本文關鍵詞： 殼公司 殼資源 價值 影響因素　出處：《北京交通大學》2017年碩士論文　論文類型：學位論文

【摘要】：本文所指的殼公司是指借殼上市過程已經完成,已經成功被非上市公司借殼的上市公司,而未完成借殼上市過程的,只能說是一種殼資源或者是潛在的殼公司。在前人對于殼公司價值的研究基礎之上,充分考慮殼公司的特點,通過查閱文獻和調研等方法尋找對殼公司價值有影響的因素。依據因素特點,將這些因素的特點將其分為外部因素和內部因素,并且通過一定的統(tǒng)計方法對殼公司價值的影響因素進行實證分析,這些方法主要包括:主成分分析、獨立樣本T檢驗、單因素方差分析、相關分析、回歸分析,最終找出了影響殼公司價值的主要因素和各個因素的影響程度。研究發(fā)現:(1)影響殼公司價值的因素主要有是否為國有企業(yè)、第一大股東持股比例、每股凈資產,其中,是否為國有企業(yè)對它的影響最大,其次為第一大股東的持股比例,最后為每股凈資產。就變動方向而言,每股凈資產、第一大股東持股比例與殼公司價值呈正方向變動,國有殼公司的價值較低:每股凈資產越高,賣殼方在重組后可利用的資產就相對更多,凈資產也是交易定價的一個重要依據;國有企業(yè)殼公司的價值較低是因為為了避免國有資產的流失,借殼方在借殼時通常會受到很多限制,未來借殼成功后后續(xù)的融資過程可能受到的監(jiān)管力度也會更大,需求相對較小;第一大股東持股比例越高,借殼方的溝通成本會下降,同時一旦贏得大股東的支持后,后續(xù)的并購事宜進行的也會更加順利,這一切都會促使更多的借殼方選擇此類殼公司,需求的提高會促進其價值的提高。除此之外,受到每股凈資產的影響,審計意見也會間接影響殼公司價值。(2)GDP、原有融資渠道的變化、融資渠道的拓展、借殼監(jiān)管政策、大盤指數、殼公司是否為ST公司、流通股比例、資產負債率、現金比率、凈資產收益率對殼公司價值影響不顯著。從需求角度來看,原有融資渠道的變化、融資渠道的拓展、借殼監(jiān)管政策、大盤指數對殼公司價值影響較小是因為上市有利于殼公司更好的融集資本,因此非上市公司無論這些條件如何變化,還是會愿意選擇借殼上市。而流通股比例并不是已成不變的,非上市公司在借殼后可以選擇增發(fā)股票的方式消除這一影響,現金比率對殼公司價值不顯著是因為殼公司通常會將上市公司的原有資產置出。從殼公司特點來看,資產負債率、凈資產收益率對殼公司價值的影響不顯著可能是因為殼公司之間的差異較小。從供給角度來看,殼公司是否為ST公司對殼公司的價值影響不顯著可能是因為由于我國目前制度的限制,ST公司對于被借殼的需求并不是很強,它可以通過其他途徑引入優(yōu)質資產。
[Abstract]:The shell company referred to in this article refers to the listed company that has completed the process of backdoor listing and has been successfully backed by the non-listed company, but has not completed the process of backdoor listing. It can only be said to be a shell resource or a potential shell company. On the basis of previous studies on the value of shell companies, fully consider the characteristics of shell companies. According to the characteristics of the factors, these factors can be divided into external factors and internal factors. And through a certain statistical methods to the shell company value of empirical analysis, these methods mainly include: principal component analysis, independent sample T-test, single-factor variance analysis, correlation analysis, regression analysis. Finally find out the main factors that affect the value of shell companies and the degree of influence of each factor. The study found that the main factors affecting the value of shell companies are whether state-owned enterprises, the largest shareholder shareholding ratio. Net assets per share, of which, whether state-owned enterprises have the greatest impact on it, followed by the largest shareholder holding ratio, and finally net assets per share. In terms of direction of change, net assets per share. The value of the state-owned shell company is lower: the higher the net assets per share, the more assets the shell seller can use after the reorganization. Net assets are also an important basis for transaction pricing; The value of state-owned shell companies is low because in order to avoid the loss of state-owned assets, backdoor companies are often subject to many restrictions. The future successful backdoor financing process may be subject to greater supervision, demand is relatively small; The higher the shareholding ratio of the first largest shareholder, the lower the communication costs of the backdoor side, and once the majority shareholder support, the subsequent M & A will be more smooth. All this will encourage more backdoor parties to choose such shell companies, and higher demand will boost their value. In addition, it will be affected by net assets per share. The audit opinion will also indirectly affect the value of shell company. GDP. the change of original financing channel, the expansion of financing channel, the policy of backdoor supervision, the index of market, whether the shell company is St company or not, the proportion of circulating shares. From the point of view of demand, the change of original financing channels, the expansion of financing channels, the supervision policy of backdoor borrowing. The impact of the index on the value of shell companies is small because listing is good for shell companies to better pool capital, so the non-listed companies no matter how these conditions change. Still will be willing to choose backdoor listing. And the proportion of outstanding shares is not already unchanged, the non-listed companies can choose to issue additional stocks after the backdoor to eliminate this impact. The cash ratio to the value of shell companies is not significant because shell companies usually put out the original assets of listed companies. From the characteristics of shell companies, asset-liability ratio. The impact of ROE on the value of shell companies may not be significant because the differences between shell companies are small. From the point of view of supply. Whether the shell company is the St company has no significant impact on the value of the shell company because of the restriction of the current system in our country, the demand for the shell company is not very strong. It can introduce quality assets in other ways.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F275

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本文編號：1487138