国轩高科借壳上市案例研究

发布时间：2018-01-15 01:03

本文关键词：国轩高科借壳上市案例研究　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着社会经济的发展,企业在市场中面临的竞争力加剧,为了寻求更好地发展,企业管理者们希望通过并购重组拓宽企业的发展领域,改变企业组织结构,且通过市场融资使企业更好的发展。其实,企业并购对人们来说并不陌生,而借壳上市又是我国资本市场近几年来老生常谈的话题。就企业而言,在短时间内快速获取资金的方法就是通过上市进入证券市场。但是我国对那些初次公开募集资金的企业有着严格的审核制度,使得很多有意图上市却达不到规定要求的企业只能望股轻叹,同时这些规定在某种水平上限制了很多有发展能力的企业今后的成长。在这样的条件下,借壳上市呈现给借壳企业获取对被借壳企业控制权的时机,从而实现间接上市。本文以国轩高科借壳东源电器上市案例为研究对象,采用案例分析法和财务指标分析法研究案例。作者先研究借壳上市的研究背景、研究意义、以及国内外研究现状。然后讨论借壳上市的概念,壳资源定义,借壳上市的动因及企业资产估价方法的概述等等。其次则主要对国轩高科借壳东源电器案例进行研究,了解借壳的背景,买卖壳的原因,借壳上市的操作过程,以及上市的定价问题及支付的方式。再者对国轩高科借壳上市前后企业的财务绩效和市场绩效情况展开详细解剖,主要涉及比较IPO和借壳上市的不同之处,上市定价的合理性分析,上市存在的风险分析和上市前后的绩效对比。最后通过以上章节的分析,提出本文研究的结论和启示。本人认为今后中小企业在借壳上市时可以借鉴国轩高科的案例,选择像东源电器那样结构清楚,财务情况干净的壳资源;同时学习国轩高科借壳过程中怎样规避内部风险;如何做到借壳后的企业不管是盈利能力,还是偿债能力,营运能力及发展能力都得到了很大的提升。
[Abstract]:With the development of social economy, enterprises are facing increasing competitive in the market, in order to seek better development, enterprise managers hope that through mergers and acquisitions to broaden the field of development of enterprises, to change the organizational structure of enterprises, and through the market financing for the better development of enterprises. The enterprise merger and acquisition, it is not strange, but the backdoor listing it is the capital market of our country in recent years. The topic of a commonplace talk of an old scholar on enterprises, rapid access to funds in a short period of time is through the listing to enter the stock market. But our country has a strict audit system for those initial public offering funds in the enterprise, makes a lot of intention but not up to the requirements listed the enterprise can only hope share sighs, and these Provisions to a certain extent limit many have the ability to develop enterprise growth in the future. In such conditions, showing the backdoor listing For enterprises to obtain backdoor backdoor by control of the business opportunity, so as to realize the indirect listing. In this paper, China Xuan tech backdoor Dongyuan electric listed case as the object of study, using case analysis method and financial index analysis case study. The author first studies the background, the backdoor listing of the research significance, the research status at home and abroad and then discuss. The concept of backdoor listing, backdoor listing of shell resources definition, motivation and enterprise asset valuation method overview and so on. Then mainly on China Xuan tech backdoor Dongyuan electric appliance case study, understand the backdoor of the background, causes the sale of housing, the operation process of the backdoor listing, and pricing of listed financial and payment. In addition to the performance and the market performance of China Xuan tech backdoor listing enterprise before and after detailed anatomy, mainly related to the difference between IPO and the backdoor listing, listing set Analysis of rationality of price, performance and risk analysis and comparison are listed. Finally, through the above analysis, this paper puts forward the research conclusion and revelation. I think the future of small and medium-sized enterprises in the backdoor listing from China Xuan tech case, like Dongyuan electric as the structure clear, clean shell resources financial situation; while learning how to avoid the risk in the process of China Xuan tech backdoor backdoor; how to do after the enterprise whether or profitability, solvency, operation ability and development ability have been greatly improved.

【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;F426.6

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