我国借壳上市监管问题研究

发布时间：2018-04-18 22:22

本文选题：借壳上市 + 资产重组　；参考：《中国海洋大学》2014年硕士论文

【摘要】：进入资本市场不仅可以为公司快速融资，且融资成本较低，还能提高公司知名度。因此，上市融资成为很多公司发展到一定规模热选的融资手段。目前，在我国资本市场上市有两种途径：其一为首次公开发行股票（IPO），另一种则为借壳上市。从被借壳方来讲，借壳上市可以优化上市公司资源配置，避免退市危机；从借壳方来讲，借壳上市相比IPO更低的标准、更简单的审批程序、更快的时间以及更低的成本等优势，使其成为很多想要进入资本市场融资的企业选择的手段。随着我国资本市场的发展，借壳上市先是被作为资产重组的一种手段被监管，直到2011年有关借壳上市的标准才被正式界定，其相应的监管标准虽然与IPO趋同，但相对来说仍然较低。本文对从1998年第一部与借壳上市有关的监管政策开始，对中国资本市场借壳上市监管政策进行了系统的梳理，并结合宏观经济环境的变化加以总结和归纳其中的变化。2013年，证监会发布《关于在借壳上市审核中严格执行首次公开发行股票上市标准的通知》，明确提出借壳上市的标准与IPO等同，且不得在创业板借壳上市，借壳上市的标准越来越高，，越来越难。政策导向的明确，使得资本市场上很多想要通过借壳上市绕过IPO高标准监管而进入资本市场融资的企业开始研究现行监管政策，从而出现不少绕道监管、曲线借壳的案例。本文选取2013年政策公布后的两组绕道借壳上市监管红线的重大重组案例进行研究，一组为创业板上市公司天瑞仪器收购资产规模大于自身且盈利能力也远超自身的公司——宇星科技，通过对重组方案的设计，巧妙的规避了借壳上市的标准，进一步规避了2013年新出台的“不得在创业板借壳上市”的政策，其最终有可能规避借壳上市的监管而实现借壳上市的实质目的，另一组案例则为巨化集团收购主板上市公司菲达环保，并完成对菲达环保注入资产，通过对重组方案的设计，也达到了规避借壳上市的标准，最终规避借壳上市等同IPO标准的监管。借壳上市有利于打通资本市场筹资渠道、优化资本市场资源配置、加速确立现代企业制度，有利于深化我国经济体制改革，促进资本市场发展，但其存在也有一定的风险性，如果不好好加以监管，会给资本市场带来较严重的负面影响。通过对案例的分析，可以看出，如果借壳上市标准与IPO标准等同是加强我国资本市场建设的必然趋势，那么目前我国对于借壳上市的监管是存在很多漏洞的。借壳上市监管政策的完善是市场发展的需要，也是必然的。本文通过分析总结，指出相应的监管漏洞，并进一步为监管部门加强对借壳上市监管政策的完善提出相应建议。
[Abstract]:Entering the capital market not only can raise funds quickly, but also can raise the company's popularity.Therefore, listed financing has become a hot financing means for many companies to develop to a certain scale.At present, there are two ways to go public in China's capital market: one is IPO and the other is backdoor listing.From the perspective of the backdoor side, the backdoor listing can optimize the allocation of resources of listed companies and avoid the crisis of delisting. From the perspective of the backdoor side, the backdoor listing has the advantages of lower standards, simpler approval procedures, faster time and lower cost than IPO.Make it a means of choice for many companies that want to enter the capital market for financing.With the development of China's capital market, backdoor listing was first regulated as a means of asset restructuring, and only in 2011 did the standards of backdoor listing be formally defined. The corresponding regulatory standards are similar to IPO.But it is still relatively low.Starting from the first regulatory policy related to backdoor listing in 1998, this paper systematically combs the regulatory policy of backdoor listing in China's capital market, and sums up and summarizes the changes in this policy in light of the changes in the macroeconomic environment.The CSRC has issued a notice on the strict implementation of the standards of initial public offering (IPO) in the review of backdoor listing. It has clearly pointed out that the standard of backdoor listing is identical to that of IPO, and that it is not allowed to list on the gem through backdoor listing, and the standards of backdoor listing are becoming higher and higher.It's getting harder and harder.The clear orientation of the policy makes many enterprises in the capital market begin to study the current regulatory policies by bypassing the high standard supervision of IPO through backdoor listing, which leads to a lot of cases of circumvention and backdoor borrowing.In this paper, two groups of major recombination cases of red line of backdoor listing after the policy announcement in 2013 were selected to study.A group of companies whose assets are larger than themselves and whose profitability is far higher than their own companies are listed on the gem. Through the design of the reorganization scheme, they skillfully circumvented the standard of backdoor listing.Further circumventing the new policy of "not to be listed on the gem" issued in 2013, which may eventually circumvent the regulation of backdoor listing and achieve the substantive purpose of backdoor listing,In another group of cases, the Juhua Group acquired Fida Environmental Protection, a listed company on the main board, and completed the injection of assets into Fida's environmental protection. Through the design of the reorganization plan, it also reached the standard of avoiding backdoor listing.The ultimate evasion of backdoor listing equivalent to the supervision of IPO standards.Backdoor listing is conducive to opening up the channels of capital market financing, optimizing the allocation of capital market resources, accelerating the establishment of modern enterprise system, deepening the reform of China's economic system, and promoting the development of the capital market, but its existence also has certain risks.If not properly regulated, will bring more serious negative impact on the capital market.Through the analysis of cases, we can see that if the standards of backdoor listing and IPO standards are the inevitable trend of strengthening the construction of capital market in China, there are many loopholes in the supervision of backdoor listing in our country at present.It is necessary and necessary for market development to perfect the supervision policy of backdoor listing.Based on the analysis and summary, this paper points out the corresponding regulatory loopholes, and further puts forward some suggestions for the regulatory authorities to strengthen the improvement of the supervision policy of backdoor listing.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.6

【参考文献】