中概股分众传媒回归A股案例研究

发布时间：2018-03-09 11:44

本文选题：借壳上市　切入点：分众传媒　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,美股估值偏低,而国内资产市场释放利好信号,很多中概股公司选择回归A股,而借壳上市则是一个主要的回归渠道。但2016年后随着政策相应的更改、紧缩,中概股回归A股市场出现暂停状况,但只是相关问题得到规范的一个过程,并不是回归A股之路走不通,未来还是有很多符合条件的企业选择回归的,分众传媒作为近年来规模最大的回归A股的成功案例,还是具有一定借鉴的地方,本文就是在此背景下进行描述的。本文第一部分为引言,主要介绍一下研究背景,研究内容及意义,创新点及国内外的研究综述;第二章为相关的理论介绍,首先从行业角度、支付购买价款方式、并购企业行为三个角度介绍并购相关的理论知识,然后介绍了借壳上市的含义及借壳上市的动因、过程中的资本运作,最后介绍了壳资源概念并且阐述国际上壳资源的分类,即“实壳”公司、“空壳”公司和“净壳”公司三种;第三章主要是案例的介绍,包括案例背景,交易双方分众传媒、七喜控股各自的基本情况及动因,借壳上市交易过程和结果,本文中的案例为分众传媒借壳七喜控股上市,回归A股,交易过程包括重大资产置换、发行股份和支付现金购买资产、发行股份配套募集资金。借壳上市的结果为交易完成后江南春成为实际控制人,七喜控股的主营业务变成广告行业;第四章对案例进行了分析,主要分析了交易中资产置换、发行股份、现金支付三种支付手段及交易过程中存在的风险,并与采取并购回归A股方式的学大教育进行对比分析;第五章主要介绍本文的结论与不足。分众传媒借壳上市作为一个成功的案例,在支付手段选择及现金支付比例的选择上都有一定的可借鉴意义,但其中也存在一定风险,上市交易过程完成后,七喜控股转型主营业务,是否能达到预期,也需要后期的整合。
[Abstract]:In recent years, US stocks have been undervalued, and the domestic asset market has sent a good signal that many Chinese companies have chosen to return to A shares, while backdoor listing is a major channel of return. But after 2016, as the policy changed accordingly, it tightened. The return of Chinese stocks to the A-share market has been suspended, but it is only a process in which related issues have been standardized. It is not that there is no way to return to A-shares. In the future, there are still many eligible enterprises that choose to return. As the largest successful case of returning to A shares in recent years, focus Media still has some references. This paper is described in this context. The first part of this paper is an introduction, mainly introduces the research background. Research content and significance, innovation points and domestic and foreign research overview. Chapter two is related theoretical introduction, first from the perspective of the industry, the way to pay the purchase price, M & A enterprise behavior to introduce the theory of M & A related knowledge, Then it introduces the meaning of backdoor listing, the motivation of backdoor listing and the capital operation in the process. Finally, it introduces the concept of shell resources and expounds the classification of international shell resources, that is, "real shell" company, "empty shell" company and "net shell" company. The third chapter mainly introduces the case, including the case background, the focus media of both parties, the basic situation and motivation of Qixi holding, the process and result of the backdoor listing, the case of this paper is the case of the focus media through the shell. Returning to A shares, the trading process includes the replacement of major assets, the issuance of shares and the payment of cash to buy assets, and the issuance of matching shares to raise funds. As a result of the backdoor listing, Jiang Nanchun became a de facto controller after the completion of the transaction. The main business of Qixi Holdings has become the advertising industry. Chapter 4th analyzes the cases, mainly analyzes the three payment means of asset exchange, issuing shares, cash payment and the risks in the course of the transaction. Chapter 5th mainly introduces the conclusions and shortcomings of this paper. Focus Media backdoor listing as a successful case, The selection of payment means and the selection of cash payment ratio have certain reference significance, but there are also some risks. After the completion of the listing and trading process, after the completion of the trading process, after the completion of the trading process, whether or not the main business in the transition of the 7-Up holding company can meet the expectations. It also requires late consolidation.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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