巨人网络借壳上市案例研究

发布时间：2018-02-02 14:42

本文关键词： 巨人网络借壳上市中概股　出处：《安徽工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：一大部分的国内企业在我国A股市场处于发展缓慢时期时,看到了中西方在上市条件和监管制度上的不同而选择了看似更利于发展的赴海外上市之路。近年来,我国资本市场迅猛发展,与此对应的海外市场前景却不尽人意,主要是西方国家并不看好中国概念股,导致市盈率偏低,又加上海外对我国上市公司尤其是2013年在美国频频做空,这些鲜明的对比让中概股十分羡慕同行业在A股市场上的高估值和融资环境。自2014年起,它们开始策划回归国内证券市场,开启了中概股回归A股的新纪元。2015年10月30日,彭建虎等控股股东买入世纪游轮的全部资产和负债,并将原有旧资产进行剥离后作价131亿元用来购置巨人网络百分之一百的股份。2015年11月17日开盘后仅用了21天时间获得了连续20个涨停板,停牌前股票价格为31.65元(收盘价),后来一路暴涨至212.94元,巨人网络的市值也从退市前的185亿元涨至1087亿元。本文作者一方面通过查阅巨人网络以及中概股相关资料研究其借壳回归的原因,另一方面利用会计指标法分析私有化退市并借壳上市后的市场效应和绩效,以及借壳上市后对各方的影响,最后给出一些对投资者、游戏行业和监管部门的建议,以期对中概股回归A股起到一定的参考作用。
[Abstract]:A large part of the domestic enterprises in China's A-share market is in a period of slow development, see the conditions of listing in China and the West in the different regulatory system and choose what seems to be more conducive to the development of overseas listing in recent years. With the rapid development of China's capital market, the prospects of overseas markets are not satisfactory, mainly because the western countries are not optimistic about the Chinese concept stocks, resulting in low price-earnings ratio. In addition, overseas companies in China, especially in 2013, frequently short in the United States, these sharp contrasts make Chinese stocks envy the same industry in the A-share market in the high valuation and financing environment. Since 2014. They began planning a return to the domestic securities market, opening a new era in which Chinese companies returned to A shares. In October 30th 2015, controlling shareholders such as Mr Peng bought all the assets and liabilities of Century Cruise. And the original old assets after the divestiture price of 13.1 billion yuan to buy giant network 100% shares. November 17th 2015 opened after only 21 days to obtain 20 consecutive rise board. Before the suspension, the stock price was 31.65 yuan (closing price), then soared to 212.94 yuan along the way. Market value of Giant Network also rose from 18.5 billion yuan to 108.7 billion yuan before delisting. On the one hand, the author studied the reason of its backdoor return by consulting the giant network and related data of Chinese stock. On the other hand, using the accounting index method to analyze the market effect and performance after privatization delisting and backdoor listing, as well as the impact on all parties after the backdoor listing, and finally give some of the investors. Game industry and regulatory recommendations, with a view to returning to A-shares in China play a certain reference role.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F49;F275

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