本文選題：借殼上市　切入點：分眾傳媒　出處：《吉林財經大學》2017年碩士論文　論文類型：學位論文

【摘要】：近年來,美股估值偏低,而國內資產市場釋放利好信號,很多中概股公司選擇回歸A股,而借殼上市則是一個主要的回歸渠道。但2016年后隨著政策相應的更改、緊縮,中概股回歸A股市場出現暫停狀況,但只是相關問題得到規(guī)范的一個過程,并不是回歸A股之路走不通,未來還是有很多符合條件的企業(yè)選擇回歸的,分眾傳媒作為近年來規(guī)模最大的回歸A股的成功案例,還是具有一定借鑒的地方,本文就是在此背景下進行描述的。本文第一部分為引言,主要介紹一下研究背景,研究內容及意義,創(chuàng)新點及國內外的研究綜述;第二章為相關的理論介紹,首先從行業(yè)角度、支付購買價款方式、并購企業(yè)行為三個角度介紹并購相關的理論知識,然后介紹了借殼上市的含義及借殼上市的動因、過程中的資本運作,最后介紹了殼資源概念并且闡述國際上殼資源的分類,即“實殼”公司、“空殼”公司和“凈殼”公司三種;第三章主要是案例的介紹,包括案例背景,交易雙方分眾傳媒、七喜控股各自的基本情況及動因,借殼上市交易過程和結果,本文中的案例為分眾傳媒借殼七喜控股上市,回歸A股,交易過程包括重大資產置換、發(fā)行股份和支付現金購買資產、發(fā)行股份配套募集資金。借殼上市的結果為交易完成后江南春成為實際控制人,七喜控股的主營業(yè)務變成廣告行業(yè);第四章對案例進行了分析,主要分析了交易中資產置換、發(fā)行股份、現金支付三種支付手段及交易過程中存在的風險,并與采取并購回歸A股方式的學大教育進行對比分析;第五章主要介紹本文的結論與不足。分眾傳媒借殼上市作為一個成功的案例,在支付手段選擇及現金支付比例的選擇上都有一定的可借鑒意義,但其中也存在一定風險,上市交易過程完成后,七喜控股轉型主營業(yè)務,是否能達到預期,也需要后期的整合。
[Abstract]:In recent years, US stocks have been undervalued, and the domestic asset market has sent a good signal that many Chinese companies have chosen to return to A shares, while backdoor listing is a major channel of return. But after 2016, as the policy changed accordingly, it tightened. The return of Chinese stocks to the A-share market has been suspended, but it is only a process in which related issues have been standardized. It is not that there is no way to return to A-shares. In the future, there are still many eligible enterprises that choose to return. As the largest successful case of returning to A shares in recent years, focus Media still has some references. This paper is described in this context. The first part of this paper is an introduction, mainly introduces the research background. Research content and significance, innovation points and domestic and foreign research overview. Chapter two is related theoretical introduction, first from the perspective of the industry, the way to pay the purchase price, M & A enterprise behavior to introduce the theory of M & A related knowledge, Then it introduces the meaning of backdoor listing, the motivation of backdoor listing and the capital operation in the process. Finally, it introduces the concept of shell resources and expounds the classification of international shell resources, that is, "real shell" company, "empty shell" company and "net shell" company. The third chapter mainly introduces the case, including the case background, the focus media of both parties, the basic situation and motivation of Qixi holding, the process and result of the backdoor listing, the case of this paper is the case of the focus media through the shell. Returning to A shares, the trading process includes the replacement of major assets, the issuance of shares and the payment of cash to buy assets, and the issuance of matching shares to raise funds. As a result of the backdoor listing, Jiang Nanchun became a de facto controller after the completion of the transaction. The main business of Qixi Holdings has become the advertising industry. Chapter 4th analyzes the cases, mainly analyzes the three payment means of asset exchange, issuing shares, cash payment and the risks in the course of the transaction. Chapter 5th mainly introduces the conclusions and shortcomings of this paper. Focus Media backdoor listing as a successful case, The selection of payment means and the selection of cash payment ratio have certain reference significance, but there are also some risks. After the completion of the listing and trading process, after the completion of the trading process, after the completion of the trading process, whether or not the main business in the transition of the 7-Up holding company can meet the expectations. It also requires late consolidation.
【學位授予單位】：吉林財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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