本文選題：借殼上市 + 動因��； 參考：《江西財經(jīng)大學》2017年碩士論文

【摘要】：借殼上市于1934年首次在美國出現(xiàn),由于其擁有上市成本低且擁有高成功率的優(yōu)點,受歡迎程度也越來越高。受20世紀二三十年代在經(jīng)濟較為衰退的影響,一些上市公司的盈利能力及市場價值大幅下降,甚至面臨著退市的風險,這都給部分未上市企業(yè)提供了借殼的契機。自1993年深圳寶安通過并購延中實業(yè)實現(xiàn)借殼上市以來,借殼上市這一現(xiàn)象在我國屢屢發(fā)生,越來越多的非上市企業(yè)希望通過借殼上市的方式來實現(xiàn)在證券市場上直接融資的目的。借殼上市為一些財力雄厚的非上市公司提供了上市途徑和額外的融資渠道,大幅縮短了上市所需時間,促進了公司的可持續(xù)發(fā)展。一般來說,IPO上市和借殼上市是我國企業(yè)上市的兩種主要途徑。IPO上市通常適合資金實力較強的企業(yè),而借殼上市可以降低上市的門檻,縮短融資時間的周期,因而適合眾多資金實力不足的企業(yè)。從我國資本市場的層面上看,由于市場結(jié)構(gòu)調(diào)整和經(jīng)濟政策變更的影響,非金融企業(yè)在證券市場上的融資并不順利,資本市場中“殼”的數(shù)量將逐漸增加,選擇借殼上市的企業(yè)將愈發(fā)增多。本文以浙報傳媒的借殼上市為案例,采用理論分析與典型案例相結(jié)合的方法來探究企業(yè)借殼上市的動因以及成功上市后的績效情況。在閱讀大量文獻的基礎(chǔ)上,本文闡述了借殼上市的含義、主要模式、動因以及相關(guān)理論基礎(chǔ),并結(jié)合財務(wù)指標來分析浙報傳媒借殼上市后的績效情況,最后根據(jù)相關(guān)分析,得出有用的結(jié)論與啟示。本文開篇介紹了選擇借殼上市為研究方向的背景及意義,闡述了本文的思路與方法。在理論概述的部分提出了“殼”與“殼公司”以及借殼上市的概念。接著歸納總結(jié)了借殼上市的4種主要模式,包括資產(chǎn)置換、定向增發(fā)、換股合并和股權(quán)收購。采用競爭優(yōu)勢理論、協(xié)同效應(yīng)理論、交易成本理論和市場勢力理論作為分析的理論基礎(chǔ)。在案例分析部分首先介紹了浙報傳媒以及白貓股份的基本情況,闡述了浙報傳媒借殼上市的整個過程,提出的浙報傳媒借殼上市的動因包括拓寬融資渠道,獲得宣傳效應(yīng),國家文化產(chǎn)業(yè)扶持政策的支持,傳媒業(yè)IPO上市的難度大以及整合集團內(nèi)的優(yōu)勢媒體資源的需要。本文在分析浙報傳媒借殼上市的績效分析時,首先選取了從2010年到2014年的財務(wù)數(shù)據(jù),即浙報傳媒實現(xiàn)借殼前后五年的財務(wù)報表披露數(shù)據(jù)為樣本來分析財務(wù)指標。同時從企業(yè)股價的波動和券商對浙報傳媒股票的投資評級入手分析了借殼上市后的市場效應(yīng)。本文最后得出的結(jié)論是,浙報傳媒的成功離不開國家文化扶持政策的正確引導,同時擁有專業(yè)高效的經(jīng)營團隊以及正確的發(fā)展觀念是浙報傳媒成功的助力。此外,一個優(yōu)秀的殼公司也是必不可缺的。浙報傳媒的成功給了我們許多的啟示,企業(yè)需要在合理利用政策優(yōu)勢的同時也要加強自身建設(shè),借鑒同類公司的成功經(jīng)驗,尋找適合自身的上市路徑。
[Abstract]:Because of its low cost and high success rate, its popularity is becoming more and more popular because of its low cost and high success rate. In 20s and 30s twentieth Century, the profitability and market value of some listed companies fell sharply, even faced with the risk of delisting, which were all given to the Department. The unlisted companies provide the opportunity to borrow the shell. Since 1993 Shenzhen Baoan has been listed on the stock market through the merger and acquisition, the phenomenon of the backdoor listing has occurred repeatedly in our country. More and more non listed companies want to get the purpose of direct financing in the stock market through the way of the backdoor listing. The strong non-listed company provides the way of listing and the additional financing channels, which greatly shortens the time required for the listing and promotes the sustainable development of the company. Generally speaking, the IPO listing and the backdoor listing are the two main ways of listing in China's enterprises,.IPO is usually suitable for enterprises with strong funds, and the backdoor listing can be reduced. The threshold of the city, which shortens the period of financing time, is suitable for many enterprises with insufficient funds. From the level of capital market in China, the financing of non financial enterprises in the stock market is not smooth because of the adjustment of market structure and the change of economic policy. The number of "shell" in the capital market will gradually increase and choose the borrowed shell. The enterprises in the city will be more and more. This paper, taking the case of the shell of the Zhejiang newspaper as a case, uses a combination of theoretical analysis and typical cases to explore the motivation of the listing of the corporate shell and the performance after the successful listing. On the basis of reading a large number of documents, this paper expounds the meaning, the main model, the motivation and the phase of the listing of the borrowed shells. On the basis of the theoretical basis, and combining the financial indicators to analyze the performance situation of the Zhejiang newspaper's media backdoor listing, finally, according to the relevant analysis, draw useful conclusions and enlightenment. This paper introduces the background and significance of the study direction of the selection of the shell listing, and expounds the ideas and methods of this paper. "Shell company" and the concept of shell listing, then summed up the 4 main models of the shell listing, including asset replacement, directional increase, stock exchange merger and stock acquisition. The theoretical basis of the analysis of the theory of competitive advantage, synergy effect theory, transaction cost theory and market power theory. The basic situation of the zhe newspaper and the stock of the white cat is introduced. The whole process of the listing of the case of the Zhejiang newspaper is expounded. The reasons for the listing of the Zhejiang newspaper's backshell are to broaden the financing channels, obtain the publicity effect, support the support policy of the national culture industry, the difficulty of the IPO listing in the media industry and the advantageous media resources in the integration group. In the analysis of the performance analysis of the backdoor listing in Zhejiang newspaper, this paper first selected the financial data from 2010 to 2014, that is, the financial statement data of the five years' financial statements before and after the loan of the Zhejiang newspaper was carried out to analyze the financial indicators. The conclusion of this paper is that the success of Zhejiang newspaper media is inseparable from the correct guidance of the national cultural support policy. At the same time, a professional and efficient management team and the correct concept of development are the help of the success of the Zhejiang newspaper. In addition, an excellent shell company is indispensable. The success of the media has given us a lot of inspiration. Enterprises need to strengthen their own construction at the same time with the rational use of the advantages of the policy, learn from the successful experience of the same kind of companies and find the way to fit for their own market.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：G219.27;F832.51

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相關(guān)期刊論文 前10條

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本文編號：2069768