supervision policy of backdoor listing.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F276.6

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