本文選題：吸收合并　切入點(diǎn)：換股比例　出處：《沈陽工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：B股市場(chǎng)自1991年底開市以來已走過25個(gè)年頭,但目前仍存在規(guī)模較小、上市公司質(zhì)量良莠不齊、市場(chǎng)定位不明確等問題,與A股、H股等海外上市融資渠道相比,B股市場(chǎng)的融資能力也已基本喪失�，F(xiàn)如今我國(guó)經(jīng)濟(jì)正處在快速發(fā)展階段,市場(chǎng)競(jìng)爭(zhēng)激烈,在B股上市的公司也迫切需要打開新的融資渠道,以實(shí)現(xiàn)公司的進(jìn)一步發(fā)展。對(duì)于在B股上市的房地產(chǎn)、基建和公用事業(yè)等重資產(chǎn)企業(yè)而言,由于B股市場(chǎng)缺乏融資功能,因此,這些上市公司融資需求迫切,轉(zhuǎn)板欲望強(qiáng)烈�？梢�,B股市場(chǎng)所存在的問題對(duì)這些企業(yè)來說已形成了嚴(yán)重的障礙。在歷經(jīng)輝煌與坎坷之后,B股市場(chǎng)目前的狀況極為不佳,已處于亟待改革的風(fēng)口浪尖上。B股的改革需求十分迫切,在改革中也存在著許多不同的聲音,所以唯有探索出一條正確的符合中國(guó)資本市場(chǎng)發(fā)展需求的、具有實(shí)際操作意義的新路徑,才能對(duì)未來真正解決B股問題起到關(guān)鍵的指導(dǎo)作用。本文以城投控股吸收合并陽晨B股的案例為研究對(duì)象,首先介紹了研究背景和研究意義,回顧了國(guó)內(nèi)外換股吸收合并的文獻(xiàn),簡(jiǎn)述了論文的創(chuàng)新之處,并探討了換股吸收合并及分立上市的相關(guān)問題;其次,本文對(duì)案例雙方公司背景,吸收合并的目的及合并方案進(jìn)行了詳細(xì)介紹,該方案與其他現(xiàn)有的B股改革方案不同之處在于創(chuàng)造了資本市場(chǎng)第一個(gè)“A+B”轉(zhuǎn)“A+A”模式,因此被稱為是“重大無先例”的重組特案。在具體研究方面,本文分別從換股吸收合并的動(dòng)因,合并前后的股權(quán)及業(yè)務(wù)結(jié)構(gòu),換股價(jià)格的合理性和使用四種方法計(jì)算換股比例,還有現(xiàn)金選擇權(quán)的合理性以及使用歐式看漲期權(quán)角度研究其內(nèi)在價(jià)值等幾個(gè)方面進(jìn)行分析;再次,基于事件研究法和K線圖角度分析短期市場(chǎng)反應(yīng);本文對(duì)城投控股吸收合并陽晨B股案例進(jìn)入深入剖析,對(duì)A股換股吸收合并B股再分立上市的模式來解決B股遺留問題進(jìn)行可行性研究,最后得到了有關(guān)啟示和結(jié)論。此次換股吸收合并對(duì)未來B股上市公司改革具有重大的借鑒意義,可作為一種具操作性的范式予以推廣,對(duì)于未來B股市場(chǎng)的改革也具有一定的指導(dǎo)作用。
[Abstract]:The B-share market has gone through 25 years since the market opened in end of 1991, but there are still some problems such as small scale, mixed quality of listed companies, unclear market positioning, etc. Compared with A-shares, H-shares and other overseas listed financing channels, the financing ability of the B-share market has also been basically lost. Nowadays, our economy is in a stage of rapid development, and the market competition is fierce. Companies listed in B shares also urgently need to open up new financing channels to achieve further development of the company. For companies with heavy assets such as real estate, infrastructure and public utilities listed in B shares, the B share market lacks financing functions. Therefore, these listed companies have an urgent need for financing and a strong desire to switch boards. It can be seen that the problems existing in the B-share market have formed serious obstacles for these enterprises. After a period of splendor and bumpy, the current situation of the B-share market is extremely poor. The demand for the reform of B shares is very urgent, and there are many different voices in the reform, so we can only explore a correct one that conforms to the development needs of China's capital market. Only a new path with practical significance can play a key guiding role in solving the problem of B shares in the future. This paper takes the case of holding and merging Yangchen B shares as the research object, firstly introduces the research background and significance. This paper reviews the literature of stock exchange absorption and merger at home and abroad, briefly describes the innovation of the paper, and probes into the related problems of the merger and separation of stock exchange. Secondly, this paper discusses the corporate background of both sides of the case. The purpose of the absorption merger and the merger plan are described in detail. The difference between this scheme and other existing B-share reform schemes is that it creates the first "A B" to "A" model in the capital market. Therefore, it is called a "significant and unprecedented" special case of reorganization. In terms of specific research, this paper calculates the ratio of exchange of shares from the reasons of absorbing the merger, the stock rights and business structure before and after the merger, the reasonableness of the exchange price and the use of four methods to calculate the ratio of exchange of shares. The rationality of cash option and the use of European call option to study its intrinsic value are analyzed. Thirdly, the short-term market reaction is analyzed based on event study and K chart. In this paper, the case of absorption and merger of Yangchen B shares is deeply analyzed, and the feasibility study is carried out to solve the remaining problem of B shares in the mode of A-share exchange and merger of B shares. Finally, the enlightenment and conclusion are obtained. The merger of stock exchange is of great significance to the reform of listed companies in the future, and can be extended as an operational paradigm. B-share market for the future reform also has a certain role in guidance.
【學(xué)位授予單位】：沈陽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F832.39

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