分众传媒借壳上市效果研究

发布时间：2018-10-30 16:46

【摘要】：自2010年中概股遭受做空潮开始,越来越多的中概股企业选择开启私有化进程,回归国内资本市场募集资金。就自身条件限制,中概股企业更偏好借壳上市这种特殊的上市方式。因此借壳上市成为资本市场追逐的热点,引发了一批中概股借壳上市的热潮。文章结合分众传媒借壳上市的这一事件,比较分析借壳前后分众传媒绩效的变化。首先通过对借壳上市的相关理论和研究成果的回顾与梳理,从借壳上市的动机、借壳上市的绩效和借壳流程等方面总结归纳了我国企业热衷于借壳上市的原因。其次通过对分众传媒借壳上市方案的深入分析,介绍了借壳双方的背景,借壳上市方案的实施及借壳动因,分析得出,正是因为分众传媒通过IPO上市难度大,时间长,手续复杂,在私有化协议中规定了分众传媒的最迟上市时间,同时我国放开了对广告行业的限制,分众传媒才能成功借壳上市。文章的重点内容为分众传媒借壳七喜控股的效果分析,首先从财务指标角度出发,重点分析了此次交易对分众传媒各财务指标的影响,其次,通过事件研究法,分析了市场对于分众传媒借壳上市这一行为的反映,最后,建立EVA绩效评价模型,分析了分众传媒前后EVA值的变化。通过以上分析,文章认为分众传媒的借壳上市十分成功,不仅使分众传媒的市值剧增,股东获得巨额收益,更利用了借壳这一机会,开拓了新市场,制定了新发展策略,使企业得到长远发展。最后,文章总结归纳了分众传媒成功借壳上市的原因,提出以下建议,希望能为后续企业提供参考。第一,企业在借壳前期,要做好充足准备,针对借壳过程中可能存在的法律、诉讼风险,制定好全面的应对方案,减少由各种风险可能带来的损失;第二,企业要聘请专业的中介机构,接受专业的咨询服务,合理选择壳公司和交易方式,公允确定交易交格,确保交易的合规性;第三,借壳企业应充分了解国家相关政策,利用政策优势,选择合适的上市场所和上市方案,合理规避上市风险,成功实现借壳。
[Abstract]:Since the short-selling tide of mid-2010, more and more Chinese companies have chosen to start the privatization process and return to domestic capital markets to raise funds. In terms of their own conditions, Chinese companies prefer to backdoor listing this special way of listing. Therefore, backdoor listing has become a hot spot in the capital market, which has caused a lot of upsurge of backdoor listing. This paper compares and analyzes the change of the performance of focus Media before and after it is listed. Firstly, by reviewing and combing the relevant theories and research results of backdoor listing, this paper summarizes the reasons why Chinese enterprises are keen on backdoor listing from such aspects as the motivation, the performance and the process of backdoor listing. Secondly, through the in-depth analysis of focus Media's backdoor listing scheme, this paper introduces the background of both sides, the implementation of backdoor listing scheme and the reason of backdoor listing. It is precisely because of the difficulty and the long time that focus Media is listed through IPO. The procedure is complicated, in the privatization agreement has stipulated the most late listing time of the focus media, at the same time our country has liberalized to the advertisement profession restriction, the focus media can successfully borrow the shell to go on the market. The main content of the article is the analysis of the effect of "Qixi holding" by focus Media. Firstly, from the angle of financial index, the paper analyzes the influence of this transaction on the financial indexes of focus Media, and then, through the method of event study, This paper analyzes the reaction of the market to the behavior of the focus media listing through the shell, finally, establishes the EVA performance evaluation model, and analyzes the changes of the EVA value before and after the focus media. Through the above analysis, the article thinks that the backdoor listing of focus Media is very successful, which not only makes the market capitalization of focus Media increase dramatically, but also makes great profits for shareholders. It also takes advantage of the opportunity of backdoor borrowing, opens up a new market and formulates a new development strategy. Make the enterprise get long-term development. Finally, the paper summarizes the reasons for the successful backdoor listing of focus Media, and puts forward the following suggestions, hoping to provide a reference for the subsequent enterprises. First, in the early stage of shell lending, enterprises should make adequate preparation, in view of the legal and litigation risks that may exist in the process of shell borrowing, formulate a comprehensive plan to reduce the losses that may be caused by various risks; Second, enterprises should hire professional intermediary agencies, accept professional consulting services, reasonably select shell companies and trading methods, fairly determine the transaction clearance, and ensure the compliance of transactions; Third, the backdoor enterprises should fully understand the relevant policies of the state, make use of the advantages of the policy, choose the appropriate listing place and listing plan, avoid the listing risk reasonably, and successfully realize the backdoor borrowing.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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