大连友谊控股权转移案例研究

发布时间：2018-01-20 07:44

本文关键词： 控股权转移定向增发案例分析　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：自2016年重组新规发布以来,传统的借壳途径受到阻碍。不少上市公司通过股权协议转让来实现上市公司的控制权变更,然后进行下一步的资本运作。协议转让成为非上市企业的另类借“壳”方式,股权转让概念受到市场热捧。上市公司控股股东转让控股权的案例越来越多,大连友谊(000679)亦是因为受重组新规的影响,终止了定向增发购买资产并配套募集资金的事项,转而协议转让了控股权。论文阐述了控股权转移和定向增发的相关理论,对大连友谊(股票代码:000679)控股权转移案例进行了相应的介绍。在此基础上,对大连友谊控股权转移案例进行相关分析,分别从第一次转移、第二次转移、第三次转移的具体情况进行了剖析。首先,分析了大友谊定向增发的目的、对象、定价、优缺点及其失败的原因。其次,分析了大连友谊协议转让控股权的原因、目的、对象、定价及优缺点。然后,对大连友谊控股权转移后转让子公司股权的原因及影响进行了相关分析。最后,对比分析了第一次与第二次转移以后的股权结构与市场反应。从而得出启示:通过控股权转移可以实现企业转型;以退为进是企业谋求转型的一种策略;控股权的高溢价转让是控股权转移的特征之一。这对于未来上市公司在实践中选择控股权转移的方案和未来学者对控股权转移的案例研究,具有参考借鉴意义。
[Abstract]:Release since the 2016 reorganization of new regulations, the traditional way of backdoor blocked. The number of listed companies through equity transfer agreement to achieve the control of listed company changes, and then proceed to the next stage of the capital operation. The transfer agreement of non listed companies become the offbeat "shell", the concept of share transfer touted by the market more and more cases listed. The transfer of a controlling stake in the controlling shareholder of the company, Dalian friendship (000679) is also affected by the new regulations for restructuring, termination of the placement of items purchased assets and raise matching funds, to transfer a controlling stake. This paper expounds the related theory of equity transfer and control of the private placement of Dalian friendship (Stock Code: 000679) transfer of control case are introduced. On this basis, the Dalian friendship transfer of control case analysis, respectively, from the first shift, second Transfer of specific circumstances of the third transfer is analyzed. Firstly, analysis of the friendship of private placement, object, pricing, advantages and disadvantages and the reasons for its failure. Secondly, analyzes the reasons, Dalian friendship agreement transfer of a controlling stake in the purpose, object, pricing and its advantages and disadvantages. Then, the reason and the influence on Dalian friendship transfer of control after the transfer of equity interests in subsidiaries are analyzed. Finally, comparison and analysis of the first reaction and second times after the transfer of ownership structure and market. In order to draw inspiration: enterprises can achieve transformation through the transfer of control; retreat is the enterprise seeks a strategy transformation; high premium transfer of ownership is one of the characteristics of the controlling right transfer. This is the future of the listed companies choose scheme of controlling right transfer and future scholars in the practice of case study on the transfer of control, has the reference significance.

【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F299.233.4

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