本文選題：整體上市 + 換股吸收合并��； 參考：《深圳大學(xué)》2017年碩士論文

【摘要】：并購(gòu)的歷史可追溯到19世紀(jì),資本市場(chǎng)發(fā)展到今天,全世界已經(jīng)經(jīng)歷過(guò)五次大規(guī)模的企業(yè)并購(gòu)浪潮,這直接推動(dòng)了各個(gè)國(guó)家的產(chǎn)業(yè)結(jié)構(gòu)調(diào)整和升級(jí),企業(yè)選擇合適的資產(chǎn)重組方案來(lái)加速企業(yè)自身發(fā)展和實(shí)現(xiàn)公司戰(zhàn)略目標(biāo)的需求越來(lái)越大。溫氏集團(tuán)作為非上市公司換股合并上市公司大華農(nóng)進(jìn)行整體上市,從整個(gè)農(nóng)牧行業(yè)大環(huán)境來(lái)看,農(nóng)牧企業(yè)的想要進(jìn)一步發(fā)展,必須通過(guò)上市融資,利用資本市場(chǎng)的效率來(lái)擴(kuò)大規(guī)模、提升經(jīng)營(yíng)效率。民營(yíng)企業(yè)發(fā)展主要靠自身,初期為了效率最大化往往不講究規(guī)范,因此在上市途中大多要經(jīng)歷一個(gè)改造、規(guī)范過(guò)程。溫氏集團(tuán)作為養(yǎng)殖業(yè)第一大企業(yè)邁向資本市場(chǎng),這標(biāo)志著畜牧養(yǎng)殖業(yè)的發(fā)展越來(lái)越需要依靠資本市場(chǎng)的運(yùn)作。本次交易中,確定溫氏集團(tuán)與大華農(nóng)公司的換股比例為1:0.8178,溫氏集團(tuán)食品有限公司溢價(jià)60%吸收合并大華農(nóng)動(dòng)物保健品股份有限公司實(shí)現(xiàn)整體上市,成為創(chuàng)業(yè)板首個(gè)通過(guò)換股吸收合并進(jìn)行整體上市的案例。合并上市后存續(xù)公司稱為溫氏股份,直接進(jìn)入資本市場(chǎng)。本文總體結(jié)構(gòu)分為三個(gè)部分,第一章的緒論就是本課題的理論部分,對(duì)論文寫(xiě)作的研究背景和研究意義進(jìn)行闡述,然后對(duì)相關(guān)研究理論和國(guó)內(nèi)研究現(xiàn)狀進(jìn)行歸納整理,再次是提出本文的主要?jiǎng)?chuàng)新與不足。進(jìn)入21世紀(jì)后,在市場(chǎng)的需求下,我國(guó)實(shí)行股權(quán)分置改革,股市的全流通時(shí)代開(kāi)啟,這為上市公司進(jìn)行資產(chǎn)并購(gòu)重組業(yè)務(wù)帶來(lái)了符合市場(chǎng)規(guī)律的交易工具和定價(jià)機(jī)制,由于市場(chǎng)化的進(jìn)一步加深,各種并購(gòu)重組業(yè)務(wù)的活躍性和創(chuàng)新性得到了空前的提高。第二部分是案例部分,具體為第二章的案例介紹和第三章的案例分析,主要是針對(duì)于溫氏集團(tuán)合并大華農(nóng)的案例進(jìn)行分析;2015年11月初,溫氏集團(tuán)食品有限公司正式公布通過(guò)換股吸收合并旗下上市公司大華農(nóng)動(dòng)物保健品股份有限公司,并在創(chuàng)業(yè)板上市。此次通過(guò)換股吸收合并子公司并在內(nèi)地實(shí)現(xiàn)整體上市,成為創(chuàng)業(yè)板首支通過(guò)換股吸收合并進(jìn)行整體上市的案例。第三部分是第四章通過(guò)對(duì)溫氏集團(tuán)換股吸收合并大華農(nóng)的案例進(jìn)行研究分析發(fā)現(xiàn)的問(wèn)題提出對(duì)策建議和啟示,本文采用可比公司法對(duì)集團(tuán)公司進(jìn)行估值,提出溫氏集團(tuán)整體上市估值過(guò)高的問(wèn)題,并對(duì)相應(yīng)問(wèn)題提出可行性對(duì)策建議,案例分析過(guò)后針對(duì)后續(xù)公司進(jìn)行資產(chǎn)重組以及農(nóng)牧企業(yè)上市融資的訴求引出相應(yīng)啟示;最后是第五章的結(jié)束語(yǔ)。
[Abstract]:M & a history can be traced back to nineteenth Century, the capital market development today, the whole world has experienced five large-scale waves of mergers and acquisitions, which directly promote the country's industrial structure adjustment and upgrading of enterprises, select appropriate asset restructuring program to accelerate the development of the enterprise itself and needs to achieve the strategic objectives of increasing temperature. The group's non-listed company as a listed company convertible merger dahuanong was listed as a whole, from the agriculture industry environment, agriculture and animal husbandry enterprises want to further develop, must through the listing and financing, utilization efficiency of the capital market to expand the scale, improve the operating efficiency. The development of private enterprises mainly rely on their own, in order to maximize the efficiency of the early often do not pay attention to therefore, in most specifications, listed on the way to undergo a transformation, standardize the process. Wen's group as the first step to breeding large enterprises capital city The field, which marks the development of animal husbandry and more need to rely on the operation of the capital market. In this transaction, determine the Wen's group and dahuanong, the exchange ratio of 1:0.8178, Wen's Group Food Co. Ltd., a premium of 60% merger dahuanong animal health products Limited by Share Ltd to achieve the overall market, become the gem first through convertible for the overall listing of the merger case. After surviving the merger listed company called Winslow shares directly into the capital market. The overall structure of this paper is divided into three parts, the first chapter is the introduction of this subject theory, writing on the research background and research significance of the paper, and then the related theory research and domestic research the status quo are summarized, put forward again is the main innovation of this paper and shortcomings. After entering in twenty-first Century, under the requirements of the market, China's implementation of the equity division reform, stock The full circulation times open, this asset merger and restructuring of listed companies has brought with the laws of the market trading tools and pricing mechanism, due to further deepen the market, various mergers and acquisitions business activity and innovation has been an unprecedented increase. The second part is the case, the second chapter introduces the case and the third chapter of the case analysis, mainly analyzed according to Wen's group with dahuanong case; at the beginning of November 2015, Wen's Group Food Co. Ltd., officially announced the absorption of listed company merger under dahuanong animal health products Limited by Share Ltd through a share swap, and listing on the gem. The convertible merger of subsidiaries and the realization of the overall listed on the mainland, as the gem first through the convertible merger of the overall listing of the case. The third part is the fourth chapter on Wen's set Group of convertible merger dahuanong case study found problems and puts forward countermeasures and enlightenment, the comparable company method of corporation valuation, this overvaluation of Wen's group listed as a whole, and puts forward some feasible countermeasures and suggestions to the corresponding problems, leads to some enlightenment for financing demands for after the case analysis follow the company assets and agricultural and animal husbandry enterprises; the last part is the conclusion of the fifth chapter.

