国轩高科借壳上市案例分析

发布时间：2018-05-27 20:36

  本文选题：借壳上市 + 动因　； 参考：《广州大学》2017年硕士论文

【摘要】：上市能为企业发展带来诸多经济效益,例如:拓展融资渠道、提升品牌知名度、实现股东财富增值等,因此上市成为众多企业追求和奋斗的目标,对于融资困难的民营企业来说更是如此。然而我国IPO要求严格,审批程序复杂,一些民营企业并不能达到IPO的硬性规定,因此借壳上市便成为企业实现上市的另一种途径。IPO审核的多次暂停以及资本市场上壳资源的炒作也使得借壳上市行为更加活跃。虽然很多企业通过借壳成功上市,但也存在借壳失败的案例,或者出现借壳成功后由于后续资源整合不善而未能实现公司绩效提高等问题。在借壳上市的实际操作中,涉及很多关键环节,例如:选择什么样的壳,运用什么样的借壳模式,借壳上市后是否能为公司带来绩效的提高等,都是值得我们去研究和进一步去思考的问题。国轩高科是民营企业中的佼佼者,在自身发展和行业发展迅速的情况下,选择借壳快速上市,从而实现扩大融资,提高品牌知名度,推动企业更快发展的目的。因此,本文选取国轩高科借壳上市为研究案例,通过理论梳理,明确借壳上市的定义,然后对国轩高科借壳上市的动因、交易模式、财务绩效等方面进行深入分析。通过案例研究,本文从融资需求、IPO难度等五个方面总结出国轩高科借壳上市的动因;其次分析了其选择壳公司时所考虑的因素;并运用事件研究法、财务指标法以及EVA分析法从其借壳上市后的短期市场反映、长期财务效应以及公司价值等方面研究了其借壳绩效;最后总结了本文的研究结论:国轩高科借壳上市的动因有融资需求、IPO难度、行业发展状况、宣传效应以及政府扶持这五个方面,以及借壳上市也为国轩高科带来了绩效的提高;并且本文从企业借壳上市的壳公司选择方面、借“实壳”或“净壳”方面、后期资源整合以及政府作用这四个方面总结出一些建议,希望能为其他企业的借壳提供些许经验,使拟借壳企业不仅关注短期借壳效益,还更关注后期资源整合,以确保企业借壳上市后能够实现可持续发展。
[Abstract]:Listing can bring a lot of economic benefits to the development of enterprises, such as: expand financing channels, enhance brand awareness, achieve shareholder wealth appreciation, etc., so listing has become the goal of many enterprises to pursue and strive for. For the financing difficulties of private enterprises, especially so. However, China's IPO requirements are strict and the examination and approval procedures are complex. Some private enterprises cannot meet the mandatory requirements of IPO. Therefore, backdoor listing has become another way for enterprises to realize listing. The multiple suspension of IPO audit and the speculation of shell resources in the capital market also make the behavior of backdoor listing more active. Although many enterprises have successfully listed through backdoor, there are still some cases of backdoor failure, or failure to improve corporate performance due to poor integration of subsequent resources after successful backdoor borrowing. In the practical operation of backdoor listing, many key links are involved, such as: what kind of shell to choose, what kind of shell mode to use, and whether it can improve the performance of the company after backdoor listing, and so on. Are worthy of our study and further thinking. Guoxuan Hi-tech is one of the best private enterprises. In the case of its own development and rapid development of the industry, it chooses to go public through backdoor quickly, so as to achieve the purpose of expanding financing, raising brand awareness and promoting the rapid development of enterprises. Therefore, this paper selects Guoxuan Hi-Tech backdoor listing as a case study, through theoretical combing, clear the definition of backdoor listing, and then in-depth analysis of the motivation, trading model, financial performance and other aspects of Guoxuan high-tech backdoor listing. Based on the case study, this paper summarizes the motivation of Xuan Gaoke's backdoor listing from five aspects, such as the financing demand and the difficulty of IPO. Secondly, it analyzes the factors that should be taken into account when choosing the shell company, and applies the event research method. The financial index method and EVA analysis study its backdoor performance from the aspects of short-term market reflection, long-term financial effect and company value. Finally, it summarizes the research conclusions of this paper: the motivation of Guoxuan backdoor listing is the difficulty of IPO, industry development, propaganda effect and government support, and the backdoor listing has also brought about the improvement of performance for Guoxuan Hi-tech; And this paper summarizes some suggestions from the aspects of shell company selection, "real shell" or "net shell", late resource integration and the role of government, hoping to provide some experience for other enterprises. In order to ensure the sustainable development after the backdoor listing, the enterprises not only pay attention to the short-term benefit of backdoor borrowing, but also pay more attention to the resource integration in the later stage.
【学位授予单位】：广州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F406.7;F426.6

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