神州数码分拆神州信息借壳上市案例分析

发布时间：2018-03-04 17:08

本文选题：借壳上市　切入点：分拆上市　出处：《辽宁大学》2017年硕士论文　论文类型：学位论文

【摘要】：当今大资本大数据的时代,融资问题对于企业来说至关重要。上市是企业进行股权融资的重要手段,历来受到企业的青睐。而借壳上市作为IPO外的另一种特殊上市方式,近年来获得了很多因种种原因未能首发上市公司的青睐。借壳上市方式的广泛采用引起了学界的广泛关注。壳公司拥有了补充的资产和新业务方向,无论是经营范围还是管理理念上,都能够推陈出新,财务困境得以摆脱;借壳公司正式步入资本市场,得以拥有广阔的融资平台。理论上,通过与壳公司的重组的方式借壳上市,成为公司实现公开募股的可取途径。正因为借壳上市区别于首次公开募股的特殊性,借壳上市相关的问题应运而生。不论是壳公司的选择、并购双方的动因还是借壳上市的绩效,都是值得进行广泛探讨与深入研究的问题。本文选取神州数码分拆神州信息借壳*ST太光上市的案例,多角度描述了借壳上市的过程、深入探究了借壳上市的动因、客观分析了借壳上市的绩效等。作为我国H股分拆回归A股的第一例,神州信息案例具有开创性。本文在案例介绍部分介绍了案例双方的背景及交易方案。在案例分析部分又分为四部分。在分拆借壳动因部分,按照逻辑关系,首先从财务角度、估值角度和经营战略角度对神州数码分拆神州信息的原因进行了分析;其次根据A股和H股上市比较分析分拆选择在A股上市的原因;再次通过比较IPO和借壳上市方式分析神州信息借壳上市的原因;最后对选择*ST太光作为壳资源的原因进行阐述。在对价支付方式选择部分,根据交易双方所处的财务环境,分析采用股份支付方式的优点。在借壳上市的绩效部分,运用会计指标分析法选取财务指标来定性分析借壳事件后对交易双方的影响;以事件分析法为基础,通过引入CAPM模型和最小二乘曲线拟合等方法来分析借壳上市事件对于*ST太光股票的实际收益率造成的影响,在对累计超额收益率进行测算并检验后,由此定量地分析借壳上市对股东的权益的积极作用。在研究结论与建议部分,对本文的研究结论进行总结,并对其它拟通过借壳重组上市的公司提出行之有效的建议。
[Abstract]:In the era of large capital big data, financing problem is very important for enterprises. Listing is an important means of equity financing for enterprises, and it has always been favored by enterprises. As another special way of listing outside IPO, backdoor listing is a special way of listing. In recent years, it has won the favor of a lot of companies that have failed to go public for various reasons. The widespread adoption of backdoor listing has aroused widespread concern in the academic community. Shell companies have additional assets and new business directions. Both in terms of business scope and management philosophy, they can bring forth the past and break away from their financial difficulties, while the backdoor companies can formally enter the capital market and have a broad financing platform. Through the way of restructuring with shell companies, backdoor listing has become a desirable way for companies to realize public offerings. Precisely because of the particularity of backdoor listing and initial public offering, The problems related to backdoor listing emerge as the times require. Whether it is the selection of shell companies, the motivation of merger and acquisition, or the performance of backdoor listing, This paper selects the case of the information of Shenzhou digital division of Shenzhou, and describes the process of backdoor listing from many angles, and probes deeply into the motivation of backdoor listing. The paper objectively analyzes the performance of backdoor listing. As the first example of H shares splitting and returning to A shares in China, The case of Shenzhou Information is groundbreaking. In the part of case introduction, this paper introduces the background and transaction scheme of both parties. In the part of case analysis, it is divided into four parts. This paper analyzes the reasons of digital splitting of China from the angle of valuation and management strategy, and then analyzes the reasons of listing in A shares according to the comparison of A shares and H shares. Thirdly, by comparing IPO and backdoor listing, we analyze the reasons of shanzhou information backdoor listing. Finally, we expound the reasons why we chose St Taiguang as shell resource. In the part of choosing consideration payment method, according to the financial environment of both parties to the transaction, In the performance part of backdoor listing, using accounting index analysis method to select financial indicators to qualitatively analyze the impact of backdoor events on both sides of the transaction; based on event analysis, CAPM model and least square curve fitting are introduced to analyze the impact of backdoor listing events on the real yield of St Taiguang stock. This paper quantitatively analyzes the positive effect of backdoor listing on shareholders' rights and interests. In the part of research conclusions and suggestions, this paper summarizes the conclusions of this paper, and puts forward some effective suggestions for other listed companies to be listed through backdoor restructuring.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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