本文選題：分拆上市　切入點：償債　出處：《遼寧大學》2017年碩士論文　論文類型：學位論文

【摘要】：由于新三板掛牌要求相對主板比較寬松,眾多上市公司出于拓寬融資渠道、抵御惡意收購、增強公司競爭力及獲取最大化利潤等目的將子公司轉戰(zhàn)新三板。在我國上市公司分拆子公司掛牌新三板的數量激增且監(jiān)管也愈加嚴格的情況下,研究其對母公司及子公司日后的效益、財務、價值等影響就格外重要。本文從遼寧成大分拆子公司成大生物掛牌新三板案例的過程、之后的交易、分拆過程中存在的問題及新三板市場的不足等角度切入,深刻分析了上市公司分拆子公司掛牌新三板所將給母公司及子公司帶來的償債、運營、盈利、發(fā)展能力以及同行業(yè)之間的影響,得出上市公司在合法合規(guī)的情況下積極根據政策分拆發(fā)展前景較好的子公司在新三板掛牌不僅會為子公司帶來專業(yè)的管理、資金的籌集等方面的便利;也會為母公司帶來財務方面的促進,從而實現優(yōu)化資源配置、母子公司共贏的局面,但也可能會給上市公司帶來抗風險能力降低、產生關聯(lián)交易等隱患。本文從對遼寧成大分拆成大生物的深入分析得出母公司分拆子公司掛牌新三板總體是利大于弊,會促進資金融通及專業(yè)化發(fā)展的進步,同時發(fā)現新三板市場的一些不足,為日后的監(jiān)管部門及上市公司分拆掛牌的流程操作給出了一些建議,如在分拆過程中要注意政策的時效性、改進交易制度、嚴格控制關聯(lián)交易并吸引投資者的興趣等,可供上市公司進行參考。
[Abstract]:As the listing requirements of the new third board are relatively loose relative to the main board, many listed companies are trying to widen their financing channels and resist hostile acquisitions. In order to enhance the competitiveness of the company and maximize profits, the subsidiary companies will be transferred to the new third board. With the increase in the number of new third boards listed by listed companies in China, the number of new boards listed by their subsidiaries has increased and the supervision has become more stringent. It is particularly important to study its impact on the future benefits, finance, and value of the parent company and its subsidiaries. The problems existing in the process of splitting up and the deficiency of the new third board market are analyzed deeply, and the debt service, operation and profit that the listed company will bring to the parent company and its subsidiary companies when listed in the new three boards are deeply analyzed. With the development of ability and the influence of the same industry, it is concluded that the listed companies actively split up and develop their subsidiaries in the new third board according to the policy in accordance with the legal compliance, which will not only bring professional management to the subsidiaries. The convenience of raising funds will also bring financial promotion to the parent company, so as to optimize the allocation of resources and the win-win situation between parent and subsidiary companies, but it may also bring less risk resistance to listed companies. Related party transactions and other hidden dangers. Based on the in-depth analysis of Liaoning Chengda split into big creatures, this paper concludes that the total advantages of the new third board listed by the parent company are greater than the disadvantages, which will promote the progress of capital financing and professional development. At the same time, we find some shortcomings of the new third board market, and give some suggestions for the future process of the supervision department and listed companies to split and list, for example, we should pay attention to the timeliness of the policy and improve the trading system in the process of splitting. Strictly control related party transactions and attract the interest of investors, for listed companies to refer to.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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本文編號：1584433