本文選題：華數(shù)傳媒 + 反向收購上市��； 參考：《哈爾濱商業(yè)大學(xué)》2017年碩士論文

【摘要】：反向收購上市是企業(yè)在準(zhǔn)備上市時的一個重要選擇,因?yàn)檫@種上市途徑和傳統(tǒng)IPO(首次公開募股)不同,相較IPO具有上市審批需時短、要求低等很多優(yōu)勢,所以受到很多人關(guān)注。一般來講,在金融危機(jī)等資本市場環(huán)境不景氣階段,很多風(fēng)險(xiǎn)防御能力弱化的已上市企業(yè)受宏觀經(jīng)濟(jì)波及,財(cái)務(wù)風(fēng)險(xiǎn)往往被放大,甚至淪為ST公司,在實(shí)際經(jīng)營中這些公司也成為旨在通過間接上市的非上市公司的目標(biāo)殼公司。殼公司因?yàn)榻?jīng)濟(jì)大環(huán)境的變化正處于經(jīng)營困難階段,所以面對這些為借殼而來的非上市公司態(tài)度也是比較積極的,也會為了保障各股東利益而努力促進(jìn)并購重組活動。當(dāng)然盡管在這種并購重組活動中雙方態(tài)度都比較樂觀積極,但反向收購上市后的效果卻不一定就如并購雙方所設(shè)想的一樣�，F(xiàn)實(shí)中已經(jīng)有很多企業(yè)在反向收購上市后因?yàn)楦鞣N原因而導(dǎo)致經(jīng)營失敗的案例,所以對于這種上市途徑的評判還需要更多的案例資料來完善,才能得出更詳細(xì)、更科學(xué)的評價結(jié)果。根據(jù)現(xiàn)階段國內(nèi)外學(xué)者的研究內(nèi)容,主要對反向收購上市過程中涉及的殼資源以及上市后業(yè)績等相關(guān)方面的研究進(jìn)行概括總結(jié),了解了與反向收購上市方式相關(guān)的一些主要概念和相關(guān)理論。為了更加全面的展現(xiàn)反向收購上市相關(guān)內(nèi)容,對其一般操作流程和相關(guān)風(fēng)險(xiǎn)也做了介紹,并且為了提升研究結(jié)果的科學(xué)性、合理性,在研究中采取文獻(xiàn)研究和案例研究相結(jié)合的方法。以華數(shù)傳媒反向收購*ST嘉瑞上市這一案例為主要內(nèi)容,對華數(shù)傳媒反向收購上市的條件及優(yōu)勢進(jìn)行闡述,并結(jié)合企業(yè)自身情況、政府相關(guān)政策、社會經(jīng)濟(jì)環(huán)境等,分析了華數(shù)傳媒反向收購*ST嘉瑞的動因,其次選取華數(shù)傳媒上市前后的財(cái)務(wù)績效指標(biāo)進(jìn)行橫向、縱向?qū)Ρ确治?總體評價華數(shù)傳媒上市結(jié)果,總結(jié)出華數(shù)傳媒成功買殼上市的經(jīng)驗(yàn),并根據(jù)案例研究,為擬上市公司選擇反向收購上市方式提供一些在操作上可供參考指導(dǎo)意見。
[Abstract]:Reverse takeover listing is an important choice when enterprises prepare to go public, because this kind of listing approach is different from traditional IPO (initial public offering), compared with IPO, it has many advantages, such as shorter time for listing approval and lower requirement, so many people pay attention to it.Generally speaking, during the depressed period of capital market environment such as the financial crisis, many listed enterprises whose risk defenses are weakened are affected by the macro economy, and the financial risks are often magnified and even reduced to St companies.In practice, these companies have also become target shell companies for non-listed companies that are listed indirectly.Shell companies are in the difficult stage of operation because of the change of economic environment, so it is more positive to face the attitude of these non-listed companies which come from the shell, and will try to promote M & A activities in order to protect the interests of the shareholders.Of course, although both sides are more optimistic and positive in this kind of M & A activity, the effect of reverse takeover after listing is not necessarily the same as the merger and acquisition parties thought.In reality, there have been many cases of business failure caused by various reasons after the reverse takeover listing, so the judgment of this kind of listing way still needs more case information to be perfected in order to arrive at more details.More scientific evaluation results.According to the current research content of scholars at home and abroad, this paper summarizes the research on shell resources and post-listing performance of reverse takeover.Understand some of the main concepts and related theories related to reverse takeover listing.In order to show the related contents of reverse takeover listing more comprehensively, the general operation flow and related risks are also introduced, and in order to enhance the scientific and reasonable of the research results,In the research, the method of combining literature research with case study is adopted.Taking the case of reverse takeover by Huasu Digital Media as the main content, this paper expounds the conditions and advantages of the reverse takeover and listing of China Digital Media, and combines with the situation of the enterprises, the relevant government policies, the social and economic environment, etc.This paper analyzes the motivation of reverse takeover by Huasu Media, then selects the financial performance indexes before and after the listing of Huasu Media to carry out horizontal and longitudinal comparative analysis, and evaluates the listing results of Huasu Media as a whole.Summing up the experience of Huasu Media successfully buying a shell and listing, and according to the case study, to provide some operational guidance for the listed companies to choose the reverse takeover listing mode.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：G206-F;F832.51

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