浙报传媒借壳上市的动因和绩效分析

发布时间：2018-06-26 08:08

本文选题：借壳上市 + 动因　；参考：《江西财经大学》2017年硕士论文

【摘要】：借壳上市于1934年首次在美国出现,由于其拥有上市成本低且拥有高成功率的优点,受欢迎程度也越来越高。受20世纪二三十年代在经济较为衰退的影响,一些上市公司的盈利能力及市场价值大幅下降,甚至面临着退市的风险,这都给部分未上市企业提供了借壳的契机。自1993年深圳宝安通过并购延中实业实现借壳上市以来,借壳上市这一现象在我国屡屡发生,越来越多的非上市企业希望通过借壳上市的方式来实现在证券市场上直接融资的目的。借壳上市为一些财力雄厚的非上市公司提供了上市途径和额外的融资渠道,大幅缩短了上市所需时间,促进了公司的可持续发展。一般来说,IPO上市和借壳上市是我国企业上市的两种主要途径。IPO上市通常适合资金实力较强的企业,而借壳上市可以降低上市的门槛,缩短融资时间的周期,因而适合众多资金实力不足的企业。从我国资本市场的层面上看,由于市场结构调整和经济政策变更的影响,非金融企业在证券市场上的融资并不顺利,资本市场中“壳”的数量将逐渐增加,选择借壳上市的企业将愈发增多。本文以浙报传媒的借壳上市为案例,采用理论分析与典型案例相结合的方法来探究企业借壳上市的动因以及成功上市后的绩效情况。在阅读大量文献的基础上,本文阐述了借壳上市的含义、主要模式、动因以及相关理论基础,并结合财务指标来分析浙报传媒借壳上市后的绩效情况,最后根据相关分析,得出有用的结论与启示。本文开篇介绍了选择借壳上市为研究方向的背景及意义,阐述了本文的思路与方法。在理论概述的部分提出了“壳”与“壳公司”以及借壳上市的概念。接着归纳总结了借壳上市的4种主要模式,包括资产置换、定向增发、换股合并和股权收购。采用竞争优势理论、协同效应理论、交易成本理论和市场势力理论作为分析的理论基础。在案例分析部分首先介绍了浙报传媒以及白猫股份的基本情况,阐述了浙报传媒借壳上市的整个过程,提出的浙报传媒借壳上市的动因包括拓宽融资渠道,获得宣传效应,国家文化产业扶持政策的支持,传媒业IPO上市的难度大以及整合集团内的优势媒体资源的需要。本文在分析浙报传媒借壳上市的绩效分析时,首先选取了从2010年到2014年的财务数据,即浙报传媒实现借壳前后五年的财务报表披露数据为样本来分析财务指标。同时从企业股价的波动和券商对浙报传媒股票的投资评级入手分析了借壳上市后的市场效应。本文最后得出的结论是,浙报传媒的成功离不开国家文化扶持政策的正确引导,同时拥有专业高效的经营团队以及正确的发展观念是浙报传媒成功的助力。此外,一个优秀的壳公司也是必不可缺的。浙报传媒的成功给了我们许多的启示,企业需要在合理利用政策优势的同时也要加强自身建设,借鉴同类公司的成功经验,寻找适合自身的上市路径。
[Abstract]:Because of its low cost and high success rate, its popularity is becoming more and more popular because of its low cost and high success rate. In 20s and 30s twentieth Century, the profitability and market value of some listed companies fell sharply, even faced with the risk of delisting, which were all given to the Department. The unlisted companies provide the opportunity to borrow the shell. Since 1993 Shenzhen Baoan has been listed on the stock market through the merger and acquisition, the phenomenon of the backdoor listing has occurred repeatedly in our country. More and more non listed companies want to get the purpose of direct financing in the stock market through the way of the backdoor listing. The strong non-listed company provides the way of listing and the additional financing channels, which greatly shortens the time required for the listing and promotes the sustainable development of the company. Generally speaking, the IPO listing and the backdoor listing are the two main ways of listing in China's enterprises,.IPO is usually suitable for enterprises with strong funds, and the backdoor listing can be reduced. The threshold of the city, which shortens the period of financing time, is suitable for many enterprises with insufficient funds. From the level of capital market in China, the financing of non financial enterprises in the stock market is not smooth because of the adjustment of market structure and the change of economic policy. The number of "shell" in the capital market will gradually increase and choose the borrowed shell. The enterprises in the city will be more and more. This paper, taking the case of the shell of the Zhejiang newspaper as a case, uses a combination of theoretical analysis and typical cases to explore the motivation of the listing of the corporate shell and the performance after the successful listing. On the basis of reading a large number of documents, this paper expounds the meaning, the main model, the motivation and the phase of the listing of the borrowed shells. On the basis of the theoretical basis, and combining the financial indicators to analyze the performance situation of the Zhejiang newspaper's media backdoor listing, finally, according to the relevant analysis, draw useful conclusions and enlightenment. This paper introduces the background and significance of the study direction of the selection of the shell listing, and expounds the ideas and methods of this paper. "Shell company" and the concept of shell listing, then summed up the 4 main models of the shell listing, including asset replacement, directional increase, stock exchange merger and stock acquisition. The theoretical basis of the analysis of the theory of competitive advantage, synergy effect theory, transaction cost theory and market power theory. The basic situation of the zhe newspaper and the stock of the white cat is introduced. The whole process of the listing of the case of the Zhejiang newspaper is expounded. The reasons for the listing of the Zhejiang newspaper's backshell are to broaden the financing channels, obtain the publicity effect, support the support policy of the national culture industry, the difficulty of the IPO listing in the media industry and the advantageous media resources in the integration group. In the analysis of the performance analysis of the backdoor listing in Zhejiang newspaper, this paper first selected the financial data from 2010 to 2014, that is, the financial statement data of the five years' financial statements before and after the loan of the Zhejiang newspaper was carried out to analyze the financial indicators. The conclusion of this paper is that the success of Zhejiang newspaper media is inseparable from the correct guidance of the national cultural support policy. At the same time, a professional and efficient management team and the correct concept of development are the help of the success of the Zhejiang newspaper. In addition, an excellent shell company is indispensable. The success of the media has given us a lot of inspiration. Enterprises need to strengthen their own construction at the same time with the rational use of the advantages of the policy, learn from the successful experience of the same kind of companies and find the way to fit for their own market.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G219.27;F832.51

【参考文献】