本文選題：借殼上市　切入點(diǎn)：分眾傳媒　出處：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：近年來(lái),美股估值偏低,而國(guó)內(nèi)資產(chǎn)市場(chǎng)釋放利好信號(hào),很多中概股公司選擇回歸A股,而借殼上市則是一個(gè)主要的回歸渠道。但2016年后隨著政策相應(yīng)的更改、緊縮,中概股回歸A股市場(chǎng)出現(xiàn)暫停狀況,但只是相關(guān)問(wèn)題得到規(guī)范的一個(gè)過(guò)程,并不是回歸A股之路走不通,未來(lái)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(lái)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(jìn)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?jī)?nèi)容及意義,創(chuàng)新點(diǎn)及國(guó)內(nèi)外的研究綜述;第二章為相關(guān)的理論介紹,首先從行業(yè)角度、支付購(gòu)買(mǎi)價(jià)款方式、并購(gòu)企業(yè)行為三個(gè)角度介紹并購(gòu)相關(guān)的理論知識(shí),然后介紹了借殼上市的含義及借殼上市的動(dòng)因、過(guò)程中的資本運(yùn)作,最后介紹了殼資源概念并且闡述國(guó)際上殼資源的分類(lèi),即“實(shí)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(dòng)因,借殼上市交易過(guò)程和結(jié)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(guò)程包括重大資產(chǎn)置換、發(fā)行股份和支付現(xiàn)金購(gòu)買(mǎi)資產(chǎn)、發(fā)行股份配套募集資金。借殼上市的結(jié)果為交易完成后江南春成為實(shí)際控制人,七喜控股的主營(yíng)業(yè)務(wù)變成廣告行業(yè);第四章對(duì)案例進(jìn)行了分析,主要分析了交易中資產(chǎn)置換、發(fā)行股份、現(xiàn)金支付三種支付手段及交易過(guò)程中存在的風(fēng)險(xiǎn),并與采取并購(gòu)回歸A股方式的學(xué)大教育進(jìn)行對(duì)比分析;第五章主要介紹本文的結(jié)論與不足。分眾傳媒借殼上市作為一個(gè)成功的案例,在支付手段選擇及現(xiàn)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(fēng)險(xiǎn),上市交易過(guò)程完成后,七喜控股轉(zhuǎn)型主營(yíng)業(yè)務(wù),是否能達(dá)到預(yù)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(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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