本文選題：整體上市　切入點：換股吸收合并　出處：《廣東工業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：由于歷史原因,在我國資本市場最初時期,企業(yè)上市采用的是額度審批制,從而實行分拆上市。但是隨著資本市場的日漸發(fā)展,分拆上市的弊端逐漸暴露,如母子公司關聯(lián)交易和同業(yè)競爭頻繁、“一股獨大”等等。在這樣的背景下,整體上市這一具有中國特色的融資方式,引起了重視。整體上市,可以減少上市公司的關聯(lián)交易,促進公司治理的完善,有效解決同業(yè)競爭的問題。同時,集團企業(yè)還能夠通過整體上市實現(xiàn)內(nèi)部資源整合優(yōu)化,推動企業(yè)產(chǎn)業(yè)升級。因此,近幾年來,整體上市的相關案例日益增多,整體上市的模式也越來越豐富。各個模式都有其適用性和優(yōu)缺點。其中,整體上市中的換股吸收合并模式可以避免面對大額現(xiàn)金支付的壓力,同時產(chǎn)生稅盾效應和協(xié)同效應,逐漸被越來越多的企業(yè)采用。百聯(lián)集團、東方電氣、東軟集團等企業(yè)紛紛通過該模式實現(xiàn)整體上市。在這樣的趨勢下,招商局蛇口工業(yè)區(qū)控股公司結合自身具體情況,以充分發(fā)揮其資源優(yōu)勢以及整合集團地產(chǎn)業(yè)務,減少與招商地產(chǎn)的關聯(lián)交易和同業(yè)競爭為目的,最終在2015年通過換股吸收合并招商地產(chǎn)整體上市。本文以招商蛇口整體上市為例進行案例研究。首先對整體上市模式、動因、企業(yè)價值評價等方面的理論進行綜述,為后文的案例分析打下理論基礎。接著,從整體上市背景、合并雙方企業(yè)基本情況、整體上市過程等方面進行案例介紹,為案例分析提供充分的背景資料和數(shù)據(jù)。在案例分析部分,從整體上市過程分析、整體上市企業(yè)價值效應評價兩個方面對該次整體上市進行定量分析,再從整體上市的創(chuàng)新之處和存在的問題兩個方面進行定性分析。本文從多個角度觀察合并的具體操作以及其合理性,分析合并過程以及合并后的價值效應,從而得出關于本次整體上市客觀合理的評價。根據(jù)理論和案例研究,本文就企業(yè)未來整體上市從企業(yè)和市場環(huán)境兩個層面提出了一些建議,希望能夠給企業(yè)一定的啟示。從企業(yè)角度,本文認為企業(yè)應選擇合適的整體上市時機。在整體上市過程中要采用多種方式募集配套資金,并且應當權衡雙方股東利益以確定合理的購買價格。同時,企業(yè)應設立整體上市風險防范機制并制定完善的整合方案來開展整體上市后的整合。從市場環(huán)境角度,本文建議完善換股吸收合并的相關法律規(guī)定,加強市場對于整體上市的監(jiān)督。最終,本文得出結論,一是合理的購買價格是整體上市順利完成的關鍵。二是合適的模式選擇影響整體上市的企業(yè)價值效應。三是整體上市是集團企業(yè)提升企業(yè)價值和增加股東財富的有效途徑。
[Abstract]:Due to historical reasons, in the initial period of capital market of our country, the quota examination and approval system was adopted in the initial period of the capital market, thus the split listing was carried out. However, with the development of the capital market, the drawbacks of the split listing gradually exposed. Such as the frequent related transactions of parent and subsidiary companies and the competition in the same industry, "one share alone" and so on. Under such a background, the holistic listing, a financing method with Chinese characteristics, has attracted much attention. A holistic listing can reduce the associated transactions of listed companies. Promoting the improvement of corporate governance and effectively solving the problem of peer competition. At the same time, the group enterprises can also achieve internal resource integration and optimization through the overall listing, thus promoting the upgrading of the enterprise industry. Therefore, in recent years, With the increasing number of cases related to the overall listing, the mode of overall listing is becoming more and more abundant. Each model has its own applicability, advantages and disadvantages. Among them, the mode of stock exchange and merger in the overall listing can avoid the pressure of large cash payments. At the same time, the tax shield effect and the synergy effect have been gradually adopted by more and more enterprises. The Bailian Group, Dongfang Electric Group, Neusoft Group and other enterprises have realized the overall listing through this model. Under this trend, The purpose of China Merchants Bureau Shekou Industrial Zone holding Company is to give full play to its advantages in resources, integrate its real estate business, and reduce the related transactions and competition with China Merchants Real Estate. Finally, in 2015, the whole listing of China Merchants real estate is absorbed through stock exchange. This paper takes Shekou as an example to study the case. Firstly, it summarizes the theory of the whole listing mode, motivation, enterprise value evaluation, and so on. Lay a theoretical foundation for the case analysis in the following articles. Then, from the background of the overall listing, the basic situation of merging the enterprises of both sides, the overall listing process and other aspects of the case introduction. In the part of case analysis, quantitative analysis is made on the whole listing from two aspects: the whole listing process and the value effect evaluation of the whole listed enterprise. Then qualitative analysis is carried out from two aspects of innovation and existing problems of the whole listing. This paper observes the concrete operation and rationality of the merger from several angles, and analyzes the process of the merger and the value effect after the merger. According to the theory and case study, this paper puts forward some suggestions on the future overall listing of enterprises from the two aspects of enterprise and market environment. From the perspective of the enterprise, this paper holds that the enterprise should choose the appropriate timing of the overall listing. In the process of the overall listing, it is necessary to raise supporting funds in a variety of ways. At the same time, the enterprise should set up the whole listing risk prevention mechanism and perfect integration plan to carry out the integration after the whole listing. From the perspective of the market environment, the enterprise should set up a mechanism to prevent the overall listing risk and develop a perfect integration plan to carry out the integration after the overall listing. This paper proposes to improve the relevant legal provisions of stock exchange absorption and merger, to strengthen the supervision of the market for the overall listing. Finally, this paper draws a conclusion, One is that the reasonable purchase price is the key to the successful completion of the whole listing, the other is that the choice of the appropriate mode affects the enterprise value effect of the whole listing, and the third is that the whole listing is an effective way for the group enterprises to enhance the enterprise value and increase the shareholder wealth.
【學位授予單位】：廣東工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F275

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