IPO失败的案例分析

发布时间：2017-12-31 23:02

本文关键词：IPO失败的案例分析　出处：《河南大学》2013年硕士论文　论文类型：学位论文

【摘要】：改革开放三十年，中国的经济获得飞速的发展，取得的成就举世瞩目。在这三十多年中，不仅仅是实体经济这一坚实基础得到了长足的发展，并且虚拟经济也实现了跨越式的发展，此外，中国的现代市场体系也逐渐健全起来，多层次的资本市场正在发展中，国家在稳步推进利率和汇率市场化改革，人民币资本化项目逐步实现可兑换，尽管市场体系有一些问题，但是总体上来说一切都在良性发展中。股票市场作为金融市场的中坚力量，作为国民经济的重要组成部分，为中国经济的增长带来了前所未有的活力和发展平台，并且也成为国民经济中最为活跃的增长点。但是在经济发展相对平稳快速的背后，我们不可否认股票市场也遇到了多种多样的问题和难题，其中作为股票登上市场的源头的IPO这个融资必走过程问题非常多，比如关联交易、同业竞争不披露，比如询价机构数量不足等问题，这些问题的存在降低了股票市场配置资源的效率，影响了社会效益。 IPO是股票进入资本市场的门户，起着关键的作用，公司想要进入资本市场募集资金必须走IPO这条路，所以在IPO这条路上行走的公司有很多，有成功的也有失败的。这条路上存在的两个不同的现象便是，一方面是许许多多公司实现股票成功上市，筹集到资金促进了企业的发展和壮大；另一方面也有很多怀揣着IPO这个沉甸甸的梦想的公司，在满怀激情负重前行的路上，一不留神，一头栽倒在旅途，大伤元气，十年间殒命上市途中的公司名字可以列一个长长的单子，名字触目惊心，有很多都是业内的佼佼者。这两方面的鲜明对比，促使我们对股票公开发行上市思考良多。股票公开发行上市是公司登上资本市场，利用社会闲散资源、接受市场考验和市场竞争、壮大自己实力的关键一步，如果没能成功上市，公司不仅在体制改革上受阻，而且融资能力大大下降，无论是银行贷款还是政策支持方面，此外，公司的社会信誉度和社会地位这些无形资产也会大大缩水，总的来说公司公开发行失败的代价非常，准备上市公司须慎重对待。IPO是公司发展的关键阶段，准备上市公司必定会深思熟虑、慎重对待，但是现实情况不容我们忽视，依然有很多公司跌倒在上市的途中，摔得满身是伤、损失惨重，对此我们应该认真反思、仔细思考，深入分析、查找原因，在后续的准备上市公司中避免曾经犯过的错误。尽管有很多公司上市失败、损失惨重，尽管有很多公司因为上市失败被迫易主，但依然有更多的公司前赴后继的奔赴旅程，那么IPO究竟有什么样的魔力呢，他的重要性和关键性究竟在什么方面呢？又是哪些因素决定了企业股票发行的成败呢？准备上市公司在准备上市的路上有哪些硬伤呢?准备上市公司如何才能避开股票发行失败的陷阱从而实现股票成功发行及可持续发展呢？本文在依托社会大环境和大背景的情况下，联系现实经济状况，根据公司上市发展的一般规律，，结合具体的公司股票上市案例，对其发行失败原因进行分析和探讨，提出了要解决中国公司股票上市失败的问题，公司不仅要积累资本和稳定经营层，而且要选择资历深厚和责任心强的保荐机构，此外也应当选择适宜的发行时机，这样尽力降低发行过程中的资本风险和道德风险，以实现准备上市公司股票顺利发行以及公司的可持续发展。本文选择的案例以及对其进行的比较分析和实证分析与探讨，对研究公司股票首发上市及可持续性发展这个问题具有普适性。本论文在第一章，对中国所处的世界经济大环境、公司的发展所遇到的机遇和挑战做了一定的概括，此外也对中国证券市场、IPO及其发展历程进行了较为详细的概述；第二章，提出了一个具体公司股票上市的失败案例；并对上市中的一系列情况进行了概括和分析。第三章，对八菱科技股份有限公司上市失败这个具体案例，从多个角度进行了深入地分析和研究。第四章，主要谈到了通过对这个案例的分析以及对以往经验和教训的总结，给我们带来的启示和感悟。在最后第五章，是作者在完成本论文的过程中的参考文献。
[Abstract]:Thirty years of reform and opening up, Chinese economy obtained the rapid development, has made remarkable achievements. In thirty years, not only is the real economy this solid foundation has been considerable development, and the fictitious economy has achieved leapfrog development, in addition, the modern market system Chinese also gradually improve, multi-level the capital market is developing countries, steady progress in the interest rate and exchange rate market reform, the RMB capital project gradually realize the convertibility of the market system, although there are some problems, but overall, everything in the sound development of the stock market. As the backbone in the financial market, as an important part of the national economy, brought hitherto unknown. The vitality and development platform for Chinese economic growth, and has also become the active growth point in the national economy. But in the fast economic development is relatively stable Speed behind, we can not deny the stock market also encountered a variety of problems and difficulties, the stock market as a source on the IPO of this financing will go process very much, such as related party transactions, competition is not disclosed, such as number of inquiry institutions lack, these problems reduce the efficiency of the stock the market in the allocation of resources, affect the social benefits.
