本文關鍵詞： 借殼上市 神州信息 動因 財務效應　出處：《深圳大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著中國資本市場的不斷完善,越來越多的企業(yè)希望通過上市拓展自身的融資途徑,以獲取更多的運營資本實現(xiàn)長期有效的企業(yè)發(fā)展。目前國內企業(yè)的主要上市途徑是IPO,但由于我國IPO標準嚴格,審批程序相當繁瑣,且要求必須連續(xù)多年保持非虧損狀態(tài),以致于很多有融資需求的企業(yè)達不到IPO申請標準。同時,企業(yè)想在國內資本市場通過IPO大多需要等到一兩年以后,時間和財務成本高,整個審批過程也存在很高的不確定性。相比而言,通過借殼上市面臨的審批則較為寬松,上市時間也更短,因此很多面臨融資困難的優(yōu)秀企業(yè)退而求其次的選擇借殼上市。隨著我國經濟的市場化,借殼上市逐步成為實現(xiàn)資本市場資源優(yōu)化配置的重要途徑。近年來已有很多優(yōu)秀企業(yè)通過借殼上市達到了曲線上市融資的目的,例如海瀾之家借殼凱諾科技以及巨人網(wǎng)絡借殼世紀游輪上市的案例等。然而,借殼上市作為一種達到上市交易目的特殊方式也產生了不少問題,如殼資源的優(yōu)劣選取,借殼上市的企業(yè)動因、方式、成本和收益,以及借殼上市企業(yè)的績效分析等,都是值得深入探討和研究的問題。軟件和信息技術服務業(yè)作為我國戰(zhàn)略性新興產業(yè),為推動國民經濟和社會信息化建設提供了重要的技術支撐,在十二五期間受國家政策扶持,行業(yè)取得了長足發(fā)展。本文選取神州信息借殼太光電信的案例分析,旨在為更多相關企業(yè)上市提供經驗總結。文章第一部分敘述研究背景和研究意義,歸納整理國內外學者的借殼上市研究結論;第二部分對借殼上市的相關概念、理論和方法進行介紹,為案例分析奠定理論基礎。第三部分是介紹神州信息和殼公司的狀況及借殼上市的運作過程;第四部分闡述神州信息借殼上市的動因;第五部分是借殼上市財務效應的介紹,選取短期績效、成本效益、經濟增加值和長期績效進行分析。最后在行成案例結論的基礎上,為其他企業(yè)借殼上市提供案例借鑒和經驗總結。
[Abstract]:With the continuous improvement of China's capital market, more and more enterprises hope to expand their financing channels through listing. In order to obtain more working capital to achieve long-term effective enterprise development. At present, the main way for domestic enterprises to go public is IPO.However, due to the strict IPO standards in China, the approval procedure is rather cumbersome. And the requirement must maintain a state of non-loss for many years, so that many enterprises with financing needs can not meet the IPO application standard. At the same time. Most enterprises want to pass IPO in the domestic capital market until one or two years later, the time and financial costs are high, and the whole approval process is also very uncertain. Through the examination and approval of backdoor listing is relatively loose, the listing time is also shorter, so many outstanding enterprises facing financing difficulties and the second choice of backdoor listing. With the marketization of our economy. Backdoor listing has gradually become an important way to realize the optimal allocation of capital market resources. In recent years, many excellent enterprises have achieved the purpose of curve listing financing through backdoor listing. For example, Hailan House shell Keno technology and giant network shell century cruise listing cases. However, backdoor listing as a special way to achieve the purpose of trading has also produced a lot of problems. Such as the selection of shell resources, the reasons, methods, costs and benefits of backdoor listing, as well as the performance analysis of backdoor listed enterprises. Software and information technology service industry, as a strategic emerging industry in China, has provided important technical support for the promotion of national economy and social information construction. During the 12th Five-Year Plan period, supported by national policies, the industry has made considerable progress. This paper selected the case study of Taiguang Telecom. The first part of the article describes the research background and significance, and summarizes the research conclusions of domestic and foreign scholars; The second part introduces the related concepts, theories and methods of backdoor listing, which lays a theoretical foundation for case analysis. The third part introduces the information of China and the status of shell companies and the operation process of backdoor listing. Part 4th expounds the motivation of listing through the shell of the information of Shenzhou; The 5th part is the introduction of the financial effect of backdoor listing, selecting short-term performance, cost-benefit, economic added value and long-term performance to analyze. Finally, on the basis of case study. For other enterprises to provide examples of backdoor listing and experience summary.
【學位授予單位】：深圳大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F49;F275

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本文編號：1469706