本文選題：殼資源　切入點：價值　出處：《北京交通大學(xué)》2014年碩士論文

【摘要】：證券市場經(jīng)過不斷地發(fā)展和完善已經(jīng)成為我國資源優(yōu)化配置的重要平臺,企業(yè)通過上市進(jìn)入證券市場可以獲取持續(xù)的低成本融資渠道,享受一系列潛在收益。然而無論是國內(nèi)外成熟或是處于發(fā)展階段的證券市場,受新股發(fā)行條件約束和上市成本的影響,上市資格實質(zhì)上是一種兼具稀缺性和收益性的殼資源。并購浪潮的興起使得許多渴望進(jìn)入證券市場的非上市公司能夠通過買殼實現(xiàn)間接上市,與一般的并購行為相比,非上市公司收購上市公司還存在獲取殼價值的動機(jī)。本文著眼于當(dāng)前境內(nèi)證券市場的殼資源現(xiàn)狀和并購浪潮興起的大環(huán)境,從國內(nèi)外研究成果和控制權(quán)市場理論出發(fā),結(jié)合理論與實證方法,研究非上市公司的殼資源利用行為以及影響殼資源價值的因素。 本文分別從殼資源并購交易雙方的視角分析了殼資源價值的構(gòu)成從而得出了殼資源的價值區(qū)間,并根據(jù)殼資源利用的成本和收益具體分析了影響殼資源價值的并購交易特征和內(nèi)在特征,進(jìn)一步在理論分析的基礎(chǔ)上對2006年至2012年期間的180起非上市公司收購行為進(jìn)行了實證研究以檢驗影響殼資源價值的因素。實證研究發(fā)現(xiàn)交易中的目標(biāo)上市公司大多為股本、資產(chǎn)規(guī)模較小且盈利能力不佳的殼公司,同時戰(zhàn)略聯(lián)盟的同業(yè)并購交易很少,一定程度上說明了境內(nèi)非上市公司買殼上市動機(jī)的存在,研究結(jié)果還顯示殼資源的股本規(guī)模、股權(quán)轉(zhuǎn)讓比例與殼資源價值負(fù)相關(guān),股權(quán)集中度、每股凈資產(chǎn)對殼資源價值有正的影響,殼資源的盈利能力對殼資源價值沒有顯著影響。研究結(jié)論表明非上市公司收購上市公司的行為存在殼資源利用動機(jī),且影響殼資源價值的因素主要是上市公司的股權(quán)特征和資產(chǎn)狀況。最后在理論與實證研究基礎(chǔ)上,本文從企業(yè)角度對非上市公司的買殼行為提出了合理化建議,并針對殼資源的利用行為從并購管理體系的建立、行政干預(yù)和加強(qiáng)證券市場監(jiān)督等方面提出了政策性建議。
[Abstract]:After continuous development and improvement, the securities market has become an important platform for the optimal allocation of resources in China. Through listing into the securities market, enterprises can obtain sustainable low-cost financing channels and enjoy a series of potential benefits.However, no matter whether the stock market is mature at home and abroad or is in the stage of development, the qualification of listing is essentially a kind of shell resource with both scarcity and profitability, which is influenced by the conditions of new issue and the cost of listing.With the rise of M & A wave, many unlisted companies eager to enter the securities market can be listed indirectly by buying a shell. Compared with the general M & A behavior, the non-listed companies have the motive of acquiring the shell value.This paper focuses on the current situation of shell resources in the domestic securities market and the general environment of the wave of mergers and acquisitions, starting from the domestic and foreign research results and control market theory, combined with theoretical and empirical methods.This paper studies the behavior of shell resource utilization of non-listed companies and the factors influencing the value of shell resources.This paper analyzes the structure of shell resource value from the perspective of both sides of shell resource M & A transaction and obtains the value range of shell resource.According to the cost and income of shell resource utilization, the paper analyzes the characteristics and inherent characteristics of M & A transaction which affect the value of shell resource.On the basis of theoretical analysis, this paper makes an empirical study on 180 unlisted companies' buyouts from 2006 to 2012 to test the factors that affect the value of shell resources.Empirical study found that the target listed companies in the transaction are mostly equity, small assets and poor profitability of shell companies, while the strategic alliance of interbank M & A transactions are rare.To a certain extent, it explains the existence of the motivation of the domestic non-listed companies to buy a shell, and the research results also show that the scale of equity, the proportion of equity transfer and the value of shell resources are negatively correlated with the value of shell resources, and the degree of equity concentration is negative.Net assets per share have a positive effect on the value of shell resources, but the profitability of shell resources has no significant effect on the value of shell resources.The results show that there is a motive for shell resource utilization in the acquisition of listed companies by non-listed companies, and the main factors affecting the value of shell resources are the equity characteristics and asset status of listed companies.Finally, on the basis of theoretical and empirical research, this paper puts forward some reasonable suggestions on the shell buying behavior of non-listed companies from the enterprise perspective, and establishes the management system of mergers and acquisitions for the utilization of shell resources.Administrative intervention and strengthening the supervision of the securities market put forward policy recommendations.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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