本文關(guān)鍵詞：國金證券借殼上市案例分析　出處：《遼寧大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 借殼上市 事件分析 并購績效 重組法規(guī)

【摘要】：1979年改革開放以來，中國經(jīng)濟取得了長足的發(fā)展。伴隨著經(jīng)濟的發(fā)展，不斷的擴展融資方式加強自身競爭力是企業(yè)整個經(jīng)營周期要持續(xù)考慮的問題之一，也是企業(yè)生存發(fā)展的關(guān)鍵。在經(jīng)濟危機的大背景下，競爭環(huán)境日趨激烈，企業(yè)對于融資的需求就更加迫切。借殼上市作為并購重組的方式之一，由于其上市門檻低、審核周期短等特點，引起了公司和研究者的極大關(guān)注。借殼上市對于殼公司和擬借殼公司雙發(fā)究竟會帶來哪些影響，借殼上市究竟會不會改善公司的經(jīng)營狀況帶來股東權(quán)益的增值都是值得我們研究的問題。 本文以國金證券借殼成都建投上市的案例為基礎(chǔ)。首先，對國金證券借殼上市的相關(guān)背景以及本論文的結(jié)構(gòu)框架、創(chuàng)新和不足進行了介紹。其次，對借殼重組過程中涉及到的相關(guān)概念和并購重組理論進行了說明，簡要介紹了該領(lǐng)域內(nèi)國內(nèi)外相關(guān)研究，為本文研究借殼上市提供相關(guān)的理論和方法上的支持。再次，本文就國金證券借殼成都建投上市過程進行了詳細的介紹，通過分析上市前后公司的財務(wù)數(shù)據(jù)，具體研究了借殼事件對成都建投原控股股東成都市國資委和國金證券實際控制方“涌金”的財富影響。得出如下結(jié)論，借殼上市并未導(dǎo)致成都市國資委所持有的國有資產(chǎn)的流失，反而成都市國資委所持有的資產(chǎn)通過該事件，獲得了很高的溢價。在數(shù)理分析方法，本文以事件分析方法為基礎(chǔ)，，通過引入資本資產(chǎn)定價模型和最小二乘曲線擬合等方法來分析借殼重組事件對于成都建投股票預(yù)期收益率和實際收益率造成的相關(guān)影響，通過對比借殼后成都建投股票的正常累計收益率和超額累計收益率，不難發(fā)現(xiàn)國金證券借殼事件對原上市公司成都建投的股價產(chǎn)生了積極的作用。最后，本文就如何完善公司借殼上市重組相關(guān)法規(guī)提出了一些建議，作為補充簡要討論了作為資本市場另一種融資手段首次公開發(fā)行（IPO）方式的優(yōu)缺點。
[Abstract]:Since the reform and opening up in 1979, Chinese economy has made great progress. With the development of economy, it is one of the problems that enterprises should consider continuously in the whole business cycle. Also is the key to the survival and development of enterprises. In the context of the economic crisis, the competition environment is becoming increasingly fierce, the demand for financing is more urgent. Backdoor listing as one of the ways of mergers and acquisitions. Because of its low listing threshold, short audit cycle and other characteristics, it has aroused great concern of companies and researchers. What impact does backdoor listing have on shell companies and prospective backdoor companies? It is worth studying whether backdoor listing will improve the operating condition of the company and bring about the value added of shareholders' rights and interests. This paper is based on the case of Guojin Securities backdoor listing in Chengdu. Firstly, it introduces the relevant background of Guojin Securities backdoor listing, as well as the structural framework, innovation and deficiency of this paper. Secondly. The related concepts and M & A theory involved in the process of backdoor restructuring are explained, and the domestic and foreign related research in this field is briefly introduced. This paper provides the relevant theoretical and methodological support for the research of backdoor listing. Thirdly, this paper introduces the process of Chengdu Construction and listing of Guojin Securities in detail, and analyzes the financial data of the company before and after listing. This paper specifically studies the influence of the shell borrowing event on the wealth of Chengdu Jiantuo former controlling shareholder Chengdu State assets Supervision and Administration Commission and the actual controlling party of Guojin Securities, "Yong Jin". The conclusions are as follows. Backdoor listing did not lead to the loss of state-owned assets held by the Chengdu SASAC, on the contrary, the assets held by the Chengdu SASAC obtained a very high premium through this event. This paper is based on the event analysis method. By introducing the capital asset pricing model and the least square curve fitting method to analyze the impact of the restructuring event on the expected and real return rate of Chengdu Construction Investment. By comparing the normal cumulative rate of return and the excess cumulative rate of return, it is not difficult to find that the backdoor event of Guojin Securities has a positive effect on the stock price of the original listed company Chengdu Construction Investment. This paper puts forward some suggestions on how to perfect the relevant laws and regulations of backdoor listing and reorganization of companies. As a supplement, this paper briefly discusses the advantages and disadvantages of IPO as another financing means in capital market.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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