学大教育私有化回归A股案例分析

发布时间：2018-02-26 04:09

本文关键词： 中概股私有化三位一体协同效应　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：2015年6月,国务院常务会议审议通过了《关于大力推进大众创业万众创新若干政策措施的意见》,明确提出推动特殊股权结构类创业企业在境内上市,政策方面的放宽将为在海外上市的中概股企业回归A股市场打开更为宽广的通道。拟去国外上市的暴风科技在拆除VIE结构后赴A股上市带来的一连串涨停板着实让中概股企业眼红,中概股回归的热情高涨。但战略新兴板的搁置,使中概股公司在国内资本市场少了一个融资的平台。近两年新三板市场异常火爆,挂牌门槛低、排队时间少等着实吸引不少企业,但融资规模小、流动性不足是其硬伤,转板机制的搁置也为众多想通过新三板转板从而实现A股上市的企业泼了凉水。走IPO这条路,就要面对严格的监管,甚至较长的排队时间,而且发行费用率较高,可谓耗时耗力。在此背景下,一些企业通过借壳来达到上市的目的,但由于国内“壳资源”紧张,加上国内对“借壳上市”监管趋严,严格的“借壳上市”之路会越来越难走。本文对学大教育私有化回归A股的案例进行分析,发现学大教育采用被国内上市公司并购的模式,避开了借壳上市,这种模式可使中概股企业摆脱眼前的资金紧张危机;更重要的是这种模式下私有化、拆解VIE架构、A股上市几乎同步进行,节省很多时间。此外,在学大教育回归A股后,国内上市公司大股东巨大的资金及产业优势也将为学大教育后续行业全方位布局及发展提供支持,产业整合的协同效应值得期待。但这种模式也产生了一些问题,主要是被并购公司控制权会受影响。本文对该案例深入分析,将学大教育私有化回归A股模式与其他中概股回归A股模式对比,找出学大教育私有化回归A股模式的优势。随后为了探索这种模式的适用条件,本文又从法律法规和并购双方的选择角度分析出学大教育私有化回归A股模式成功的关键点;最后揭示学大教育私有化回归A股模式存在的问题,并针对问题给出相应建议。站在中概股公司的立场,本文认为学大教育私有化回归A股的模式值得其他中概股公司借鉴。
[Abstract]:In June 2015, the executive meeting of the State Council deliberated and adopted the opinions on several policies and measures to vigorously promote the Innovation of Mass Entrepreneurship, and explicitly proposed to promote the listing of special equity structure startups in China. The relaxation of the policy will open up a wider channel for overseas Chinese companies to return to the A share market. Storm Technologies, which intends to list abroad, has seen a series of increases in A-share listings after dismantling the VIE structure. Let the company in the stock market, The enthusiasm for the return of Chinese stocks is high. However, the shelving of the emerging strategic board has made the Chinese companies lack a financing platform in the domestic capital market. In the last two years, the new third board market has become extremely hot and has a low listing threshold. The low queue time and so on really attract many enterprises, but the financing scale is small, the liquidity insufficiency is its hard wound, the transfer board mechanism holds also for many enterprises which want to realize A share listing through the new third board conversion board. Take the IPO road. They have to face strict supervision, even longer queue times, and the high rate of distribution costs, which can be said to be time-consuming and labor-consuming. In this context, some enterprises use backdoor loans to achieve the purpose of listing, but because of the domestic "shell resources" shortage, In addition to the strict supervision of "backdoor listing" in China, it will be more and more difficult to take the road of "backdoor listing". This paper analyzes the case of privatization and return to A-shares of Xueda Education, and finds out that Xueda Education adopts the mode of merger and acquisition by domestic listed companies. Avoiding backdoor listing, this model can get Chinese companies out of the immediate financial crisis; more importantly, under this mode of privatization, dismantling the VIE structure, A-share listings are almost synchronized, saving a lot of time. After the return of Xue University Education to A-shares, the huge capital and industrial advantages of major shareholders of domestic listed companies will also provide support for the overall layout and development of the following industries of the University Education. The synergetic effect of industrial integration should be expected. However, this model also has some problems, mainly because the control right of the acquired company will be affected. In order to explore the applicable conditions of this model, we compare the A-share model of privatizing LUE with that of other A-share models, and find out the advantages of the A-share model. From the angle of laws and regulations and the choice of merger and acquisition, this paper analyzes the key points of the successful return of the A-share model to the privatization of education, and finally reveals the problems existing in the return of the privatization of education to the A-share model. In view of the problems, the author puts forward the corresponding suggestions. From the standpoint of the Chinese stock companies, this paper holds that the model of the privatization of education and the return to A shares of the universities is worthy of reference by other Chinese companies.
【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】：G522.72;F832.51

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