分众传媒借壳上市的财务绩效研究

发布时间：2018-02-16 08:31

本文关键词： 中国概念股借壳上市财务绩效　出处：《中国地质大学(北京)》2017年硕士论文　论文类型：学位论文

【摘要】：近几年在海外上市的中国概念股公司纷纷回归A股市场。目前回归的方式主要有两种,即退市私有化之后选择以IPO方式回归或通过借壳上市方式回归。从目前市场上已完成回归的中国概念股公司实际操作来看,目前只有暴风科技通过IPO方式回归成功。而其他公司均选择了借壳上市这种回归方式。可见,借壳上市已经成为中国概念股回归的一种主要方式。作为中国概念股回归A股的典型,分众传媒在2015年进行了借壳上市。对其整个借壳上市过程的研究可以为想要回归A股的中国概念股公司提供以何种方式回归的实际操作参考,同时可以丰富中国概念股回归的相关理论。在研究时,本文首先对借壳上市涉及的理论及相关概念进行界定,其次在借鉴前人对借壳上市研究的基础上,分析了分众传媒借壳上市的过程,并基于财务角度对其借壳上市的绩效进行了评价。绩效评价主要分为短期绩效评价与长期绩效评价。短期绩效评价采用事件研究法,对分众传媒借壳上市这一事件对股价的影响进行评价。长期绩效评价则通过会计指标分析法进行,并引入AHP层次分析法对分散的评价指标进行系统化,然后得出借壳上市前后各年度公司财务绩效指标变化的综合评分。最后,在研究的基础上得出结论并对欲回归A股的中国概念股公司给出了相应的建议。本文的研究结论表明,分众传媒在借壳上市的过程中做了大量完善的准备工作,包括前期的私有化退市、去除VIE结构、公司的股权结构调整及借壳上市过程中对壳公司B计划的准备。研究结果还表明,此次借壳上市短期绩效表现出明显的提升,为交易双方带来了财富效应;长期来看其绩效评分在借壳上市后持续增长,经营绩效正向变化明显。
[Abstract]:In recent years, Chinese concept stock companies listed overseas have returned to the A-share market in succession. At present, there are mainly two ways of returning to the A-share market. That is, after delisting and privatizing, he chose to return by IPO or through the way of backdoor listing. From the actual operation of the Chinese concept stock companies that have completed the return in the current market, So far, only Storm Technology has returned to success through IPO. Other companies have opted for a backdoor listing. Backdoor listing has become a major way for the return of Chinese stocks. As a typical example of Chinese stocks returning to A shares, Focus Media conducted a backdoor listing in 2015. The research on the whole process of backdoor listing can provide practical reference for the Chinese concept stock companies who want to return to A shares in what way to return to the stock market. At the same time, it can enrich the relevant theories of the return of the Chinese concept stock. In the research, this paper first defines the theory and related concepts involved in the backdoor listing, and secondly, on the basis of drawing lessons from the previous researches on the backdoor listing, This paper analyzes the process of backdoor listing of focus Media, and evaluates the performance of backdoor listing based on financial point of view. The performance evaluation is mainly divided into short-term performance evaluation and long-term performance evaluation. The short-term performance evaluation adopts event study method. This paper evaluates the impact of the event of focus Media's backdoor listing on the stock price. The long-term performance evaluation is carried out through the accounting index analysis method, and the AHP hierarchy process is introduced to systematize the decentralized evaluation index. Finally, on the basis of the research, the paper draws a conclusion and gives the corresponding suggestions to the Chinese concept stock companies that want to return to A shares. Focus Media has done a great deal of preparatory work in the process of backdoor listing, including the early privatization delisting, removing the VIE structure. The stock structure adjustment of the company and the preparation of the shell company B plan in the process of backdoor listing. The results also show that the short-term performance of the backdoor listing has obviously improved, which has brought wealth effect to both sides of the transaction. In the long run, the performance score continues to increase after backdoor listing, and the positive change of operating performance is obvious.
【学位授予单位】：中国地质大学(北京)
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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