本文選題：借殼上市 + 動因��； 參考：《廣州大學》2017年碩士論文

【摘要】：上市能為企業(yè)發(fā)展帶來諸多經(jīng)濟效益,例如:拓展融資渠道、提升品牌知名度、實現(xiàn)股東財富增值等,因此上市成為眾多企業(yè)追求和奮斗的目標,對于融資困難的民營企業(yè)來說更是如此。然而我國IPO要求嚴格,審批程序復雜,一些民營企業(yè)并不能達到IPO的硬性規(guī)定,因此借殼上市便成為企業(yè)實現(xiàn)上市的另一種途徑。IPO審核的多次暫停以及資本市場上殼資源的炒作也使得借殼上市行為更加活躍。雖然很多企業(yè)通過借殼成功上市,但也存在借殼失敗的案例,或者出現(xiàn)借殼成功后由于后續(xù)資源整合不善而未能實現(xiàn)公司績效提高等問題。在借殼上市的實際操作中,涉及很多關鍵環(huán)節(jié),例如:選擇什么樣的殼,運用什么樣的借殼模式,借殼上市后是否能為公司帶來績效的提高等,都是值得我們?nèi)パ芯亢瓦M一步去思考的問題。國軒高科是民營企業(yè)中的佼佼者,在自身發(fā)展和行業(yè)發(fā)展迅速的情況下,選擇借殼快速上市,從而實現(xiàn)擴大融資,提高品牌知名度,推動企業(yè)更快發(fā)展的目的。因此,本文選取國軒高科借殼上市為研究案例,通過理論梳理,明確借殼上市的定義,然后對國軒高科借殼上市的動因、交易模式、財務績效等方面進行深入分析。通過案例研究,本文從融資需求、IPO難度等五個方面總結出國軒高科借殼上市的動因;其次分析了其選擇殼公司時所考慮的因素;并運用事件研究法、財務指標法以及EVA分析法從其借殼上市后的短期市場反映、長期財務效應以及公司價值等方面研究了其借殼績效;最后總結了本文的研究結論:國軒高科借殼上市的動因有融資需求、IPO難度、行業(yè)發(fā)展狀況、宣傳效應以及政府扶持這五個方面,以及借殼上市也為國軒高科帶來了績效的提高;并且本文從企業(yè)借殼上市的殼公司選擇方面、借“實殼”或“凈殼”方面、后期資源整合以及政府作用這四個方面總結出一些建議,希望能為其他企業(yè)的借殼提供些許經(jīng)驗,使擬借殼企業(yè)不僅關注短期借殼效益,還更關注后期資源整合,以確保企業(yè)借殼上市后能夠實現(xiàn)可持續(xù)發(fā)展。
[Abstract]:Listing can bring a lot of economic benefits to the development of enterprises, such as: expand financing channels, enhance brand awareness, achieve shareholder wealth appreciation, etc., so listing has become the goal of many enterprises to pursue and strive for. For the financing difficulties of private enterprises, especially so. However, China's IPO requirements are strict and the examination and approval procedures are complex. Some private enterprises cannot meet the mandatory requirements of IPO. Therefore, backdoor listing has become another way for enterprises to realize listing. The multiple suspension of IPO audit and the speculation of shell resources in the capital market also make the behavior of backdoor listing more active. Although many enterprises have successfully listed through backdoor, there are still some cases of backdoor failure, or failure to improve corporate performance due to poor integration of subsequent resources after successful backdoor borrowing. In the practical operation of backdoor listing, many key links are involved, such as: what kind of shell to choose, what kind of shell mode to use, and whether it can improve the performance of the company after backdoor listing, and so on. Are worthy of our study and further thinking. Guoxuan Hi-tech is one of the best private enterprises. In the case of its own development and rapid development of the industry, it chooses to go public through backdoor quickly, so as to achieve the purpose of expanding financing, raising brand awareness and promoting the rapid development of enterprises. Therefore, this paper selects Guoxuan Hi-Tech backdoor listing as a case study, through theoretical combing, clear the definition of backdoor listing, and then in-depth analysis of the motivation, trading model, financial performance and other aspects of Guoxuan high-tech backdoor listing. Based on the case study, this paper summarizes the motivation of Xuan Gaoke's backdoor listing from five aspects, such as the financing demand and the difficulty of IPO. Secondly, it analyzes the factors that should be taken into account when choosing the shell company, and applies the event research method. The financial index method and EVA analysis study its backdoor performance from the aspects of short-term market reflection, long-term financial effect and company value. Finally, it summarizes the research conclusions of this paper: the motivation of Guoxuan backdoor listing is the difficulty of IPO, industry development, propaganda effect and government support, and the backdoor listing has also brought about the improvement of performance for Guoxuan Hi-tech; And this paper summarizes some suggestions from the aspects of shell company selection, "real shell" or "net shell", late resource integration and the role of government, hoping to provide some experience for other enterprises. In order to ensure the sustainable development after the backdoor listing, the enterprises not only pay attention to the short-term benefit of backdoor borrowing, but also pay more attention to the resource integration in the later stage.
【學位授予單位】：廣州大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F406.7;F426.6

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