本文選題：借殼上市　切入點(diǎn)：分拆上市　出處：《遼寧大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：當(dāng)今大資本大數(shù)據(jù)的時(shí)代,融資問(wèn)題對(duì)于企業(yè)來(lái)說(shuō)至關(guān)重要。上市是企業(yè)進(jìn)行股權(quán)融資的重要手段,歷來(lái)受到企業(yè)的青睞。而借殼上市作為IPO外的另一種特殊上市方式,近年來(lái)獲得了很多因種種原因未能首發(fā)上市公司的青睞。借殼上市方式的廣泛采用引起了學(xué)界的廣泛關(guān)注。殼公司擁有了補(bǔ)充的資產(chǎn)和新業(yè)務(wù)方向,無(wú)論是經(jīng)營(yíng)范圍還是管理理念上,都能夠推陳出新,財(cái)務(wù)困境得以擺脫;借殼公司正式步入資本市場(chǎng),得以擁有廣闊的融資平臺(tái)。理論上,通過(guò)與殼公司的重組的方式借殼上市,成為公司實(shí)現(xiàn)公開(kāi)募股的可取途徑。正因?yàn)榻铓ど鲜袇^(qū)別于首次公開(kāi)募股的特殊性,借殼上市相關(guān)的問(wèn)題應(yīng)運(yùn)而生。不論是殼公司的選擇、并購(gòu)雙方的動(dòng)因還是借殼上市的績(jī)效,都是值得進(jìn)行廣泛探討與深入研究的問(wèn)題。本文選取神州數(shù)碼分拆神州信息借殼*ST太光上市的案例,多角度描述了借殼上市的過(guò)程、深入探究了借殼上市的動(dòng)因、客觀分析了借殼上市的績(jī)效等。作為我國(guó)H股分拆回歸A股的第一例,神州信息案例具有開(kāi)創(chuàng)性。本文在案例介紹部分介紹了案例雙方的背景及交易方案。在案例分析部分又分為四部分。在分拆借殼動(dòng)因部分,按照邏輯關(guān)系,首先從財(cái)務(wù)角度、估值角度和經(jīng)營(yíng)戰(zhàn)略角度對(duì)神州數(shù)碼分拆神州信息的原因進(jìn)行了分析;其次根據(jù)A股和H股上市比較分析分拆選擇在A股上市的原因;再次通過(guò)比較IPO和借殼上市方式分析神州信息借殼上市的原因;最后對(duì)選擇*ST太光作為殼資源的原因進(jìn)行闡述。在對(duì)價(jià)支付方式選擇部分,根據(jù)交易雙方所處的財(cái)務(wù)環(huán)境,分析采用股份支付方式的優(yōu)點(diǎn)。在借殼上市的績(jī)效部分,運(yùn)用會(huì)計(jì)指標(biāo)分析法選取財(cái)務(wù)指標(biāo)來(lái)定性分析借殼事件后對(duì)交易雙方的影響;以事件分析法為基礎(chǔ),通過(guò)引入CAPM模型和最小二乘曲線擬合等方法來(lái)分析借殼上市事件對(duì)于*ST太光股票的實(shí)際收益率造成的影響,在對(duì)累計(jì)超額收益率進(jìn)行測(cè)算并檢驗(yàn)后,由此定量地分析借殼上市對(duì)股東的權(quán)益的積極作用。在研究結(jié)論與建議部分,對(duì)本文的研究結(jié)論進(jìn)行總結(jié),并對(duì)其它擬通過(guò)借殼重組上市的公司提出行之有效的建議。
[Abstract]:In the era of large capital big data, financing problem is very important for enterprises. Listing is an important means of equity financing for enterprises, and it has always been favored by enterprises. As another special way of listing outside IPO, backdoor listing is a special way of listing. In recent years, it has won the favor of a lot of companies that have failed to go public for various reasons. The widespread adoption of backdoor listing has aroused widespread concern in the academic community. Shell companies have additional assets and new business directions. Both in terms of business scope and management philosophy, they can bring forth the past and break away from their financial difficulties, while the backdoor companies can formally enter the capital market and have a broad financing platform. Through the way of restructuring with shell companies, backdoor listing has become a desirable way for companies to realize public offerings. Precisely because of the particularity of backdoor listing and initial public offering, The problems related to backdoor listing emerge as the times require. Whether it is the selection of shell companies, the motivation of merger and acquisition, or the performance of backdoor listing, This paper selects the case of the information of Shenzhou digital division of Shenzhou, and describes the process of backdoor listing from many angles, and probes deeply into the motivation of backdoor listing. The paper objectively analyzes the performance of backdoor listing. As the first example of H shares splitting and returning to A shares in China, The case of Shenzhou Information is groundbreaking. In the part of case introduction, this paper introduces the background and transaction scheme of both parties. In the part of case analysis, it is divided into four parts. This paper analyzes the reasons of digital splitting of China from the angle of valuation and management strategy, and then analyzes the reasons of listing in A shares according to the comparison of A shares and H shares. Thirdly, by comparing IPO and backdoor listing, we analyze the reasons of shanzhou information backdoor listing. Finally, we expound the reasons why we chose St Taiguang as shell resource. In the part of choosing consideration payment method, according to the financial environment of both parties to the transaction, In the performance part of backdoor listing, using accounting index analysis method to select financial indicators to qualitatively analyze the impact of backdoor events on both sides of the transaction; based on event analysis, CAPM model and least square curve fitting are introduced to analyze the impact of backdoor listing events on the real yield of St Taiguang stock. This paper quantitatively analyzes the positive effect of backdoor listing on shareholders' rights and interests. In the part of research conclusions and suggestions, this paper summarizes the conclusions of this paper, and puts forward some effective suggestions for other listed companies to be listed through backdoor restructuring.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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