广发证券借壳上市案例探讨
发布时间：2019-03-07 18:43
【摘要】：随着我国资本市场的不断发展,企业并购重组案例不断涌现。由于IPO上市审核标准较严、流程较长且闸门多次关闭,在这种情况下借壳上市这一方式成为不少企业实现上市的最佳途径。虽然我国逐渐将借壳上市与IPO标准趋同,然而证券行业、文化传媒业、快递行业以及中概股回归A股市场纷纷选择借壳上市,使其作为一种重要的资本重组交易方式在资本市场上保持着很高的热度。2010年2月广发证券成功借壳延边公路实现上市,广发证券作为第一个公告借壳上市方案的证券企业,其借壳历程有着独一无二的典型性。此外,借壳上市交易过程中从借壳前的壳资源选取、借壳过程中的方案实施以及借壳上市后的持续整合等过程,为学者的研究提供了很多主题。本文第一章,开篇阐述了借壳上市的研究背景及意义,紧接着从壳资源价值、借壳上市的动因、借壳上市的绩效这三个角度对国内外现有研究进行归纳总结。第二章,首先阐释了借壳上市和壳公司的定义,其次介绍了借壳上市相关理论:效率理论、代理理论、信息信号理论和市场势力理论,最后阐述了企业借壳上市的过程控制的相关理论。第三章,根据本文的具体案例,介绍了广发证券借壳延边公路的行业背景以及借壳双方企业的基本概况,随后分析得出广发证券借壳上市的动因主要为避免首发上市门槛、拓宽融资渠道、扩充净资本和提升竞争力这四个方面。同时梳理了借壳的主要进程和具体方案,方案分为股份回购、换股吸收合并和非流通股缩股三个步骤进行,最后对借壳上市前后股东结构及各方收益做出对比分析。第四章,重点剖析了广发证券借壳上市的过程控制,具体从三个角度:壳资源选择、借壳方案的实施和借壳后的持续整合进行深入剖析。在壳资源的选择方面,探讨了成本低、融资空间大、各方阻力小等特征的壳资源能够促进借壳成功的实现。在方案的实施方面,从维持换股比例、提供现金选择权、配合员工股权激励、结合股权分置改革这四个方面分析了此次方案的巧妙之处。在上市后的整合方面,通过出售同业竞争资产、定向增发、调整收入结构、构建金融控股集团等一系列整合措施实现借壳上市后的盈利目标。最后,本文通过对广发证券借壳上市案例的过程控制分析,总结了广发证券借壳上市的经验和应关注的事项。企业借壳上市前应对壳资源进行充分调研,选择干净的壳资源。同时,应注重交易过程中原始股东、公众股东、异议股东、双方员工等各方的利益,以推进借壳过程顺利进行。此外,还应加强后期的持续整合从而达到提升公司经营状况的目的。虽然借壳上市是企业上市的一个捷径,但仍应关注借壳过程中的风险,加强对内幕交易和股价操纵的监管。
[Abstract]:With the continuous development of China's capital market, mergers and acquisitions and restructuring cases continue to emerge. Because the audit standard of IPO listing is strict, the process is long and the gate is closed many times, the way of backdoor listing has become the best way for many enterprises to go public. Although China is gradually bringing the backdoor listing to the same level as the IPO standard, however, the securities industry, the cultural media industry, the express delivery industry and the Chinese stock market have chosen to take the backdoor listing one after another in return to the A-share market. In February 2010, Guangfa Securities successfully took the backdoor Yanbian Highway to realize the listing, Guangfa Securities as the first securities enterprise to announce the listing plan of the backdoor listing plan, and made it a very hot way in the capital market as an important form of capital restructuring trading. Its shell history has unique typicality. In addition, the selection of backdoor resources in the process of backdoor listing, the implementation of the scheme in the backdoor process and the continuous integration after backdoor listing provide a lot of topics for scholars' research. The first chapter of this paper introduces the background and significance of backdoor listing, and then summarizes the existing research from three aspects: the value of backdoor resources, the motivation of backdoor listing, and the performance of backdoor listing. The second chapter explains the definition of backdoor listing and backdoor company, and then introduces the relevant theories of backdoor listing: efficiency theory, agency theory, information signal theory and market power theory. Finally, the paper expounds the process control theory of enterprise backdoor listing. The third chapter, according to the specific case of this article, introduces the industry background of Guangfa Securities's backdoor Yanbian Highway and the basic situation of the enterprises of both sides of the backdoor, and then analyzes the motivation of Guangfa Securities's backdoor listing mainly to avoid the threshold of initial public listing. Expand financing channels, expand net capital and enhance competitiveness in these four aspects. At the same time, the paper combs the main process and concrete scheme of backdoor financing, which is divided into three steps: share repurchase, stock exchange merger and non-tradable stock downsizing. Finally, the paper makes a comparative analysis of shareholder structure and income before and after the backdoor listing. In the fourth chapter, the process control of Guangfa Securities's backdoor listing is analyzed in detail from three aspects: the selection of shell resources, the implementation of backdoor plan and the continuous integration after backdoor financing. In the aspect of choosing shell resources, it is discussed that shell resources with the characteristics of low cost, large financing space and low resistance of each side can promote the successful realization of shell borrowing. In the implementation of the scheme, this paper analyzes the ingenuity of the scheme from four aspects: maintaining the share exchange ratio, providing the cash option, cooperating with the employee equity incentive, and combining with the reform of the split share structure. In the aspect of post-listing integration, a series of integration measures such as selling competitive assets of the same industry, offering additional shares, adjusting income structure and constructing financial holding group are adopted to realize the profit target after backdoor listing. Finally, through the analysis of the process control of Guangfa Securities's backdoor listing case, this paper summarizes Guangfa Securities's experience of listing by backdoor listing and the matters that should be paid attention to. Enterprises should fully investigate the shell resources before listing, and choose clean shell resources. At the same time, we should pay attention to the interests of original shareholders, public shareholders, dissenting shareholders, employees of both sides in the course of the transaction, so as to promote the smooth process of backdoor borrowing. In addition, we should strengthen the continuous integration in order to improve the management of the company. While backdoor listing is a shortcut to listing, it is still important to focus on the risks in the backdoor process and strengthen regulation of insider trading and share price manipulation.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51
