天神互动借壳上市的动因和绩效分析

发布时间：2018-03-19 06:10

本文选题：借壳上市　切入点：天神互动　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国市场经济的不断发展,越来越多的企业想要通过上市来进入资本市场进行直接融资,利用充足的资金来提升自身竞争实力。但在现有的政策背景下,IPO上市的门栏高、条件严苛、排队时间长等等一系列限制因素使得企业纷纷把目光转向借壳。借壳上市即一些发展良好不断壮大的企业收购已经上市但经营不善的壳公司通过资产置换等方式来达到上市的目的,借壳上市审核简单,成功率高花费的时间也少。迄今为止有许多企业都成功借壳上市,也有很多学者对包括金融证券、出版传媒、房地产等在内的各个领域进行了研究分析,但目前还没有人对网络游戏这一行业进行研究。在21世纪人人都离不开互联网的今天,网络游戏行业也随之迅猛发展,成为文化娱乐产业中不可或缺的一部分,网络游戏行业竞争也愈发激烈,天神互动自2010年成立后历经短短3余年就已成为行业内的佼佼者,作为第二家成功借壳上市网络游戏开发企业也曾轰动一时。本文采用微观视角利用单个公司的案例分析从五个方面展开文章的论述,第一部分对论文的研究背景和意义以及国内外对于借壳上市的研究现状进行了简单的阐述。第二部分介绍了和借壳上市相关的理论概念以及对于天神互动借壳上市将采用的绩效评价方法。第三部分对借壳方天神互动和壳公司科冕木业进行了介绍,并分别对两家公司借壳以及被借壳的动因进行了详细的分析,对于天神互动来说,其借壳最大的动因就是该公司是靠网页游戏起家,而2013年移动游戏开始了一段最好的发展时期,天神互动想通过上市公司这个平台,利用资金优势通过并购大力进军移动网游领域,在移动网游发展的黄金期抢占制高点。第四部分则重点通过运用事件分析法、财务指标分析法、杜邦分析法和EVA评价方法从短期和长期两个方面研究天神互动借壳上市前后的财务绩效变化情况,同时和网游行业的平均水平进行比较,研究其财务绩效。最后对整个研究进行总结并提出建议,为以后想要借壳上市的企业提供参考。
[Abstract]:With the continuous development of market economy in China, more and more enterprises want to enter the capital market through listing for direct financing, using sufficient funds to enhance their own competitive strength. The conditions are harsh, Long queue time and a series of constraints have led enterprises to turn to the backdoor. Backdoor listing is the acquisition of some well-developed and growing enterprises to buy the listed shell companies through the exchange of assets, etc. To achieve the goal of listing, Backdoor listing audit is simple, and the high success rate takes less time. So far, many enterprises have successfully listed through backdoor listing, and many scholars have conducted research and analysis in various fields, including financial securities, publishing media, real estate, and so on. In 21th century, when everyone was inseparable from the Internet, the online game industry also developed rapidly and became an indispensable part of the cultural and entertainment industry. The competition in the online game industry is becoming more and more fierce. Since its establishment in 2010, God interaction has become a leader in the industry in a short span of more than three years. As the second successful backdoor listed online game developer, this paper uses the micro perspective to analyze the case of a single company from five aspects. In the first part, the research background and significance of the thesis and the current situation of the research on the backdoor listing at home and abroad are briefly expounded. The second part introduces the theoretical concepts related to the backdoor listing and the interaction between the god and the god. In the third part, the author introduces the interaction between God and God and the wood industry of Shell Company. And respectively to the two companies to borrow shell and the shell of the reasons for detailed analysis, for God interaction, the biggest reason for the shell is that the company started by web games, In 2013, the mobile game began a period of the best development period, Tianshen Interactive wants to use the platform of listed companies to make great efforts to enter the field of mobile online games through mergers and acquisitions. In the golden period of mobile online games development, it preempts the commanding heights. Part 4th focuses on the use of event analysis, financial index analysis, DuPont analysis method and EVA evaluation method are used to study the changes of financial performance before and after Tianshen interactive backdoor listing in the short and long term, at the same time compared with the average level of online gaming industry. Finally, the paper summarizes the whole research and puts forward some suggestions, which can be used as a reference for the enterprises that want to go public in the future.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F49;F275

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