本文選題：A+B股上市公司　切入點(diǎn)：換股吸收合并模式　出處：《遼寧大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：換股并購作為一種重要的并購方式,在國外證券市場發(fā)展較為成熟,隨著中國資本市場和股權(quán)分置改革的逐漸興起,換股吸收合并模式在中國資本市場開始嶄露頭角,尤其是在B股回歸A股的浪潮中得到了越來越多企業(yè)的關(guān)注,國內(nèi)企業(yè)也正通過這種新興的模式踐行著擴(kuò)大企業(yè)規(guī)模、成功上市的目標(biāo)。2015年12月30日,招商蛇口工業(yè)區(qū)控股股份有限公司(以下簡稱“招商蛇口”)新發(fā)A股換股吸收合并招商局地產(chǎn)控股股份有限公司(以下簡稱“招商地產(chǎn)”)A+B股,迅速實(shí)現(xiàn)公司的整體上市,引領(lǐng)A+B股類國有企業(yè)整體上市新模式。同時也成為深交所首個國有企業(yè)發(fā)行股份換股吸收合并現(xiàn)有上市公司A股和B股股份案例。本文基于文獻(xiàn)研究和具體案例分析的基礎(chǔ)之上對招商蛇口通過換股吸收合并招商地產(chǎn)的過程進(jìn)行分析和研究。本文首先對公司整體上市模式的相關(guān)理論進(jìn)行了概述,簡單介紹了合并雙方招商蛇口、招商地產(chǎn)的基本信息和并購的背景及原因,然后具體針對影響合并方案成敗的發(fā)行價格、換股價格以及支付方式的選擇進(jìn)行合理性分析。最后對招商蛇口本次吸收合并前后的盈利能力進(jìn)行對比,分析公司換股所帶來的積極效應(yīng),并對案例整體合并方案進(jìn)行總結(jié)分析�；趯φ猩躺呖趽Q股吸收并招商地產(chǎn)整體上市的案例進(jìn)行深層次的分析,本文重點(diǎn)分析了并購方案過程中換股吸收過程的發(fā)行價格、換股價格和支付方式合理性問題,并通過并購前后的相關(guān)財(cái)務(wù)指標(biāo)進(jìn)行對比分析進(jìn)而思考整個并購過程的得失。而且在回顧和分析案例的同時我們得出一些重要的啟示與建議并對以后類似的國有企業(yè)整體上市在模式上的選擇提供一個方向上的指引和借鑒。
[Abstract]:As an important way of M & A, stock exchange M & A has developed more mature in the foreign securities market. With the rising of China's capital market and the reform of split share structure, the mode of stock exchange absorption and merger has begun to emerge in China's capital market. In particular, in the wave of B shares returning to A shares, more and more enterprises pay attention to it, and domestic enterprises are practicing the goal of expanding the size of enterprises and listing successfully through this new model. December 30th 2015, China Merchants Shekou Industrial Zone holding Co., Ltd. (hereinafter referred to as "Merchants Shekou") newly issued A shares to absorb and merge with China Merchants Bureau Real Estate holding Co., Ltd. (hereinafter referred to as China Merchants Real Estate) or B shares, so as to rapidly realize the overall listing of the company, It is also the first SOE to issue shares in Shenzhen Stock Exchange to absorb and merge A and B shares of existing listed companies. This paper is based on literature research and specific cases. On the basis of the analysis of examples, this paper analyzes and studies the process of absorbing and merging the real estate of China Merchants through the exchange of shares in Shekou. Firstly, this paper summarizes the relevant theories of the overall listing mode of the company. This paper briefly introduces the basic information and the background and reasons of the merger and acquisition in Shekou and real estate, and then aims at the issue price which affects the success or failure of the merger plan. Finally, the paper compares the profitability before and after the absorption and merger of Merchants Shekou, and analyzes the positive effects brought by the stock exchange. Based on the deep analysis of the case of stock exchange in Shekou and the overall listing of real estate, this paper focuses on the issue price of the process of stock exchange absorption in the process of M & A. The rationality of stock exchange price and payment method, And through comparative analysis of relative financial indexes before and after merger and acquisition, we think about the gain and loss of the whole process of merger and acquisition. Moreover, while reviewing and analyzing cases, we draw some important revelations and suggestions and give similar state-owned enterprises in the future. The choice of the mode of the overall listing of enterprises provides a guide and reference in the direction.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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本文編號：1638911