陕航电气公司借壳上市案例分析

发布时间：2018-06-26 10:37

本文选题：借壳上市 + 壳公司　；参考：《财政部财政科学研究所》2014年硕士论文

【摘要】：在经济高速发展的时代,企业上市的方法呈现出多样化趋势,尤其对于新兴中国资本市场而言,国内企业上市的需求很大,但能达到整体IPO上市的要求很难。伴随着国际资本市场愈加明显的融资证券化趋势和中国经济持续调整的态势,境内外借壳上市已成为中国企业利用壳资本实现上市融资的一种有效途径和方式。借壳上市作为一种便捷的上市途径,伴随着证券市场的发展而产生,其实质为企业兼并收购的一种。目前,专家学者对企业借壳上市进行了大量的研究,国家也先后出台了优化企业兼并重组市场环境的意见和重组修订办法对借壳上市的行为进行引导和规范,因此加强对企业借壳上市的研究具有一定的现实意义。本文以企业借壳上市案例分析为题,从集团公司统一战略安排下以资产重组形式实现借壳上市的角度进行分析,以起到抛砖引玉的作用。本文采用理论结合案例实际的研究方法,重点进行描述性研究和个案研究,中间穿插对比法、例举法对借壳上市相关理论进行分析、讨论。文中首先介绍了借壳上市的背景及相关理论概念,并结合文献综述对借壳发展历程及其行为依据作出了梳理和总结,并以此为基础选取了陕航电气借壳中航精机在集团公司统一战略安排下,利用资产重组的形式剥离非主业相关业务逐步实现上市目的的案例,对案例的背景、方案、难点、意义等进行了详细的讨论,着重分析了借壳上市前期的准备要素。接着,文中对案例公司在借壳上市过程中面临的问题及其对策做了充分研究,并提出了完善我国企业借壳上市的相关建议。最后,笔者对本文的主要观点做出了总结,并对借壳上市的前景作出了展望。
[Abstract]:In the era of rapid economic development, the methods of enterprise listing show a diversified trend, especially for the emerging Chinese capital markets, domestic enterprises have a great demand for listing, but it is difficult to achieve the requirements of the overall IPO listing. With the increasingly obvious trend of financing securitization in the international capital market and the continuous adjustment of China's economy, backdoor listing at home and abroad has become an effective way and means for Chinese enterprises to use shell capital to achieve listing financing. As a convenient way of listing, backdoor listing comes into being with the development of securities market, which is essentially a kind of merger and acquisition of enterprises. At present, experts and scholars have done a lot of research on the backdoor listing of enterprises, and the state has successively issued opinions on optimizing the market environment for mergers and reorganization of enterprises and revised methods to guide and standardize the behavior of backdoor listing. Therefore, it is of practical significance to strengthen the research on the backdoor listing of enterprises. Based on the case study of backdoor listing of enterprises, this paper analyzes from the point of view of realizing backdoor listing in the form of asset reorganization under the unified strategic arrangement of group companies, in order to play a role as a source of inspiration. In this paper, theoretical and practical research methods are used to analyze and discuss the relevant theories of backdoor listing, focusing on descriptive research and case study, intercalation and contrast method. This paper first introduces the background and related theoretical concepts of backdoor listing, and combs and summarizes the development course and behavioral basis of backdoor listing with literature review. On the basis of this, the paper selects the case of Shaanxi Airlines Electric borrowing Shell China Aerospace Precision Machine, under the unified strategic arrangement of the Group Company, using the form of asset reorganization to divest the non-main business related business gradually to realize the purpose of listing, to the case background, the scheme, the difficulty, The significance is discussed in detail, and the preparatory factors in the early stage of backdoor listing are emphatically analyzed. Then, the paper makes a full study of the problems and countermeasures faced by the case companies in the process of backdoor listing, and puts forward some relevant suggestions to improve the listing of Chinese enterprises through backdoor listing. Finally, the author summarizes the main views of this paper, and the prospect of backdoor listing.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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