發(fā)布時(shí)間：2018-02-16 08:31

  本文關(guān)鍵詞： 中國(guó)概念股 借殼上市 財(cái)務(wù)績(jī)效　出處：《中國(guó)地質(zhì)大學(xué)(北京)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：近幾年在海外上市的中國(guó)概念股公司紛紛回歸A股市場(chǎng)。目前回歸的方式主要有兩種,即退市私有化之后選擇以IPO方式回歸或通過(guò)借殼上市方式回歸。從目前市場(chǎng)上已完成回歸的中國(guó)概念股公司實(shí)際操作來(lái)看,目前只有暴風(fēng)科技通過(guò)IPO方式回歸成功。而其他公司均選擇了借殼上市這種回歸方式�？梢�(jiàn),借殼上市已經(jīng)成為中國(guó)概念股回歸的一種主要方式。作為中國(guó)概念股回歸A股的典型,分眾傳媒在2015年進(jìn)行了借殼上市。對(duì)其整個(gè)借殼上市過(guò)程的研究可以為想要回歸A股的中國(guó)概念股公司提供以何種方式回歸的實(shí)際操作參考,同時(shí)可以豐富中國(guó)概念股回歸的相關(guān)理論。在研究時(shí),本文首先對(duì)借殼上市涉及的理論及相關(guān)概念進(jìn)行界定,其次在借鑒前人對(duì)借殼上市研究的基礎(chǔ)上,分析了分眾傳媒借殼上市的過(guò)程,并基于財(cái)務(wù)角度對(duì)其借殼上市的績(jī)效進(jìn)行了評(píng)價(jià)�？�(jī)效評(píng)價(jià)主要分為短期績(jī)效評(píng)價(jià)與長(zhǎng)期績(jī)效評(píng)價(jià)。短期績(jī)效評(píng)價(jià)采用事件研究法,對(duì)分眾傳媒借殼上市這一事件對(duì)股價(jià)的影響進(jìn)行評(píng)價(jià)。長(zhǎng)期績(jī)效評(píng)價(jià)則通過(guò)會(huì)計(jì)指標(biāo)分析法進(jìn)行,并引入AHP層次分析法對(duì)分散的評(píng)價(jià)指標(biāo)進(jìn)行系統(tǒng)化,然后得出借殼上市前后各年度公司財(cái)務(wù)績(jī)效指標(biāo)變化的綜合評(píng)分。最后,在研究的基礎(chǔ)上得出結(jié)論并對(duì)欲回歸A股的中國(guó)概念股公司給出了相應(yīng)的建議。本文的研究結(jié)論表明,分眾傳媒在借殼上市的過(guò)程中做了大量完善的準(zhǔn)備工作,包括前期的私有化退市、去除VIE結(jié)構(gòu)、公司的股權(quán)結(jié)構(gòu)調(diào)整及借殼上市過(guò)程中對(duì)殼公司B計(jì)劃的準(zhǔn)備。研究結(jié)果還表明,此次借殼上市短期績(jī)效表現(xiàn)出明顯的提升,為交易雙方帶來(lái)了財(cái)富效應(yīng);長(zhǎng)期來(lái)看其績(jī)效評(píng)分在借殼上市后持續(xù)增長(zhǎng),經(jīng)營(yíng)績(jī)效正向變化明顯。
[Abstract]:In recent years, Chinese concept stock companies listed overseas have returned to the A-share market in succession. At present, there are mainly two ways of returning to the A-share market. That is, after delisting and privatizing, he chose to return by IPO or through the way of backdoor listing. From the actual operation of the Chinese concept stock companies that have completed the return in the current market, So far, only Storm Technology has returned to success through IPO. Other companies have opted for a backdoor listing. Backdoor listing has become a major way for the return of Chinese stocks. As a typical example of Chinese stocks returning to A shares, Focus Media conducted a backdoor listing in 2015. The research on the whole process of backdoor listing can provide practical reference for the Chinese concept stock companies who want to return to A shares in what way to return to the stock market. At the same time, it can enrich the relevant theories of the return of the Chinese concept stock. In the research, this paper first defines the theory and related concepts involved in the backdoor listing, and secondly, on the basis of drawing lessons from the previous researches on the backdoor listing, This paper analyzes the process of backdoor listing of focus Media, and evaluates the performance of backdoor listing based on financial point of view. The performance evaluation is mainly divided into short-term performance evaluation and long-term performance evaluation. The short-term performance evaluation adopts event study method. This paper evaluates the impact of the event of focus Media's backdoor listing on the stock price. The long-term performance evaluation is carried out through the accounting index analysis method, and the AHP hierarchy process is introduced to systematize the decentralized evaluation index. Finally, on the basis of the research, the paper draws a conclusion and gives the corresponding suggestions to the Chinese concept stock companies that want to return to A shares. Focus Media has done a great deal of preparatory work in the process of backdoor listing, including the early privatization delisting, removing the VIE structure. The stock structure adjustment of the company and the preparation of the shell company B plan in the process of backdoor listing. The results also show that the short-term performance of the backdoor listing has obviously improved, which has brought wealth effect to both sides of the transaction. In the long run, the performance score continues to increase after backdoor listing, and the positive change of operating performance is obvious.
【學(xué)位授予單位】：中國(guó)地質(zhì)大學(xué)(北京)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51;F275

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