美年健康公司借壳上市案例研究

发布时间：2018-03-17 05:33

本文选题：企业并购　切入点：资本运作　出处：《宁夏大学》2017年硕士论文　论文类型：学位论文

【摘要】：19世纪下半叶,企业并购作为一种资本运作模式首次出现在国际市场上,之后发生的五次并购浪潮丰富了企业并购的内容和形式。借壳上市作为企业并购的一种,于1934年首次亮相西方资本市场,并逐渐得到市场参与者的认可。随着我国资本市场的发展,谋求上市已经成为企业持续发展的必然选择,但由于我国资本市场的特殊性,选择IPO直接上市不仅难度大、成本高,而且历时较长。因此,很多企业开始谋求“曲线救国”之路——借壳上市。本文选取美年健康公司成功借壳江苏三友上市的案例作为研究对象。首先,运用文献研究法梳理以往学者对有关企业借壳上市的研究,并从中找到相关的理论基础;其次,梳理借壳上市过程,并运用事件分析法对借壳事件的结果进行评价;再次,通过收集信息和整理数据,运用财务指标等分析方法分别从借壳对象的特征、借壳方案的设计、借壳双方的资产评估情况、借壳时机的把握和借壳筹备期并购事件的影响等角度分析美年健康公司借壳成功的原因,并分别总结出相应的经验启示。案例选取原因:一是美年健康公司属于健康体检行业龙头企业,研究该案例的成功具有一定的代表性;二是美年健康公司在借壳筹备期对同业竞争对手慈铭体检进行了股权收购,该案例具有一定的特殊性。
[Abstract]:In 19th century, M & A appeared in the international market for the first time as a mode of capital operation. The five waves of M & A since then enriched the content and form of M & A. In 1934, the western capital market appeared for the first time, and was gradually recognized by the market participants. With the development of China's capital market, seeking listing has become an inevitable choice for the sustainable development of enterprises, but due to the particularity of the capital market in China, The choice of direct IPO listing is not only difficult, high cost, but also takes a long time. Many enterprises have begun to seek the road of "curve saving the nation"-backdoor listing. In this paper, the case of Sanyou listing in Jiangsu Province is selected as the research object. Literature research method is used to sort out the previous scholars' research on the backdoor listing of enterprises, and find the relevant theoretical basis; secondly, comb the process of backdoor listing, and use the event analysis method to evaluate the results of the backdoor listing; third, By collecting information and collating data, using financial indicators and other analytical methods, respectively, from the characteristics of the backdoor object, the design of the backdoor scheme, and the assets evaluation of both sides of the shell, From the perspective of the timing of backdoor borrowing and the impact of mergers and acquisitions in the preparatory period of backdoor borrowing, the reasons for the successful backdoor borrowing of Mannian Health Company are analyzed. The reasons of the case selection are as follows: firstly, the Mian Health Company belongs to the leading enterprise in the health examination industry, and the success of the case has certain representativeness; Second, Mannian Health Company made a stock purchase in the preparation period of shell borrowing, and this case has a certain particularity.
【学位授予单位】：宁夏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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