廣發(fā)證券借殼上市案例探討
發(fā)布時(shí)間：2019-03-07 18:43
【摘要】：隨著我國(guó)資本市場(chǎng)的不斷發(fā)展,企業(yè)并購(gòu)重組案例不斷涌現(xiàn)。由于IPO上市審核標(biāo)準(zhǔn)較嚴(yán)、流程較長(zhǎng)且閘門多次關(guān)閉,在這種情況下借殼上市這一方式成為不少企業(yè)實(shí)現(xiàn)上市的最佳途徑。雖然我國(guó)逐漸將借殼上市與IPO標(biāo)準(zhǔn)趨同,然而證券行業(yè)、文化傳媒業(yè)、快遞行業(yè)以及中概股回歸A股市場(chǎng)紛紛選擇借殼上市,使其作為一種重要的資本重組交易方式在資本市場(chǎng)上保持著很高的熱度。2010年2月廣發(fā)證券成功借殼延邊公路實(shí)現(xiàn)上市,廣發(fā)證券作為第一個(gè)公告借殼上市方案的證券企業(yè),其借殼歷程有著獨(dú)一無(wú)二的典型性。此外,借殼上市交易過(guò)程中從借殼前的殼資源選取、借殼過(guò)程中的方案實(shí)施以及借殼上市后的持續(xù)整合等過(guò)程,為學(xué)者的研究提供了很多主題。本文第一章,開(kāi)篇闡述了借殼上市的研究背景及意義,緊接著從殼資源價(jià)值、借殼上市的動(dòng)因、借殼上市的績(jī)效這三個(gè)角度對(duì)國(guó)內(nèi)外現(xiàn)有研究進(jìn)行歸納總結(jié)。第二章,首先闡釋了借殼上市和殼公司的定義,其次介紹了借殼上市相關(guān)理論:效率理論、代理理論、信息信號(hào)理論和市場(chǎng)勢(shì)力理論,最后闡述了企業(yè)借殼上市的過(guò)程控制的相關(guān)理論。第三章,根據(jù)本文的具體案例,介紹了廣發(fā)證券借殼延邊公路的行業(yè)背景以及借殼雙方企業(yè)的基本概況,隨后分析得出廣發(fā)證券借殼上市的動(dòng)因主要為避免首發(fā)上市門檻、拓寬融資渠道、擴(kuò)充凈資本和提升競(jìng)爭(zhēng)力這四個(gè)方面。同時(shí)梳理了借殼的主要進(jìn)程和具體方案,方案分為股份回購(gòu)、換股吸收合并和非流通股縮股三個(gè)步驟進(jìn)行,最后對(duì)借殼上市前后股東結(jié)構(gòu)及各方收益做出對(duì)比分析。第四章,重點(diǎn)剖析了廣發(fā)證券借殼上市的過(guò)程控制,具體從三個(gè)角度:殼資源選擇、借殼方案的實(shí)施和借殼后的持續(xù)整合進(jìn)行深入剖析。在殼資源的選擇方面,探討了成本低、融資空間大、各方阻力小等特征的殼資源能夠促進(jìn)借殼成功的實(shí)現(xiàn)。在方案的實(shí)施方面,從維持換股比例、提供現(xiàn)金選擇權(quán)、配合員工股權(quán)激勵(lì)、結(jié)合股權(quán)分置改革這四個(gè)方面分析了此次方案的巧妙之處。在上市后的整合方面,通過(guò)出售同業(yè)競(jìng)爭(zhēng)資產(chǎn)、定向增發(fā)、調(diào)整收入結(jié)構(gòu)、構(gòu)建金融控股集團(tuán)等一系列整合措施實(shí)現(xiàn)借殼上市后的盈利目標(biāo)。最后,本文通過(guò)對(duì)廣發(fā)證券借殼上市案例的過(guò)程控制分析,總結(jié)了廣發(fā)證券借殼上市的經(jīng)驗(yàn)和應(yīng)關(guān)注的事項(xiàng)。企業(yè)借殼上市前應(yīng)對(duì)殼資源進(jìn)行充分調(diào)研,選擇干凈的殼資源。同時(shí),應(yīng)注重交易過(guò)程中原始股東、公眾股東、異議股東、雙方員工等各方的利益,以推進(jìn)借殼過(guò)程順利進(jìn)行。此外,還應(yīng)加強(qiáng)后期的持續(xù)整合從而達(dá)到提升公司經(jīng)營(yíng)狀況的目的。雖然借殼上市是企業(yè)上市的一個(gè)捷徑,但仍應(yīng)關(guān)注借殼過(guò)程中的風(fēng)險(xiǎn),加強(qiáng)對(duì)內(nèi)幕交易和股價(jià)操縱的監(jiān)管。
[Abstract]:With the continuous development of China's capital market, mergers and acquisitions and restructuring cases continue to emerge. Because the audit standard of IPO listing is strict, the process is long and the gate is closed many times, the way of backdoor listing has become the best way for many enterprises to go public. Although China is gradually bringing the backdoor listing to the same level as the IPO standard, however, the securities industry, the cultural media industry, the express delivery industry and the Chinese stock market have chosen to take the backdoor listing one after another in return to the A-share market. In February 2010, Guangfa Securities successfully took the backdoor Yanbian Highway to realize the listing, Guangfa Securities as the first securities enterprise to announce the listing plan of the backdoor listing plan, and made it a very hot way in the capital market as an important form of capital restructuring trading. Its shell history has unique typicality. In addition, the selection of backdoor resources in the process of backdoor listing, the implementation of the scheme in the backdoor process and the continuous integration after backdoor listing provide a lot of topics for scholars' research. The first chapter of this paper introduces the background and significance of backdoor listing, and then summarizes the existing research from three aspects: the value of backdoor resources, the motivation of backdoor listing, and the performance of backdoor listing. The second chapter explains the definition of backdoor listing and backdoor company, and then introduces the relevant theories of backdoor listing: efficiency theory, agency theory, information signal theory and market power theory. Finally, the paper expounds the process control theory of enterprise backdoor listing. The third chapter, according to the specific case of this article, introduces the industry background of Guangfa Securities's backdoor Yanbian Highway and the basic situation of the enterprises of both sides of the backdoor, and then analyzes the motivation of Guangfa Securities's backdoor listing mainly to avoid the threshold of initial public listing. Expand financing channels, expand net capital and enhance competitiveness in these four aspects. At the same time, the paper combs the main process and concrete scheme of backdoor financing, which is divided into three steps: share repurchase, stock exchange merger and non-tradable stock downsizing. Finally, the paper makes a comparative analysis of shareholder structure and income before and after the backdoor listing. In the fourth chapter, the process control of Guangfa Securities's backdoor listing is analyzed in detail from three aspects: the selection of shell resources, the implementation of backdoor plan and the continuous integration after backdoor financing. In the aspect of choosing shell resources, it is discussed that shell resources with the characteristics of low cost, large financing space and low resistance of each side can promote the successful realization of shell borrowing. In the implementation of the scheme, this paper analyzes the ingenuity of the scheme from four aspects: maintaining the share exchange ratio, providing the cash option, cooperating with the employee equity incentive, and combining with the reform of the split share structure. In the aspect of post-listing integration, a series of integration measures such as selling competitive assets of the same industry, offering additional shares, adjusting income structure and constructing financial holding group are adopted to realize the profit target after backdoor listing. Finally, through the analysis of the process control of Guangfa Securities's backdoor listing case, this paper summarizes Guangfa Securities's experience of listing by backdoor listing and the matters that should be paid attention to. Enterprises should fully investigate the shell resources before listing, and choose clean shell resources. At the same time, we should pay attention to the interests of original shareholders, public shareholders, dissenting shareholders, employees of both sides in the course of the transaction, so as to promote the smooth process of backdoor borrowing. In addition, we should strengthen the continuous integration in order to improve the management of the company. While backdoor listing is a shortcut to listing, it is still important to focus on the risks in the backdoor process and strengthen regulation of insider trading and share price manipulation.