借壳上市中“壳公司”定价因素研究

发布时间：2018-04-03 04:06

本文选题：借壳上市　切入点：中概股回归　出处：《云南财经大学》2017年硕士论文

【摘要】：狭义的上市即首次公开募股Initial Public Offerings(IPO)指企业为了解决发展需要,在证券交易所首次公开向投资者发行股票筹集资金的过程。上市使企业可以获得诸多发展优势,例如可以获得直接融资渠道、提升企业估值、利于股东变现、增强企业品牌效应、促进企业现代化经营等。近30年来我国证券市场制度建设和整体容量的不断发展,已经成为资金融通、资源优化配置的重要平台。然而受严格的新股发行条件约束,无论是以前的审批制,还是今后仍要实行一段时间的核准制,通过IPO获得上市融资的资格都是一条非常困难的渠道。在IPO通道长期关闭、IPO排队企业数目居高不下的情况下,“壳资源”因其购买成本相对IPO较低,更具政策操作性而受到资本市场的热捧,通过买壳上市也是资本市场的焦点。企业借壳上市,不仅要考虑借壳过程中实际投入的成本,还要综合评估公开发行上市的成本和政策因素,选择合理的借壳方式[1]。壳资源的价格确定是一个很复杂的问题,在理论和实践方面也没有一个统一的结论。从股权分置改革完成开始,我国证券市场已经基本与国际市场接轨,股市规模居于世界第二,为我们研究壳资源成本定价问题创造了必要前提。本文梳理了我国股票市场的并购重组发展过程,重点分析了近十年来的借壳上市案例。通过对具有代表性的借壳上市案例进行分析,明确“壳资源”价格影响因素。力图通过“壳资源定价区间”的概念,为壳公司买卖双方提供一个较合理、适用的定价方法。
[Abstract]:In a narrow sense, Initial Public offerings (IPOs) refers to the process of raising funds by issuing stocks to investors in stock exchanges for the first time in order to meet the needs of development.Listing enables enterprises to obtain many development advantages, such as direct financing channels, enhance enterprise valuation, benefit shareholders to realize, enhance enterprise brand effect, promote enterprise modern management, and so on.In the past 30 years, the construction of securities market system and the continuous development of overall capacity in China have become an important platform for capital financing and resource optimization.However, restricted by the strict conditions of new stock issuance, no matter the previous examination and approval system, or still to implement the approval system for a period of time in the future, it is a very difficult channel to obtain the qualification of listing financing through IPO.With the long term closure of the IPO channel and the high number of listed companies, shell resources are popular in the capital market because of their lower purchase cost than IPO and more maneuverability of policies. Listing through the shell is also the focus of the capital market.In the process of backdoor listing, enterprises should not only consider the cost of actual input, but also comprehensively evaluate the cost and policy factors of public offering and listing, and choose a reasonable way to borrow backdoor [1].The price determination of shell resources is a very complicated problem, and there is no uniform conclusion in theory and practice.Starting from the completion of the reform of split share structure, the stock market of our country has basically been in line with the international market, and the scale of the stock market ranks second in the world, which creates a necessary premise for us to study the cost pricing of shell resources.This paper combs the development process of M & A in Chinese stock market, and analyzes the case of backdoor listing in recent ten years.By analyzing the typical case of backdoor listing, the paper clarifies the influencing factors of shell resource price.Through the concept of "shell resource pricing interval", this paper tries to provide a more reasonable and applicable pricing method for both buyers and sellers of shell companies.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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