本文编号：2436351
[Abstract]:With the continuous development of China's capital market, mergers and acquisitions and restructuring cases continue to emerge. Because the audit standard of IPO listing is strict, the process is long and the gate is closed many times, the way of backdoor listing has become the best way for many enterprises to go public. Although China is gradually bringing the backdoor listing to the same level as the IPO standard, however, the securities industry, the cultural media industry, the express delivery industry and the Chinese stock market have chosen to take the backdoor listing one after another in return to the A-share market. In February 2010, Guangfa Securities successfully took the backdoor Yanbian Highway to realize the listing, Guangfa Securities as the first securities enterprise to announce the listing plan of the backdoor listing plan, and made it a very hot way in the capital market as an important form of capital restructuring trading. Its shell history has unique typicality. In addition, the selection of backdoor resources in the process of backdoor listing, the implementation of the scheme in the backdoor process and the continuous integration after backdoor listing provide a lot of topics for scholars' research. The first chapter of this paper introduces the background and significance of backdoor listing, and then summarizes the existing research from three aspects: the value of backdoor resources, the motivation of backdoor listing, and the performance of backdoor listing. The second chapter explains the definition of backdoor listing and backdoor company, and then introduces the relevant theories of backdoor listing: efficiency theory, agency theory, information signal theory and market power theory. Finally, the paper expounds the process control theory of enterprise backdoor listing. The third chapter, according to the specific case of this article, introduces the industry background of Guangfa Securities's backdoor Yanbian Highway and the basic situation of the enterprises of both sides of the backdoor, and then analyzes the motivation of Guangfa Securities's backdoor listing mainly to avoid the threshold of initial public listing. Expand financing channels, expand net capital and enhance competitiveness in these four aspects. At the same time, the paper combs the main process and concrete scheme of backdoor financing, which is divided into three steps: share repurchase, stock exchange merger and non-tradable stock downsizing. Finally, the paper makes a comparative analysis of shareholder structure and income before and after the backdoor listing. In the fourth chapter, the process control of Guangfa Securities's backdoor listing is analyzed in detail from three aspects: the selection of shell resources, the implementation of backdoor plan and the continuous integration after backdoor financing. In the aspect of choosing shell resources, it is discussed that shell resources with the characteristics of low cost, large financing space and low resistance of each side can promote the successful realization of shell borrowing. In the implementation of the scheme, this paper analyzes the ingenuity of the scheme from four aspects: maintaining the share exchange ratio, providing the cash option, cooperating with the employee equity incentive, and combining with the reform of the split share structure. In the aspect of post-listing integration, a series of integration measures such as selling competitive assets of the same industry, offering additional shares, adjusting income structure and constructing financial holding group are adopted to realize the profit target after backdoor listing. Finally, through the analysis of the process control of Guangfa Securities's backdoor listing case, this paper summarizes Guangfa Securities's experience of listing by backdoor listing and the matters that should be paid attention to. Enterprises should fully investigate the shell resources before listing, and choose clean shell resources. At the same time, we should pay attention to the interests of original shareholders, public shareholders, dissenting shareholders, employees of both sides in the course of the transaction, so as to promote the smooth process of backdoor borrowing. In addition, we should strengthen the continuous integration in order to improve the management of the company. While backdoor listing is a shortcut to listing, it is still important to focus on the risks in the backdoor process and strengthen regulation of insider trading and share price manipulation.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51
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