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》2017年碩士論文

【摘要】：反向收購上市是企業(yè)在準備上市時的一個重要選擇,因為這種上市途徑和傳統(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,所以受到很多人關注。一般來講,在金融危機等資本市場環(huán)境不景氣階段,很多風險防御能力弱化的已上市企業(yè)受宏觀經濟波及,財務風險往往被放大,甚至淪為ST公司,在實際經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殼公司。殼公司因為經濟大環(huán)境的變化正處于經營困難階段,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并購重組活動。當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想的一樣。現(xiàn)實中已經有很多企業(yè)在反向收購上市后因為各種原因而導致經營失敗的案例,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、更科學的評價結果。根據現(xiàn)階段國內外學者的研究內容,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)績等相關方面的研究進行概括總結,了解了與反向收購上市方式相關的一些主要概念和相關理論。為了更加全面的展現(xiàn)反向收購上市相關內容,對其一般操作流程和相關風險也做了介紹,并且為了提升研究結果的科學性、合理性,在研究中采取文獻研究和案例研究相結合的方法。以華數(shù)傳媒反向收購*ST嘉瑞上市這一案例為主要內容,對華數(shù)傳媒反向收購上市的條件及優(yōu)勢進行闡述,并結合企業(yè)自身情況、政府相關政策、社會經濟環(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)傳媒上市前后的財務績效指標進行橫向、縱向對比分析,總體評價華數(shù)傳媒上市結果,總結出華數(shù)傳媒成功買殼上市的經驗,并根據案例研究,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.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：G206-F;F832.51

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