神州信息借壳上市动因及财务效应分析
发布时间:2018-01-28 04:00
本文关键词: 借壳上市 神州信息 动因 财务效应 出处:《深圳大学》2017年硕士论文 论文类型:学位论文
【摘要】:随着中国资本市场的不断完善,越来越多的企业希望通过上市拓展自身的融资途径,以获取更多的运营资本实现长期有效的企业发展。目前国内企业的主要上市途径是IPO,但由于我国IPO标准严格,审批程序相当繁琐,且要求必须连续多年保持非亏损状态,以致于很多有融资需求的企业达不到IPO申请标准。同时,企业想在国内资本市场通过IPO大多需要等到一两年以后,时间和财务成本高,整个审批过程也存在很高的不确定性。相比而言,通过借壳上市面临的审批则较为宽松,上市时间也更短,因此很多面临融资困难的优秀企业退而求其次的选择借壳上市。随着我国经济的市场化,借壳上市逐步成为实现资本市场资源优化配置的重要途径。近年来已有很多优秀企业通过借壳上市达到了曲线上市融资的目的,例如海澜之家借壳凯诺科技以及巨人网络借壳世纪游轮上市的案例等。然而,借壳上市作为一种达到上市交易目的特殊方式也产生了不少问题,如壳资源的优劣选取,借壳上市的企业动因、方式、成本和收益,以及借壳上市企业的绩效分析等,都是值得深入探讨和研究的问题。软件和信息技术服务业作为我国战略性新兴产业,为推动国民经济和社会信息化建设提供了重要的技术支撑,在十二五期间受国家政策扶持,行业取得了长足发展。本文选取神州信息借壳太光电信的案例分析,旨在为更多相关企业上市提供经验总结。文章第一部分叙述研究背景和研究意义,归纳整理国内外学者的借壳上市研究结论;第二部分对借壳上市的相关概念、理论和方法进行介绍,为案例分析奠定理论基础。第三部分是介绍神州信息和壳公司的状况及借壳上市的运作过程;第四部分阐述神州信息借壳上市的动因;第五部分是借壳上市财务效应的介绍,选取短期绩效、成本效益、经济增加值和长期绩效进行分析。最后在行成案例结论的基础上,为其他企业借壳上市提供案例借鉴和经验总结。
[Abstract]:With the continuous improvement of China's capital market, more and more enterprises hope to expand their financing channels through listing. In order to obtain more working capital to achieve long-term effective enterprise development. At present, the main way for domestic enterprises to go public is IPO.However, due to the strict IPO standards in China, the approval procedure is rather cumbersome. And the requirement must maintain a state of non-loss for many years, so that many enterprises with financing needs can not meet the IPO application standard. At the same time. Most enterprises want to pass IPO in the domestic capital market until one or two years later, the time and financial costs are high, and the whole approval process is also very uncertain. Through the examination and approval of backdoor listing is relatively loose, the listing time is also shorter, so many outstanding enterprises facing financing difficulties and the second choice of backdoor listing. With the marketization of our economy. Backdoor listing has gradually become an important way to realize the optimal allocation of capital market resources. In recent years, many excellent enterprises have achieved the purpose of curve listing financing through backdoor listing. For example, Hailan House shell Keno technology and giant network shell century cruise listing cases. However, backdoor listing as a special way to achieve the purpose of trading has also produced a lot of problems. Such as the selection of shell resources, the reasons, methods, costs and benefits of backdoor listing, as well as the performance analysis of backdoor listed enterprises. Software and information technology service industry, as a strategic emerging industry in China, has provided important technical support for the promotion of national economy and social information construction. During the 12th Five-Year Plan period, supported by national policies, the industry has made considerable progress. This paper selected the case study of Taiguang Telecom. The first part of the article describes the research background and significance, and summarizes the research conclusions of domestic and foreign scholars; The second part introduces the related concepts, theories and methods of backdoor listing, which lays a theoretical foundation for case analysis. The third part introduces the information of China and the status of shell companies and the operation process of backdoor listing. Part 4th expounds the motivation of listing through the shell of the information of Shenzhou; The 5th part is the introduction of the financial effect of backdoor listing, selecting short-term performance, cost-benefit, economic added value and long-term performance to analyze. Finally, on the basis of case study. For other enterprises to provide examples of backdoor listing and experience summary.
【学位授予单位】:深圳大学
【学位级别】:硕士
【学位授予年份】:2017
【分类号】:F832.51;F49;F275
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相关期刊论文 前7条
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2 刘芳;;我国战略性新兴产业上市公司财务绩效的主要特征分析[J];商业会计;2015年07期
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