發(fā)布時(shí)間：2018-05-12 09:16

  本文選題：證券公司 + 借殼上市��； 參考：《石河子大學(xué)》2017年碩士論文

【摘要】：隨著我國資本市場的發(fā)展,證券公司也隨之發(fā)展壯大,已成為資本市場的重要力量。為了擴(kuò)大市場份額,增強(qiáng)持續(xù)盈利能力,提高核心競爭力,越來越多的證券公司把目光投向資本市場。然而,證券行業(yè)IPO上市障礙難以逾越:證監(jiān)會(huì)對申請IPO上市的證券公司審核嚴(yán)格、證券行業(yè)自身限制較多等。受以上原因,截止2015年8月A股市場上市的24家證券近半數(shù)都是通過借殼而成功上市。由此,證券行業(yè)多半通過借殼進(jìn)入資本市場,為本文的創(chuàng)作提供了依據(jù)。本文從描述性統(tǒng)計(jì)和案例相結(jié)合的方法著手,著重從證券行業(yè)的整個(gè)行業(yè)特征和海通證券個(gè)案在借殼上市中所表現(xiàn)出來的特征進(jìn)行分析。與此同時(shí),結(jié)合了券商行業(yè)的特征,著重從借殼方、讓殼方、以及借殼上市中時(shí)間、地域的選擇進(jìn)行分析其總體特征,揭示在整個(gè)借殼過程中存在的規(guī)律。在分析證券行業(yè)借殼上市總體情況的基礎(chǔ)上,本文針對海通證券借殼都市股份的典型案例,仔細(xì)剖析其借殼上市動(dòng)因與上市的績效情況。研究發(fā)現(xiàn),海通證券在借殼動(dòng)因方面存在以下原因。選擇借殼上市一方面因?yàn)镮PO困難重重,為了拓寬融資渠道,直接在證券市場上進(jìn)行融資、另一方面則是為了健全現(xiàn)代企業(yè)制度,完善法人治理結(jié)構(gòu)的同時(shí)也得到了當(dāng)?shù)卣拇罅χС�。海通證券借殼上市之后,海通證券原股東獲得高資產(chǎn)評估增值率;原有股東在短期財(cái)富方面實(shí)現(xiàn)了迅速累積,但中長期財(cái)富卻出現(xiàn)明顯下降趨勢;通過對公司(600837)財(cái)務(wù)數(shù)據(jù)進(jìn)行分析,發(fā)現(xiàn)海通證券上市后財(cái)務(wù)績效出現(xiàn)明顯好轉(zhuǎn)。通過對海通證券借殼上市分析得出如下結(jié)論:證券公司在借殼上市中要以自身實(shí)際情況為依據(jù),,爭取主動(dòng)獲取優(yōu)質(zhì)的殼資源,讓公司整個(gè)業(yè)務(wù)上市,做好和當(dāng)?shù)卣臏贤üぷ?并盡量選取優(yōu)質(zhì)資產(chǎn),以增強(qiáng)定價(jià)能力和品牌形象。
[Abstract]:With the development of China's capital market, securities companies have become an important force in the capital market. In order to expand market share, enhance sustainable profitability and improve core competitiveness, more and more securities companies are looking to the capital market. However, it is difficult to overcome the obstacles of IPO listing in the securities industry: the Securities Regulatory Commission (CSRC) strictly reviews the securities companies applying for the IPO listing, and the securities industry itself has more restrictions. As a result, nearly half of the 24 securities listed in the A-share market as of August 2015 were listed successfully through backdoor lending. As a result, the securities industry through the shell into the capital market, for the creation of this paper provides the basis. This paper begins with the method of combining descriptive statistics and case studies, focusing on the characteristics of the whole industry of the securities industry and the characteristics of the Haitong securities case in the backdoor listing. At the same time, combined with the characteristics of the securities industry, the emphasis is from the shell side, as well as the backdoor listing time, regional selection to analyze its overall characteristics, to reveal the existence of the law in the whole process of shell lending. Based on the analysis of the general situation of backdoor listing in securities industry, this paper analyzes the motivation and performance of backdoor listing of Haitong Securities. The study found that Haitong Securities in the shell of the reasons for the existence of the following reasons. On the one hand, the reason for choosing backdoor listing is that IPO has many difficulties. In order to widen the financing channels and directly finance in the securities market, on the other hand, it is to improve the modern enterprise system. Perfect legal person management structure also got the strong support of local government at the same time. After the backdoor listing of Haitong Securities, the original shareholders of Haitong Securities obtained a high appreciation rate of assets evaluation, the original shareholders achieved a rapid accumulation of short-term wealth, but the medium- and long-term wealth showed an obvious downward trend. By analyzing the financial data of the company, we find that the financial performance of Haitong Securities has improved obviously after listing. Through the analysis of the backdoor listing of Haitong Securities, the following conclusions are drawn: in the course of backdoor listing, the securities companies should take their own actual conditions as the basis, strive for the initiative to obtain high-quality shell resources, so that the whole business of the company can be listed on the market. Communicate well with local government and select high-quality assets to enhance pricing power and brand image.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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