借壳上市定价问题研究

发布时间：2018-05-09 22:39

本文选题：壳资源 + 借壳上市　；参考：《上海交通大学》2012年硕士论文

【摘要】：企业通过上市可以解决企业发展所需要的资金，为公司的持续发展获得稳定的长期的融资渠道，并借此可以形成良性的资金循环；可以提高知名度，获得品牌效应，积聚无形资产；还可以享有政策支持，提高公司行业竞争力。这使得我国很多企业都渴望通过上市敲开证券市场的大门。但是，由于我国上市条件和政策限制，，很多企业无法通过首次公开募股进行上市，极大制约了企业的发展。因此，壳公司就成了证券市场中的稀缺性资源，很多条件有限的企业，只能选择借壳方式实现上市，从而能够较快的引入金融资本补充企业原本规模有限的产业资本。借壳上市第一步要选择一个好的“壳”，即净壳公司，然后通过实施收购和资产重组后，发行新股，达到间接上市的目的。其中的核心是壳公司和拟注入资产的价值估值。借壳上市中定价问题涉及两个层面，一个是壳资源的定价，另一个是拟注入资产的定价。目前，由于借壳的界定在学界还不统一，加之市场中借壳上市行为的千差万别，壳资源的定价问题是一个很复杂的问题，也是一个尚未形成统一意见的课题。拟注入资产的定价方法也很难得到统一，传统方法有它的局限性，新方法的可操作性又不强。因此，借壳上市中定价问题成了证券市场上热点。本文首先梳理了借壳上市相关理论与文献综述，界定了壳资源、壳公司、借壳上市等基本概念，分析了我国壳资源的价值走向，描述了借壳上市所涉及到的一些常用的定价方法，并简要描述了一种新的定价方法——实物期权定价方法以供参考，通过国海证券和新太科技借壳上市方案进一步探讨了定价方法。作者希望通过本文的研究，能对我国目前借壳上市的定价问题有一个清晰明确的认识，能对我国证券市场的业内人士和从事借壳上市研究的学者提供有益的帮助。
[Abstract]:Through listing on the market, enterprises can solve the funds needed for the development of enterprises, obtain stable long-term financing channels for the sustainable development of the company, and thus form a virtuous capital cycle; they can increase their visibility and gain brand effects. Accumulation of intangible assets; can also enjoy policy support to improve the competitiveness of the company industry. This makes many enterprises eager to open the door of the securities market through listing. However, due to the listing conditions and policy constraints, many enterprises can not go public through IPO, which greatly restricts the development of enterprises. Therefore, shell companies have become the scarce resources in the securities market. Many enterprises with limited conditions can only choose the backdoor way to realize listing, and thus can quickly introduce financial capital to supplement the original limited industrial capital of enterprises. The first step of backdoor listing is to select a good "shell", that is, a net shell company, and then to issue new shares through the implementation of acquisition and asset restructuring, so as to achieve the purpose of indirect listing. The core of this is the shell company and the valuation of the value of the assets to be injected. The pricing of backdoor listing involves two aspects, one is the pricing of shell resources and the other is the pricing of assets to be injected. At present, because the definition of shell borrowing is not uniform in academic circles, and the behavior of shell listing is different in the market, the pricing of shell resources is a very complicated problem, and it is also a subject that has not yet formed a unified opinion. It is difficult to unify the pricing method of assets to be injected. The traditional method has its limitations and the new method is not feasible. Therefore, the issue of pricing in backdoor listing has become a hot spot in the securities market. This paper first combs the theory and literature review of shell listing, defines shell resources, shell companies, shell listing and other basic concepts, analyzes the value trend of shell resources in China. This paper describes some common pricing methods involved in backdoor listing, and briefly describes a new pricing method-real option pricing method for reference. Through Guohai Securities and New Pacific Technology backdoor listing scheme to further explore the pricing method. The author hopes that through the research in this paper, we can have a clear understanding of the pricing problem of backdoor listing in our country at present, and can provide beneficial help to the people in the industry of securities market and the scholars engaged in the research of backdoor listing in our country.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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