發(fā)布時間：2018-04-03 04:06

  本文選題：借殼上市　切入點：中概股回歸　出處：《云南財經大學》2017年碩士論文

【摘要】：狹義的上市即首次公開募股Initial Public Offerings(IPO)指企業(yè)為了解決發(fā)展需要,在證券交易所首次公開向投資者發(fā)行股票籌集資金的過程。上市使企業(yè)可以獲得諸多發(fā)展優(yōu)勢,例如可以獲得直接融資渠道、提升企業(yè)估值、利于股東變現(xiàn)、增強企業(yè)品牌效應、促進企業(yè)現(xiàn)代化經營等。近30年來我國證券市場制度建設和整體容量的不斷發(fā)展,已經成為資金融通、資源優(yōu)化配置的重要平臺。然而受嚴格的新股發(fā)行條件約束,無論是以前的審批制,還是今后仍要實行一段時間的核準制,通過IPO獲得上市融資的資格都是一條非常困難的渠道。在IPO通道長期關閉、IPO排隊企業(yè)數(shù)目居高不下的情況下,“殼資源”因其購買成本相對IPO較低,更具政策操作性而受到資本市場的熱捧,通過買殼上市也是資本市場的焦點。企業(yè)借殼上市,不僅要考慮借殼過程中實際投入的成本,還要綜合評估公開發(fā)行上市的成本和政策因素,選擇合理的借殼方式[1]。殼資源的價格確定是一個很復雜的問題,在理論和實踐方面也沒有一個統(tǒng)一的結論。從股權分置改革完成開始,我國證券市場已經基本與國際市場接軌,股市規(guī)模居于世界第二,為我們研究殼資源成本定價問題創(chuàng)造了必要前提。本文梳理了我國股票市場的并購重組發(fā)展過程,重點分析了近十年來的借殼上市案例。通過對具有代表性的借殼上市案例進行分析,明確“殼資源”價格影響因素。力圖通過“殼資源定價區(qū)間”的概念,為殼公司買賣雙方提供一個較合理、適用的定價方法。
[Abstract]:In a narrow sense, Initial Public offerings (IPOs) refers to the process of raising funds by issuing stocks to investors in stock exchanges for the first time in order to meet the needs of development.Listing enables enterprises to obtain many development advantages, such as direct financing channels, enhance enterprise valuation, benefit shareholders to realize, enhance enterprise brand effect, promote enterprise modern management, and so on.In the past 30 years, the construction of securities market system and the continuous development of overall capacity in China have become an important platform for capital financing and resource optimization.However, restricted by the strict conditions of new stock issuance, no matter the previous examination and approval system, or still to implement the approval system for a period of time in the future, it is a very difficult channel to obtain the qualification of listing financing through IPO.With the long term closure of the IPO channel and the high number of listed companies, shell resources are popular in the capital market because of their lower purchase cost than IPO and more maneuverability of policies. Listing through the shell is also the focus of the capital market.In the process of backdoor listing, enterprises should not only consider the cost of actual input, but also comprehensively evaluate the cost and policy factors of public offering and listing, and choose a reasonable way to borrow backdoor [1].The price determination of shell resources is a very complicated problem, and there is no uniform conclusion in theory and practice.Starting from the completion of the reform of split share structure, the stock market of our country has basically been in line with the international market, and the scale of the stock market ranks second in the world, which creates a necessary premise for us to study the cost pricing of shell resources.This paper combs the development process of M & A in Chinese stock market, and analyzes the case of backdoor listing in recent ten years.By analyzing the typical case of backdoor listing, the paper clarifies the influencing factors of shell resource price.Through the concept of "shell resource pricing interval", this paper tries to provide a more reasonable and applicable pricing method for both buyers and sellers of shell companies.
【學位授予單位】：云南財經大學
【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：1703526