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51
本文編號(hào)：2436351
[Abstract]:With the continuous development of China's capital market, mergers and acquisitions and restructuring cases continue to emerge. Because the audit standard of IPO listing is strict, the process is long and the gate is closed many times, the way of backdoor listing has become the best way for many enterprises to go public. Although China is gradually bringing the backdoor listing to the same level as the IPO standard, however, the securities industry, the cultural media industry, the express delivery industry and the Chinese stock market have chosen to take the backdoor listing one after another in return to the A-share market. In February 2010, Guangfa Securities successfully took the backdoor Yanbian Highway to realize the listing, Guangfa Securities as the first securities enterprise to announce the listing plan of the backdoor listing plan, and made it a very hot way in the capital market as an important form of capital restructuring trading. Its shell history has unique typicality. In addition, the selection of backdoor resources in the process of backdoor listing, the implementation of the scheme in the backdoor process and the continuous integration after backdoor listing provide a lot of topics for scholars' research. The first chapter of this paper introduces the background and significance of backdoor listing, and then summarizes the existing research from three aspects: the value of backdoor resources, the motivation of backdoor listing, and the performance of backdoor listing. The second chapter explains the definition of backdoor listing and backdoor company, and then introduces the relevant theories of backdoor listing: efficiency theory, agency theory, information signal theory and market power theory. Finally, the paper expounds the process control theory of enterprise backdoor listing. The third chapter, according to the specific case of this article, introduces the industry background of Guangfa Securities's backdoor Yanbian Highway and the basic situation of the enterprises of both sides of the backdoor, and then analyzes the motivation of Guangfa Securities's backdoor listing mainly to avoid the threshold of initial public listing. Expand financing channels, expand net capital and enhance competitiveness in these four aspects. At the same time, the paper combs the main process and concrete scheme of backdoor financing, which is divided into three steps: share repurchase, stock exchange merger and non-tradable stock downsizing. Finally, the paper makes a comparative analysis of shareholder structure and income before and after the backdoor listing. In the fourth chapter, the process control of Guangfa Securities's backdoor listing is analyzed in detail from three aspects: the selection of shell resources, the implementation of backdoor plan and the continuous integration after backdoor financing. In the aspect of choosing shell resources, it is discussed that shell resources with the characteristics of low cost, large financing space and low resistance of each side can promote the successful realization of shell borrowing. In the implementation of the scheme, this paper analyzes the ingenuity of the scheme from four aspects: maintaining the share exchange ratio, providing the cash option, cooperating with the employee equity incentive, and combining with the reform of the split share structure. In the aspect of post-listing integration, a series of integration measures such as selling competitive assets of the same industry, offering additional shares, adjusting income structure and constructing financial holding group are adopted to realize the profit target after backdoor listing. Finally, through the analysis of the process control of Guangfa Securities's backdoor listing case, this paper summarizes Guangfa Securities's experience of listing by backdoor listing and the matters that should be paid attention to. Enterprises should fully investigate the shell resources before listing, and choose clean shell resources. At the same time, we should pay attention to the interests of original shareholders, public shareholders, dissenting shareholders, employees of both sides in the course of the transaction, so as to promote the smooth process of backdoor borrowing. In addition, we should strengthen the continuous integration in order to improve the management of the company. While backdoor listing is a shortcut to listing, it is still important to focus on the risks in the backdoor process and strengthen regulation of insider trading and share price manipulation.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51
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