【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F324

【參考文獻(xiàn)】

相關(guān)期刊論文 前8條

1 ;溫氏集團(tuán)擬換股吸并大華農(nóng)實(shí)現(xiàn)整體上市[J];中國(guó)畜牧雜志;2015年10期

2 尹筑嘉;楊曉光;黃建歡;;大股東主導(dǎo)的資產(chǎn)重組、公司效率與利益侵占——基于中國(guó)重組類整體上市案例的研究[J];管理科學(xué)學(xué)報(bào);2013年08期

3 李勇;;換股吸收合并誕生最大家電上市企業(yè) 美的集團(tuán)整裝待發(fā)[J];中國(guó)經(jīng)濟(jì)周刊;2013年13期

4 張樂(lè)柱;金劍峰;胡浩民;;“公司+家庭農(nóng)場(chǎng)”的現(xiàn)代農(nóng)業(yè)生產(chǎn)經(jīng)營(yíng)模式:基于溫氏集團(tuán)案例研究[J];學(xué)術(shù)研究;2012年10期

5 王永海;章濤;;整體上市與股東財(cái)富、經(jīng)營(yíng)業(yè)績(jī)關(guān)系的實(shí)證研究[J];經(jīng)濟(jì)評(píng)論;2012年03期

6 賀云龍;高揚(yáng);文鳳華;;滬深A(yù)股整體上市模式選擇的“群聚”現(xiàn)象分析[J];系統(tǒng)工程;2011年04期

7 李保紅;;企業(yè)整體上市對(duì)關(guān)聯(lián)交易的影響——基于本鋼板材整體上市的案例分析[J];企業(yè)經(jīng)濟(jì);2011年04期

8 祝晶;;對(duì)我國(guó)企業(yè)換股吸收合并整體上市模式的研究[J];經(jīng)濟(jì)研究導(dǎo)刊;2010年32期

，

本文編號(hào)：1745869