本文關(guān)鍵詞： 控股權(quán)轉(zhuǎn)移 定向增發(fā) 案例分析　出處：《沈陽(yáng)工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自2016年重組新規(guī)發(fā)布以來(lái),傳統(tǒng)的借殼途徑受到阻礙。不少上市公司通過(guò)股權(quán)協(xié)議轉(zhuǎn)讓來(lái)實(shí)現(xiàn)上市公司的控制權(quán)變更,然后進(jìn)行下一步的資本運(yùn)作。協(xié)議轉(zhuǎn)讓成為非上市企業(yè)的另類借“殼”方式,股權(quán)轉(zhuǎn)讓概念受到市場(chǎng)熱捧。上市公司控股股東轉(zhuǎn)讓控股權(quán)的案例越來(lái)越多,大連友誼(000679)亦是因?yàn)槭苤亟M新規(guī)的影響,終止了定向增發(fā)購(gòu)買資產(chǎn)并配套募集資金的事項(xiàng),轉(zhuǎn)而協(xié)議轉(zhuǎn)讓了控股權(quán)。論文闡述了控股權(quán)轉(zhuǎn)移和定向增發(fā)的相關(guān)理論,對(duì)大連友誼(股票代碼:000679)控股權(quán)轉(zhuǎn)移案例進(jìn)行了相應(yīng)的介紹。在此基礎(chǔ)上,對(duì)大連友誼控股權(quán)轉(zhuǎn)移案例進(jìn)行相關(guān)分析,分別從第一次轉(zhuǎn)移、第二次轉(zhuǎn)移、第三次轉(zhuǎn)移的具體情況進(jìn)行了剖析。首先,分析了大友誼定向增發(fā)的目的、對(duì)象、定價(jià)、優(yōu)缺點(diǎn)及其失敗的原因。其次,分析了大連友誼協(xié)議轉(zhuǎn)讓控股權(quán)的原因、目的、對(duì)象、定價(jià)及優(yōu)缺點(diǎn)。然后,對(duì)大連友誼控股權(quán)轉(zhuǎn)移后轉(zhuǎn)讓子公司股權(quán)的原因及影響進(jìn)行了相關(guān)分析。最后,對(duì)比分析了第一次與第二次轉(zhuǎn)移以后的股權(quán)結(jié)構(gòu)與市場(chǎng)反應(yīng)。從而得出啟示:通過(guò)控股權(quán)轉(zhuǎn)移可以實(shí)現(xiàn)企業(yè)轉(zhuǎn)型;以退為進(jìn)是企業(yè)謀求轉(zhuǎn)型的一種策略;控股權(quán)的高溢價(jià)轉(zhuǎn)讓是控股權(quán)轉(zhuǎn)移的特征之一。這對(duì)于未來(lái)上市公司在實(shí)踐中選擇控股權(quán)轉(zhuǎn)移的方案和未來(lái)學(xué)者對(duì)控股權(quán)轉(zhuǎn)移的案例研究,具有參考借鑒意義。
[Abstract]:Release since the 2016 reorganization of new regulations, the traditional way of backdoor blocked. The number of listed companies through equity transfer agreement to achieve the control of listed company changes, and then proceed to the next stage of the capital operation. The transfer agreement of non listed companies become the offbeat "shell", the concept of share transfer touted by the market more and more cases listed. The transfer of a controlling stake in the controlling shareholder of the company, Dalian friendship (000679) is also affected by the new regulations for restructuring, termination of the placement of items purchased assets and raise matching funds, to transfer a controlling stake. This paper expounds the related theory of equity transfer and control of the private placement of Dalian friendship (Stock Code: 000679) transfer of control case are introduced. On this basis, the Dalian friendship transfer of control case analysis, respectively, from the first shift, second Transfer of specific circumstances of the third transfer is analyzed. Firstly, analysis of the friendship of private placement, object, pricing, advantages and disadvantages and the reasons for its failure. Secondly, analyzes the reasons, Dalian friendship agreement transfer of a controlling stake in the purpose, object, pricing and its advantages and disadvantages. Then, the reason and the influence on Dalian friendship transfer of control after the transfer of equity interests in subsidiaries are analyzed. Finally, comparison and analysis of the first reaction and second times after the transfer of ownership structure and market. In order to draw inspiration: enterprises can achieve transformation through the transfer of control; retreat is the enterprise seeks a strategy transformation; high premium transfer of ownership is one of the characteristics of the controlling right transfer. This is the future of the listed companies choose scheme of controlling right transfer and future scholars in the practice of case study on the transfer of control, has the reference significance.

【學(xué)位授予單位】：沈陽(yáng)工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F299.233.4

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