容大矿业买壳上市的探讨

发布时间：2018-01-16 18:10

本文关键词：容大矿业买壳上市的探讨　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：公司上市的目的之一是吸收社会资本,获得持续筹资的渠道,保障公司拥有充足的运营资金,为公司未来战略发展提供资金保障。然而,目前我国二板市场尚未开放,主板市场受到容量限制,且准入门槛高、审批时间长,同时监管机构对公司规模、经营业绩、进入辅导期时间等均有严格规定,致使一些优秀的民营企业和成立不久的高科技企业不能上市融资。这些企业多为基本面优秀、前景良好,却因为无法在短期内获得有效的筹资渠道,而限制了企业质的发展。因此,买壳上市成为现实情况下上市融资的一种快捷渠道和工具。买壳上市是一种资产重组现象。非上市公司通过一定途径获得上市公司的控股权,然后将原公司的一些优质资产注入该上市公司,达到间接上市、证券筹资的目的。买壳上市现象经常性地在中国证券市场上发生,买壳上市行为已成为学术界和实务界共同研究和关注的热点问题之一。本文的研究对象为容大矿业,这是一家从事于黄金矿产开发及生产销售为一体的川内本土民营企业,是一家以黄金矿山开采为主,集科研、采矿选冶、黄金加工提纯、销售、矿山勘查开发咨询服务为一体的高新技术企业。在企业上市的道路上遇到了许多阻碍,于是选择了买壳上市的方式曲线救国。买壳上市对进一步扩大企业规模,对企业找矿与矿权收购,以及整合四川境内的黄金资源方面提供有力的支持,对创立西部乃至国内黄金企业品牌,增大国家对黄金的战略储备有着极其重要的作用。本文通过对公司内外部环境分析,确立了公司发展的战略目标,并将买壳上市作为公司进入资本市场的首选渠道。通过对黄金矿产行业已上市企业的分析,从本公司运营情况及战略发展角度进行研究,寻求如何解决资产和技术评估与股本结构等关键性问题,从而找出制约企业发展的关键问题并提出解决方案,寻求到最优的上市融资方案。在研究方法上,本论文采用案例分析法、类比法、经验总结法等。结合自身的工作实践,查阅国家、省、地区、县政策及相关法规,对公司内部尽职调查资料进行分析研究,并对公司战略发展进行调整,从而解决关键性问题。本文分为五章三大部分,第一、二章为第一部分,论述了国内外黄金的现状与未来走势,以及国内黄金行业的现状及市场分布和容大矿业公司简介；第三章为第二部分,对容大矿业的外部环境与内部环境进行了分析评价；第四、五章为第三部分,阐述了公司上市战略的选择,指出上市准备工作中遇到的症结,并提出解决方案与控制手段。本文写作中运用企业战略管理、财务管理、资本理论等基本理论,以资本运营和资产重组的基本理论为基础,结合本人亲身参与间接上市的实际运作经验及体会,对公司买壳上市过程中的工作做出了总结和深化。写作的目的一方面希望能对准备买壳上市或正在运作买壳上市的企业有所帮助,另一方面是对自己在该案例中的工作进行总结,对以后在上市公司的工作进行指导。
[Abstract]:One of the listed companies is to absorb social capital, sustainable financing channels, ensure the company has sufficient operating funds, to provide financial support for the company's future development strategy. However, the second board market of our country is not open, the motherboard market by capacity constraints, and access to the high threshold, long processing time, while regulators on the size of the company and business performance, enter counseling time has strict regulations, resulting in a number of outstanding private enterprises and established high-tech enterprises. These enterprises can not be listed financing for the fundamentals of good, good prospects, but because they can not get effective financing in the short term, and restrict the development of enterprise quality.
Therefore, the backdoor listing become reality for financing a quick channel and tools. Backdoor listing is an asset reorganization phenomenon. Holding the right non-listed company listed companies through a certain way, then some high-quality assets into the listed company of the original company, to achieve indirect listing, financing securities backdoor listing phenomenon often. To Chinese occurred in the stock market, the backdoor listing has become one of the hot issues in academic circles and practice circles of common research and attention.
The object of this research is the large capacity of the mining industry, this is a company engaged in gold mining development and production and sales as one of the local private enterprises in Sichuan, is a gold mining research, mining, smelting, processing and purification of gold mine exploration and development, sales, consulting services for the integration of high-tech enterprises in the enterprise listed on the road encountered many obstacles, so the choice of the way of saving the nation. The curve listed backdoor listing to further expand the scale of enterprises, enterprises of prospecting and mining rights acquisition, as well as gold resources integration in Sichuan face provide strong support for creating the western and domestic gold enterprises brand strategy. The national reserves of gold has an extremely important role.
Based on the analysis of internal and external environment of the company, established the company's strategic objectives, and will be listed as the preferred channel for companies to enter the capital market. Through the analysis of listed gold mining industry enterprises, research from the company's operations and strategic development perspective, seeking how to solve the assets and technology assessment and capital structure etc. key issues, so as to find out the key problems restricting the development of enterprises and puts forward the solution, to seek listing for the best.
In research methods, this paper adopts a case study method, analogy method, experience summary method. Combined with the work practice, their access to the state, province, region, county policies and relevant laws and regulations, research and Analysis on the internal data and due diligence, to adjust to the company's strategic development, so as to solve the key problems.
This paper is divided into five chapters in three parts, the first, second chapter is the first part, discusses the situation and development trend of gold, as well as the status and market distribution of the domestic gold industry and the large capacity of mineral company; the third chapter is the second part, the analysis and evaluation of the external environment and internal environment of mining; the fourth, fifth chapter the third part expounds the listed company strategy, points out the meeting listed on the preparatory work in the crux of the problem, and put forward the solutions and means of control.
The use of financial management of enterprise strategic management, this paper, the basic theory of capital theory, the basic theory of capital operation and asset restructuring as the basis, combined with my participation in the actual operation experience of indirect listing and the experience, the company listed in the process of work were summarized and deepened. The purpose of writing a hope to prepare the backdoor listing or running backdoor listing to help the company, on the other hand is to own in the case of a summary of the work, to guide in the work of listed companies.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.1;F832.51

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