海通证券公司借壳上市的动因及绩效研究

发布时间：2018-05-12 09:16

本文选题：证券公司 + 借壳上市　；参考：《石河子大学》2017年硕士论文

【摘要】：随着我国资本市场的发展,证券公司也随之发展壮大,已成为资本市场的重要力量。为了扩大市场份额,增强持续盈利能力,提高核心竞争力,越来越多的证券公司把目光投向资本市场。然而,证券行业IPO上市障碍难以逾越:证监会对申请IPO上市的证券公司审核严格、证券行业自身限制较多等。受以上原因,截止2015年8月A股市场上市的24家证券近半数都是通过借壳而成功上市。由此,证券行业多半通过借壳进入资本市场,为本文的创作提供了依据。本文从描述性统计和案例相结合的方法着手,着重从证券行业的整个行业特征和海通证券个案在借壳上市中所表现出来的特征进行分析。与此同时,结合了券商行业的特征,着重从借壳方、让壳方、以及借壳上市中时间、地域的选择进行分析其总体特征,揭示在整个借壳过程中存在的规律。在分析证券行业借壳上市总体情况的基础上,本文针对海通证券借壳都市股份的典型案例,仔细剖析其借壳上市动因与上市的绩效情况。研究发现,海通证券在借壳动因方面存在以下原因。选择借壳上市一方面因为IPO困难重重,为了拓宽融资渠道,直接在证券市场上进行融资、另一方面则是为了健全现代企业制度,完善法人治理结构的同时也得到了当地政府的大力支持。海通证券借壳上市之后,海通证券原股东获得高资产评估增值率;原有股东在短期财富方面实现了迅速累积,但中长期财富却出现明显下降趋势;通过对公司(600837)财务数据进行分析,发现海通证券上市后财务绩效出现明显好转。通过对海通证券借壳上市分析得出如下结论:证券公司在借壳上市中要以自身实际情况为依据,,争取主动获取优质的壳资源,让公司整个业务上市,做好和当地政府的沟通工作,并尽量选取优质资产,以增强定价能力和品牌形象。
[Abstract]:With the development of China's capital market, securities companies have become an important force in the capital market. In order to expand market share, enhance sustainable profitability and improve core competitiveness, more and more securities companies are looking to the capital market. However, it is difficult to overcome the obstacles of IPO listing in the securities industry: the Securities Regulatory Commission (CSRC) strictly reviews the securities companies applying for the IPO listing, and the securities industry itself has more restrictions. As a result, nearly half of the 24 securities listed in the A-share market as of August 2015 were listed successfully through backdoor lending. As a result, the securities industry through the shell into the capital market, for the creation of this paper provides the basis. This paper begins with the method of combining descriptive statistics and case studies, focusing on the characteristics of the whole industry of the securities industry and the characteristics of the Haitong securities case in the backdoor listing. At the same time, combined with the characteristics of the securities industry, the emphasis is from the shell side, as well as the backdoor listing time, regional selection to analyze its overall characteristics, to reveal the existence of the law in the whole process of shell lending. Based on the analysis of the general situation of backdoor listing in securities industry, this paper analyzes the motivation and performance of backdoor listing of Haitong Securities. The study found that Haitong Securities in the shell of the reasons for the existence of the following reasons. On the one hand, the reason for choosing backdoor listing is that IPO has many difficulties. In order to widen the financing channels and directly finance in the securities market, on the other hand, it is to improve the modern enterprise system. Perfect legal person management structure also got the strong support of local government at the same time. After the backdoor listing of Haitong Securities, the original shareholders of Haitong Securities obtained a high appreciation rate of assets evaluation, the original shareholders achieved a rapid accumulation of short-term wealth, but the medium- and long-term wealth showed an obvious downward trend. By analyzing the financial data of the company, we find that the financial performance of Haitong Securities has improved obviously after listing. Through the analysis of the backdoor listing of Haitong Securities, the following conclusions are drawn: in the course of backdoor listing, the securities companies should take their own actual conditions as the basis, strive for the initiative to obtain high-quality shell resources, so that the whole business of the company can be listed on the market. Communicate well with local government and select high-quality assets to enhance pricing power and brand image.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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