新监管环境下A股借壳类重组生态研究

发布时间：2018-03-17 01:21

本文选题：借壳上市　切入点：壳资源　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：上市公司重大资产重组是企业做强、转型、扭亏、保牌的常见手段,其中最为特殊的一类重组是借壳上市。在我国资本市场,借壳上市由来已久,但一直没有制订类似IPO这样的专门监管规章,只在2006年和2008年,针对证券公司和房地产企业借壳上市,出过专项的审核要求。直到2011年8月,中国证监会修订重大资产重组管理办法,才首次提出借壳上市标准,2013年11月,进一步明确借壳上市条件与IPO等同。本文阐述了我国资本市场借壳制度的演变历程,对壳资源的典型特征做了深入分析,重点研究了借壳费用的支付方式,同时对规避借壳红线的重组行为进行剖析,总结了4种常见模式。本文最后结合中国证监会2014年10月15日颁布的新退市制度,以及将要推行的IPO注册制,对借壳上市前景做了简要思考。
[Abstract]:Major assets reorganization of listed companies is a common means for enterprises to strengthen, transform, turn losses, and protect brand names. Among them, the most special kind of reorganization is backdoor listing. In our capital market, backdoor listing has a long history. But there have been no specific regulatory rules like IPO. Only on 2006 and 2008, there were specific audit requirements for backdoor listings of securities firms and real estate companies. Until August 2011, The CSRC revised the management method of major assets reorganization, and proposed the standard of backdoor listing for the first time. In November 2013, it was further clear that the condition of backdoor listing was equal to that of IPO. This paper expounds the evolution course of backdoor borrowing system in China's capital market. In this paper, the typical characteristics of shell resources are deeply analyzed, and the payment methods of shell borrowing expenses are emphatically studied. At the same time, the recombination behavior of circumventing the shell red line is analyzed. This paper summarizes four common models. Finally, combining with the new delisting system promulgated by CSRC in October 15th 2014 and the IPO registration system to be implemented, the prospect of backdoor listing is briefly considered.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

【共引文献】