本文選題：中國概念股　切入點：私有化　出處：《浙江工商大學》2017年碩士論文　論文類型：學位論文

【摘要】：2015年,有30多家在美上市的中國企業(yè)宣布了私有化,并且掀起了一股中概股回歸的狂潮。巨人網(wǎng)絡是一家在美國紐約證券交易所上市的中概股游戲公司,進行私有化退市之后,成功轉(zhuǎn)板到國內(nèi)A股市場,借殼世紀游輪完成了再上市。因此,巨人網(wǎng)絡具備上市-退市-再上市這樣完整的研究要素。本文在回顧了前人文獻的基礎上,利用單案例的研究方法,結(jié)合巨人網(wǎng)絡的實際情況進行具體的分析。本文主要從以下3方面對巨人網(wǎng)絡的案例進行分析:(1)私有化回歸的原因分析:市場行情低迷,利用股票估值的方法驗證了巨人網(wǎng)絡股價被低估的現(xiàn)狀。通過私有化來實現(xiàn)資本戰(zhàn)略和產(chǎn)業(yè)戰(zhàn)略的調(diào)整,為未來企業(yè)的經(jīng)營發(fā)展布局。私有化還能節(jié)約相應的上市維護成本和代理成本,產(chǎn)生節(jié)稅效應。(2)私有化退市的策略分析:通過運用反三角并購策略,推進私有化的進程。選擇在適當時機,制定合理的股票回購價格,并且引入機構(gòu)投資者為私有化提供資金支持。(3)再上市策略分析:巨人網(wǎng)絡選擇在A股市場上以借殼上市的方式回歸,不僅是時間與效率相互權衡的結(jié)果,也是借殼方與讓殼方相互選擇的體現(xiàn)。巨人網(wǎng)絡回歸A股以后,市場反應非常強烈,市值得到了巨大的提升,實現(xiàn)了其轉(zhuǎn)板的初衷。本文希望通過對巨人網(wǎng)絡私有化,再上市的動因和策略的分析給其他想要回歸的中概股企業(yè)提供借鑒:海外上市企業(yè)想要順利完成回歸,需要合理利用各種退市和再上市策略,當然,企業(yè)自身的硬實力也至關重要。同時,要理性看待上市與退市的問題,選擇合適的上市地點,并指出了中概股回歸的相應風險。政府有關部門也要完善相應機制,引導優(yōu)質(zhì)的中概股企業(yè)回歸。
[Abstract]:In 2015, more than 30 Chinese companies listed in the United States announced their privatisation and unleashed a surge in the return of mid-cap shares. Giant Network, a Chinese gaming company listed on the New York Stock Exchange, was privatised after it was delisted. The Chinese A-share market has been successfully transferred to the domestic A-share market, and the cruise ship has completed the re-listing. Therefore, the Giant Network has such complete research elements as listing, delisting and re-listing. This paper reviews the previous literatures. Using the method of single case study and combining with the actual situation of Giant Network, this paper analyzes the reasons for the return of privatization of Giant Network from the following three aspects: the market market is low, The stock valuation method is used to verify the undervaluation of Giant Network stock price. Through privatization to achieve the adjustment of capital strategy and industrial strategy, Privatization can also save the corresponding listing maintenance cost and agency cost, produce tax saving effect. 2) the strategy analysis of privatisation delisting: through the use of anti-triangle merger and acquisition strategy, To promote the privatization process. Choose the appropriate time to set a reasonable share repurchase price, And the introduction of institutional investors to provide financial support for privatization. 3) re-listing strategy analysis: giant network in the A-share market to return to the way of backdoor listing, is not only the time and efficiency of the results of the trade-off. After the return of Giant Network to A-shares, the market reaction was very strong, market value got a huge promotion and realized its original intention of turning the board. This article hopes to privatize the Giant Network through the privatization of the Giant Network. The analysis of the motivation and strategy of relisting provides reference for other Chinese stock companies that want to return: if overseas listed enterprises want to successfully complete the return, they need to make reasonable use of all kinds of delisting and re-listing strategies, of course, The hard strength of the enterprise itself is also very important. At the same time, it is necessary to rationally look at the problems of listing and delisting, select the appropriate listing location, and point out the corresponding risks of the return of Chinese stocks. The relevant government departments should also improve the corresponding mechanism. Guide the return of high-quality Chinese companies.
【學位授予單位】：浙江工商大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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