壳公司价值影响因素研究

发布时间：2018-02-03 10:23

本文关键词： 壳公司壳资源价值影响因素　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文所指的壳公司是指借壳上市过程已经完成,已经成功被非上市公司借壳的上市公司,而未完成借壳上市过程的,只能说是一种壳资源或者是潜在的壳公司。在前人对于壳公司价值的研究基础之上,充分考虑壳公司的特点,通过查阅文献和调研等方法寻找对壳公司价值有影响的因素。依据因素特点,将这些因素的特点将其分为外部因素和内部因素,并且通过一定的统计方法对壳公司价值的影响因素进行实证分析,这些方法主要包括:主成分分析、独立样本T检验、单因素方差分析、相关分析、回归分析,最终找出了影响壳公司价值的主要因素和各个因素的影响程度。研究发现:(1)影响壳公司价值的因素主要有是否为国有企业、第一大股东持股比例、每股净资产,其中,是否为国有企业对它的影响最大,其次为第一大股东的持股比例,最后为每股净资产。就变动方向而言,每股净资产、第一大股东持股比例与壳公司价值呈正方向变动,国有壳公司的价值较低:每股净资产越高,卖壳方在重组后可利用的资产就相对更多,净资产也是交易定价的一个重要依据;国有企业壳公司的价值较低是因为为了避免国有资产的流失,借壳方在借壳时通常会受到很多限制,未来借壳成功后后续的融资过程可能受到的监管力度也会更大,需求相对较小;第一大股东持股比例越高,借壳方的沟通成本会下降,同时一旦赢得大股东的支持后,后续的并购事宜进行的也会更加顺利,这一切都会促使更多的借壳方选择此类壳公司,需求的提高会促进其价值的提高。除此之外,受到每股净资产的影响,审计意见也会间接影响壳公司价值。(2)GDP、原有融资渠道的变化、融资渠道的拓展、借壳监管政策、大盘指数、壳公司是否为ST公司、流通股比例、资产负债率、现金比率、净资产收益率对壳公司价值影响不显著。从需求角度来看,原有融资渠道的变化、融资渠道的拓展、借壳监管政策、大盘指数对壳公司价值影响较小是因为上市有利于壳公司更好的融集资本,因此非上市公司无论这些条件如何变化,还是会愿意选择借壳上市。而流通股比例并不是已成不变的,非上市公司在借壳后可以选择增发股票的方式消除这一影响,现金比率对壳公司价值不显著是因为壳公司通常会将上市公司的原有资产置出。从壳公司特点来看,资产负债率、净资产收益率对壳公司价值的影响不显著可能是因为壳公司之间的差异较小。从供给角度来看,壳公司是否为ST公司对壳公司的价值影响不显著可能是因为由于我国目前制度的限制,ST公司对于被借壳的需求并不是很强,它可以通过其他途径引入优质资产。
[Abstract]:The shell company referred to in this article refers to the listed company that has completed the process of backdoor listing and has been successfully backed by the non-listed company, but has not completed the process of backdoor listing. It can only be said to be a shell resource or a potential shell company. On the basis of previous studies on the value of shell companies, fully consider the characteristics of shell companies. According to the characteristics of the factors, these factors can be divided into external factors and internal factors. And through a certain statistical methods to the shell company value of empirical analysis, these methods mainly include: principal component analysis, independent sample T-test, single-factor variance analysis, correlation analysis, regression analysis. Finally find out the main factors that affect the value of shell companies and the degree of influence of each factor. The study found that the main factors affecting the value of shell companies are whether state-owned enterprises, the largest shareholder shareholding ratio. Net assets per share, of which, whether state-owned enterprises have the greatest impact on it, followed by the largest shareholder holding ratio, and finally net assets per share. In terms of direction of change, net assets per share. The value of the state-owned shell company is lower: the higher the net assets per share, the more assets the shell seller can use after the reorganization. Net assets are also an important basis for transaction pricing; The value of state-owned shell companies is low because in order to avoid the loss of state-owned assets, backdoor companies are often subject to many restrictions. The future successful backdoor financing process may be subject to greater supervision, demand is relatively small; The higher the shareholding ratio of the first largest shareholder, the lower the communication costs of the backdoor side, and once the majority shareholder support, the subsequent M & A will be more smooth. All this will encourage more backdoor parties to choose such shell companies, and higher demand will boost their value. In addition, it will be affected by net assets per share. The audit opinion will also indirectly affect the value of shell company. GDP. the change of original financing channel, the expansion of financing channel, the policy of backdoor supervision, the index of market, whether the shell company is St company or not, the proportion of circulating shares. From the point of view of demand, the change of original financing channels, the expansion of financing channels, the supervision policy of backdoor borrowing. The impact of the index on the value of shell companies is small because listing is good for shell companies to better pool capital, so the non-listed companies no matter how these conditions change. Still will be willing to choose backdoor listing. And the proportion of outstanding shares is not already unchanged, the non-listed companies can choose to issue additional stocks after the backdoor to eliminate this impact. The cash ratio to the value of shell companies is not significant because shell companies usually put out the original assets of listed companies. From the characteristics of shell companies, asset-liability ratio. The impact of ROE on the value of shell companies may not be significant because the differences between shell companies are small. From the point of view of supply. Whether the shell company is the St company has no significant impact on the value of the shell company because of the restriction of the current system in our country, the demand for the shell company is not very strong. It can introduce quality assets in other ways.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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