IPO is a stock to enter the capital market portal, plays a key role in the company to enter the capital market to raise funds must walk the road of IPO in IPO, so this road walk there are a lot of companies, have had mixed success. Two different phenomena existing in this way is, on the one hand many companies realize the successful listing of the shares, to raise funds to promote the development and growth of enterprises; on the other hand, there are a lot of IPO with the heavy dream company, on the road full of passion burden, an inattentive, first into the journey, debilitating, death ten years listed on the name of the company can make a long list of names is shocking, many are the industry leader. In contrast to these two aspects, prompted us to think about a lot of public issuance of stocks listed stock. Open market is public We boarded the capital markets, the use of social idle resources, accept the market test and market competition, a key step to grow their own strength, if not successful listing, the company not only blocked on reform, and financing ability is greatly decreased, regardless of bank loans or policy support, in addition, the company's social reputation and social the status of these intangible assets will be greatly diminished, the public offering of the company the cost of failure, for listed companies to treat.IPO is the key stage of the development of the company, the listed company will prepare thoughtful, careful, but the reality can not be ignored, there are still many companies listed in the fall on the way, fell and covered with is injured, suffered heavy losses, we should seriously reflect on, thinking, in-depth analysis, find the reasons, to avoid ever made in the follow-up to the listed company Wrong.
Although there are many companies fail, suffered heavy losses, although there are many companies because of market failure forced to change hands, but there are still more companies continue to journey, so IPO what kind of magic, his key and the importance of what in what aspects? And what factors determine the success or failure of this enterprise stock issuance what is the way to? Flawed listed companies in preparation for the listing for listed companies? How to avoid the stock issuance to fail to achieve success in stock issuance and sustainable development? In this paper, relying on the social environment and the background of the current economic situation, according to the general rules of the listing of the company's development, combined with the specific the company's stock listing case analysis and Discussion on the issue of failure, put forward to solve the China company listed failure, public We should not only accumulate capital and stable business layer, but also to choose the sponsor qualifications and a strong sense of responsibility, also should choose to issue proper time, so as to reduce the issue in the process of capital risk and moral risk, in order to achieve the sustainable development for the smooth issuance of shares of listed companies and the company. This case chose and comparative analysis and empirical research on the analysis and Discussion on the universality of the research on the development of the company stock IPO and sustainability.
In the first chapter, the world economic environment of China, meet the company's development opportunities and challenges made a summary, in addition to Chinese stock market, IPO and its development process are summarized in detail; the second chapter, puts forward a specific failure case company listed on the stock market a series of listed; and in summarized and analyzed. The third chapter of the eight Ling Polytron Technologies Inc listed on the failure of the specific case, in-depth analysis and research from different angles. The fourth chapter mainly talked through the analysis of this case, and a summary of past experience and lessons, to bring us the inspiration and sentiment. In the last fifth chapters, the author is in the process of the completion of this paper in the references.

【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】