顺丰控股借壳上市价值评估案例研究

发布时间：2018-04-01 10:38

本文选题：价值评估　切入点：借壳上市　出处：《辽宁大学》2017年硕士论文

【摘要】：近年来,国内快递行业竞争日趋激烈,上市已成为快递企业打开市场的迫切需求。而作为行业的龙头,原本打算永不上市的顺丰控股,面对当前的竞争环境,为了继续保持行业领先的地位,也选择了上市,募集营运资金,扩展公司的航运能力,拓展生鲜市场,补充公司的流动资金。借壳上市一直是中国证券市场备受关注的热点,也是历来市场炒作的焦点,但是近一段时间快递巨头在A股市场集中借壳上市,这一现象还是较为罕见,企业价值评估作为快递公司借壳上市重组运作中重要的一环,自然也成为了其中的焦点。本文选取快递行业龙头企业顺丰控股作为研究的对象,采用案例研究的方法对顺丰控股借壳上市的过程进行研究分析,以期从中得到一些结论、启示,为投资者等相关利益者提供一些有价值的参考建议,本文的主要内容如下:首先介绍了研究的背景与意义,简要阐述了快递行业的现状,以及本文的写作意义,扼要地介绍了了本文的主要研究内容与研究方法。其次,简要的介绍了借壳双方的基础信息,以及借壳双方借壳上市的目的,然后以案例的形式对借壳上市的过程进行详细描述,同时也对借壳双方的实际价值评估做了简要的介绍。再次,在简要介绍相关概念、评估方法和理论的基础上,从公司发展状况、行业发展状况、同行业可比交易等多个维度出发,对借壳双方的价值评估过程进行详细分析,找出企业价值评估过程中对营业收入、净利润、贝塔值等的预测存在的不足之处,并从证券市场、资产评估机构、企业价值评估方法等角度分析存在这些问题的原因。最后,给出了案例分析的结论和启示,并针对案例中存在的问题从企业价值评估方法、证券市场、资产评估机构等方面提出自己的建议,以期为其他快递公司借壳上市提供借鉴,更有利于保护并购双方投资者的利益。
[Abstract]:In recent years, competition in the domestic express delivery industry has become increasingly fierce, listing has become an urgent need for express delivery enterprises to open the market. As the leader of the industry, Shunfeng Holdings, which was originally intended to never go on the market, faced with the current competitive environment. In order to continue to maintain the leading position in the industry, it has also chosen to go public, raise working capital, expand the shipping capacity of the company, expand the fresh and fresh market, and replenish the company's liquidity. Backdoor listing has always been a hot spot in China's securities market. It has also been the focus of market hype. However, in the recent period, express delivery giants have concentrated on backdoor listing in the A-share market. This phenomenon is still relatively rare. As an important link in the operation of express delivery companies' backdoor listing and restructuring, enterprise value evaluation is still relatively rare. This paper selects Shunfeng Holdings, a leading enterprise in express delivery industry, as the object of study, and analyzes the process of Shunfeng holding's backdoor listing by using the method of case study, in order to draw some conclusions. The main contents of this paper are as follows: firstly, it introduces the background and significance of the research, briefly describes the current situation of express delivery industry, as well as the significance of this paper. The main research contents and methods of this paper are briefly introduced. Secondly, the basic information of both parties and the purpose of listing in shell are briefly introduced. Then the process of backdoor listing is described in detail in the form of case, and the actual value evaluation of both parties is also briefly introduced. Thirdly, on the basis of brief introduction of relevant concepts, evaluation methods and theories, Starting from the development of the company, the development of the industry and the comparable trade of the same industry, the paper makes a detailed analysis of the value evaluation process of both parties, and finds out the operating income and net profit in the process of enterprise value evaluation. The shortcomings of Beta value prediction are analyzed from the perspective of securities market, asset appraisal organization and enterprise value evaluation method. Finally, the conclusion and inspiration of case analysis are given. And in view of the existing problems in the case from the enterprise value evaluation methods, the securities market, asset evaluation institutions and other aspects of their own suggestions, in order to provide reference for other express companies to borrow the shell listing, More conducive to the protection of the interests of M & A investors.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F259.23;F253.7

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