本文選題：銀億控股 + 反向并購　； 參考：《山東大學》2014年碩士論文

【摘要】：反向并購是近些年才在我國出現的一種新型并購方式,屬于不同企業(yè)間并購的一種特殊情況,它豐富了并購的理論和實踐。近年來政府和銀行業(yè)都意識到整個經濟環(huán)境中存在通貨膨脹的潛在壓力,雖然2010年4月16日出臺的“新國十條”使房地產企業(yè)并購重組活動一度收緊,但是2010年至2013年,我國房地產企業(yè)反向并購案例依然逐漸增多,僅2013年上半年我國房地產企業(yè)并購案例就達55起,并購金額達35.9146億美元,并購活躍度位居全國總行業(yè)首位。但是,企業(yè)在反向并購過程中所出現的問題也越來越多,如內幕交易、殼資源炒作、欺詐性財務報告等等。2014年伊始,證監(jiān)會新聞發(fā)言明確首次公開募股(IPO)重啟,借殼上市標準將與其等同,這勢必會讓反向并購的熱潮降溫,給欲反向并購的企業(yè)帶來諸多挑戰(zhàn)。本文正是對銀億控股反向并購蘭光科技的案例中出現的財務問題進行研究,希望能為今后中小房地產企業(yè)反向并購提供一些意見和建議。 大部分學者對反向并購的研究主要集中在并購動因、并購績效及不同會計處理方式上,本文則以銀億控股反向并購蘭光科技的實務案例為研究對象,以企業(yè)相關并購理論作為作為基礎,對其中存在的主要財務問題進行分析,剖析各個環(huán)節(jié)中的要點。在本文中,作者以財務分析方法為主要技術手段對案例所涉及的財務問題進行了分析。首先,作者介紹了案例雙方企業(yè)情況及并購案例過程,分析了雙方的并購動因；然后,分析了目標企業(yè)蘭光科技的資產負債表、利潤表、現金流量表及各種財務比率,并對并購前目標企業(yè)的財務狀況進行了總結,還對并購中的注入資產價值評估、融資方式和整合方式進行了財務風險分析；最后,作者基于財務指標法對并購后企業(yè)的財務績效進行了縱向比較,并選取了與并購后企業(yè)銀億股份在規(guī)模、營業(yè)收入和個股排名相近的兩家同樣在深證A股上市的房地產企業(yè)進行了橫向比較,并針對以上分析所出現的問題提出了自己的相關建議,對后續(xù)研究做出了展望。 本文試圖為中小房地產企業(yè)反向并購活動提供整體思路,以幫助企業(yè)實施有效的財務對策,以規(guī)避反向并購中可能出現的財務風險,并提高并購后的財務績效,同時希望本案例的研究能對今后中小房地產企業(yè)反向并購的資本運作方式具有一定的借鑒意義。一方面,可以在實務的層面總結出房地產企業(yè)反向并購的整體資本運作過程以及過程中可能會出現的財務問題；另一方面,通過案例中出現的財務問題和財務分析方法,可以思考如何有效避免風險的出現,以及從哪些角度來監(jiān)督、規(guī)范企業(yè)的上市活動。
[Abstract]:Reverse merger is a new kind of merger and acquisition method that appeared in our country in recent years. It belongs to a special situation of merger and acquisition among different enterprises. It enriches the theory and practice of merger and acquisition. In recent years, both the government and the banking sector have been aware of the potential inflationary pressures in the overall economic environment. Although the "New Ten rules" introduced on April 16, 2010, have tightened real estate M & A activities, from 2010 to 2013, The cases of reverse mergers and acquisitions of real estate enterprises in China are still increasing gradually. In the first half of 2013, 55 cases of mergers and acquisitions of real estate enterprises in our country, the amount of M & A amounted to 3.59146 billion US dollars, and the activity of M & A ranked first in the whole country. However, there are more and more problems in the process of reverse mergers and acquisitions, such as insider trading, speculation on shell resources, fraudulent financial reports, and so on. At the beginning of 2014, the Securities Regulatory Commission (CSRC) made a clear statement on the initial public offering (IPO). The standards of backdoor listing will be the same, which is bound to cool the trend of reverse mergers and acquisitions, and bring many challenges to enterprises wishing to reverse mergers and acquisitions. This paper is just to study the financial problems in the case of the reverse M & A of Yinyi Holdings, hoping to provide some advice and suggestions for the reverse merger of small and medium-sized real estate enterprises in the future. Most scholars' researches on reverse M & A mainly focus on the motivation of M & A, the performance of M & A and different accounting methods. Based on the theory of M & A, this paper analyzes the main financial problems and points in each link. In this paper, the author takes financial analysis method as the main technical means to analyze the financial problems involved in the case. First of all, the author introduces the enterprise situation of both parties and the process of M & A cases, analyzes the motivation of M & A, and then analyzes the balance sheet, profit statement, cash flow statement and various financial ratios of the target enterprise Languang Technology. It also summarizes the financial situation of the target enterprises before M & A, and analyzes the financial risk of the injected assets, financing and integration in M & A. Based on the financial index method, the author makes a vertical comparison of the financial performance of the M & A enterprises, and selects the scale of the shares in the M & A enterprises. The two real estate companies with similar operating income and individual stock ranking are also listed in Shenzhen A-share market. The paper makes a horizontal comparison and puts forward their own suggestions for the problems in the above analysis, and makes a prospect for the follow-up research. This article attempts to provide the whole idea for the small and medium-sized real estate enterprise reverse merger, in order to help the enterprise to carry out the effective financial countermeasure, to avoid the financial risk which may appear in the reverse merger, and to improve the financial performance after the merger and acquisition. At the same time, I hope the study of this case can be used for reference to the capital operation mode of the reverse merger of small and medium-sized real estate enterprises in the future. On the one hand, we can sum up the whole capital operation process and the possible financial problems in the process of reverse mergers and acquisitions of real estate enterprises at the practical level; on the other hand, through the financial problems and financial analysis methods that appear in the case, We can consider how to avoid the risk effectively, and from what angle to supervise and standardize the listed activities of enterprises.
【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F271;F299.233.42

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