上汽集团借壳整体上市的财务风险分析

发布时间：2018-04-26 00:41

本文选题：借壳整体上市 + 财务风险　；参考：《华东交通大学》2017年硕士论文

【摘要】：借壳整体上市较首次公开发行途径上市的审核时间短,相对不那么严格,时间成本低,在成功借壳整体上市后便于企业融资。所以不管是房地产业还是车企业以及快递业都越来越倾向于选择借壳整体上市。本文就这个热点展开探讨,但是国内对借壳整体上市的财务风险研究很少,大多研究上市的效果或对企业价值的影响,因此这为本文的研究留出了很大的空间。同时借壳整体上市也是一项高风险的资本运作方式。因此,在构建适用于我国车企业借壳整体上市风险的识别、控制模型时结合借壳整体上市的特点对提高其成功率,提供理论指导具有一定的现实意义和研究价值。借壳整体上市是企业兼并而采取的一种收购方式。它是在证券市场快速发展而建立的一种高级的形态的资本运作现象,上市壳公司由于被借壳避免被停牌、摘牌风险,非上市公司通过借壳可以保持自己的资产和业务的上市,所以筹资融资的渠道变得更宽。但是借壳整体上市给上市公司和非上市公司带来双赢的同时,也隐藏着财务风险。无论运用哪种估值方法,由于受到估值技术和人为因素制约,所以壳资源的定价风险是一种客观存在的风险。不同的定价又影响支付方式。债务融资成本较低,但不能过度使用,否则降低偿债能力,出现资金链断裂。股权融资的风险通常小于债务融资,但也不能过度使用。总之企业在借壳整体上市时要避免单一支付方式,分散风险。企业在整合阶段也面临着整合风险和持续经营风险。借壳整体上市后,双方在文化、技术、管理、产业链上都要进行整合。科学有效的整合才能实现协同效应,保证借壳整体上市的成功。借壳整体上市在便于融资的同时使车企面临着较大的风险,在发展壮大的同时,也实现对资本的成功的运作。对借壳整体上市的财务风险进行及时的识别、防范和控制才能确保企业受益于整体上市,否则将会影响企业的发展。本文以上汽集团为例,在介绍借壳整体上市和财务风险的理论之后系统梳理了上汽集团借壳整体的动因、过程和效果分析,分别在选壳、借壳和整合阶段识别了财务风险,进而利用层次分析法建立上汽集团借壳整体上市的财务风险评价模型,对涉及的财务风险进行了详细的探讨,最后总结了对财务风险的控制。上汽集团作为中国汽车行业的领军企业,其发展不仅对自身盈利情况有重大的意义,而且在一定程度上对我国经济的发展也会产生一定的影响。
[Abstract]:The whole listing by backdoor is shorter than that of the initial public offering. It is relatively not so strict, and the time cost is low, so it is convenient for the enterprise to raise funds after the successful listing of the whole through the backdoor. Therefore, whether the real estate or car companies and express delivery industry are more and more inclined to choose backdoor listing as a whole. This paper discusses this hot spot, but there are few researches on the financial risk of backdoor listing in China, most of which are about the effect of listing or the impact on enterprise value, so it leaves a lot of room for the research of this paper. At the same time, backdoor listing as a whole is a high-risk capital operation. Therefore, it is of practical significance and research value to improve the success rate and provide theoretical guidance in the construction of the risk identification and control model for the whole listing of car enterprises in our country. The whole listing through the backdoor is a kind of acquisition method adopted by the merger of the enterprise. It is a kind of advanced form of capital operation phenomenon established by the rapid development of the securities market. Because the listed shell companies avoid being suspended from trading and delisting risks, the non-listed companies can keep their assets and business listed through backdoor. So the financing channels become wider. But the whole listing by backdoor brings both the listed company and the non-listed company a win-win, but also hides the financial risk. No matter which valuation method is used, the pricing risk of shell resource is an objective risk because it is restricted by valuation technology and human factors. Different pricing affects payment methods. Debt financing costs are low, but can not be overused, otherwise reduce solvency, capital chain break. Equity financing is usually less risky than debt financing, but it cannot be overused. In short, enterprises should avoid a single way of payment and spread risks when they are listed as a whole. Enterprises are also faced with integration risk and continuing management risk in the integration stage. After the whole listing, both sides should integrate in culture, technology, management and industry chain. Scientific and effective integration can achieve synergy and ensure the success of backdoor listing. The whole listing through the backdoor is easy to raise funds and makes the auto enterprises face greater risks. While developing and expanding, it also realizes the successful operation of the capital. Only by identifying the financial risk of the whole listing through backdoor, can the enterprise benefit from the whole listing. Otherwise, it will affect the development of the enterprise. Taking SAIC Group as an example, after introducing the theory of the whole listing and financial risk of backdoor, this paper systematically combs the motivation, process and effect analysis of the whole shell lending of SAIC Group, and identifies the financial risks in the stage of shell selection, shell borrowing and integration, respectively. Then the paper establishes the financial risk evaluation model of SAIC Group by using Analytic hierarchy process (AHP), discusses the financial risk involved in detail, and finally summarizes the control of financial risk. The development of SAIC Group, as a leading enterprise in China's automobile industry, not only has great significance to its own profit situation, but also has a certain impact on the economic development of our country to a certain extent.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.471;F406.7

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