我国企业买壳上市风险控制研究

发布时间：2018-05-02 13:28

本文选题：壳公司 + 买壳上市　；参考：《武汉理工大学》2012年博士论文

【摘要】：买壳上市是民营企业实现战略性发展的重要手段,买壳上市成功以后,企业可以获取持续的低成本、大规模的融资便利,然而买壳上市同时也是一项高风险的资本运作方式,买壳上市的过程中风险无处不在。因此,结合买壳上市的特点,构建适用于我国企业买壳上市风险的识别、测度和控制模型,为我国买壳上市企业控制风险、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。已有的研究文献多为探讨企业并购的方式及效应,但很少有学者针对买壳上市这种并购方式进行深入的研究。因此,一方面是市场上存在大量企业有买壳上市的动机,但另一方面学术界针对买壳上市的研究极为稀缺,系统的研究几乎没有,这就为本文的研究留出了空间。目前国外学者对买壳上市的理论研究是建立在西方主流并购及其理论基础上,然而由于我国体质转轨中特有的复杂性和不确定性,使得主流理论在买壳上市的应用上存在很大的局限性。本文在对主流理论进行借鉴的基础上,结合在中国买壳上市的特有环境,探讨我国企业买壳上市的风险及其控制。本文沿着“企业买壳上市风险控制的基本理论——企业买壳上市风险识别——企业买壳上市风险测度——企业买壳上市风险控制——案例分析”的逻辑思路展开研究,综合运用并购理论、风险管理理论、系统论等学科知识,对企业买壳上市风险控制进行了系统研究。分析企业买壳上市风险的识别与测度方法,提出了企业买壳上市风险控制的测度方法具体而言,本文的主要研究内容包括：第1章阐述企业买壳上市风险控制的研究目的和研究意义。在深入研究国内外学者关于企业买壳上市风险控制研究的基础上,提出了研究内容、研究方法和研究思路。第2章在对企业买壳上市内涵进行研究的基础上,分析了企业买壳上市的运作机理,并对买壳上市风险的内涵和形成机理进行了研究。第3章从买壳上市风险识别对象和识别方法两个方面对我国企业买壳上市的风险识别进行分析。第4章从定价风险测度、融资风险测度和重组风险测度三个方面构建我国企业买壳上市风险测度模型。第5章从选壳、买壳和重组三个阶段探讨了企业买壳上市风险控制策略。第6章为案例分析。
[Abstract]:Shell listing is an important means for private enterprises to achieve strategic development. After successful shell listing, enterprises can obtain continuous low cost and large-scale financing convenience. However, shell listing is also a high-risk capital operation mode. In the process of buying a shell and listing, the risks are everywhere. Therefore, according to the characteristics of shell listing, the paper constructs a model to identify, measure and control the risk of shell listing, which is suitable for Chinese enterprises to control the risk. Improving its success rate to provide theoretical guidance has certain practical significance and research value. Most of the existing research literature is to explore the way and effect of M & A, but few scholars do in-depth research on the M & A mode. Therefore, on the one hand, there is a large number of enterprises in the market have the motivation to buy shell listing, but on the other hand, the academic research on shell listing is extremely scarce, and there is almost no systematic research, which leaves room for the research of this paper. At present, foreign scholars' theoretical research on shell listing is based on western mainstream M & A and its theory. However, due to the unique complexity and uncertainty in China's physical transition, The mainstream theory has great limitations in the application of shell listing. Based on the reference of mainstream theory and the unique environment of buying shell listing in China, this paper probes into the risk and control of the listing of Chinese enterprises. In this paper, the logical thinking of "the basic theory of the risk control of the backdoor listing of enterprises-the identification of the listing risk of the enterprise buying the shell"-the measurement of the risk of the listing of the enterprise buying the shell-the case study of the risk control of the listing of the enterprise buying the shell-is carried out in this paper. Based on the knowledge of M & A theory, risk management theory and system theory, this paper makes a systematic study on the risk control of buying a shell and listing. This paper analyzes the identification and measurement methods of the listed risk of buying a shell, and puts forward the measurement method of the risk control of the listing of the buying shell. The main research contents of this paper include: Chapter 1 describes the research purpose and significance of risk control. On the basis of deep research on the risk control of enterprises buying shell listing, this paper puts forward the research contents, research methods and research ideas. In chapter 2, based on the study of the connotation of shell listing, the operating mechanism of shell listing is analyzed, and the connotation and formation mechanism of listing risk are studied. In chapter 3, we analyze the risk identification of Chinese enterprises from two aspects: the object and the method of risk identification. Chapter 4 sets up the risk measurement model of Chinese enterprises from three aspects: pricing risk measurement, financing risk measurement and restructuring risk measurement. Chapter 5 discusses the risk control strategy from three stages of shell selection, shell buying and restructuring. Chapter 6 is a case study.
【学位授予单位】：武汉理工大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F279.2;F832.51

【参考文献】