分众传媒借壳七喜控股财务绩效案例研究

发布时间：2018-03-06 22:10

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

【摘要】：2015年,许多中概股企业选择回归国内A股市场。在私有化后以借壳上市或IPO等途径回归A股,已然成为越来越多的中概股企业的选择。但中概股的回归远远没有想象中容易,每一个中概股企业在回归之前都面临着许多问题:是IPO上市还是借壳上市?可变利益实体(即VIE)结构如何拆除?等等。借壳上市后财务绩效的好坏对企业未来的发展状况有着决定性作用,因此借壳上市的财务绩效问题也已经成为理论界和实务界热议的话题之一。为此,本文选择了中概股回归第一股——分众传媒作为研究对象,以分众传媒借壳七喜控股的整个过程为线索,以分众传媒借壳七喜控股前后的财务绩效的变化作为研究角度来展开研究和论述,这对于尽可能解决中概股企业在拟借壳上市的过程中遇到的问题,从而使中概股企业顺利借壳上市并回归A股,具有一定现实意义。本文在研究过程中,主要采用了定量分析法、定性分析法、案例研究法、文献研究法,特别是定量分析法。在用财务比率分析对分众传媒的财务绩效进行评价后,进而采用了杜邦分析法,从而对分众传媒借壳上市前后的财务绩效进行综合评价。本文由四个部分构成。第一部分是本文的绪论,阐述了本文的研究背景与意义、国内外研究现状、研究思路与方法、研究内容与框架、创新点与不足;第二部分是案例描述,主要是对借壳双方的基本情况及分众传媒借壳七喜控股的整个过程进行了介绍;第三部分是案例分析,首先界定了案例研究问题,然后介绍了相关概念与理论基础,最后采用财务比率分析法和杜邦分析法对分众传媒借壳七喜控股前后的财务绩效进行了分析与评价;第四部分是结论与建议,首先提出了分众传媒借壳上市后财务绩效存在的问题以及分众传媒借壳上市的成功经验,而后提出了提升分众传媒借壳后财务绩效的建议以及中概股企业回归A股的建议。
[Abstract]:In 2015, many Chinese companies chose to return to the domestic A share market. After privatization, they returned to A shares by means of backdoor listing or IPO, which has become the choice of more and more Chinese companies. But the return of Chinese shares is far from being easy to imagine. Before returning to China, every medium stock company is faced with many questions: IPO listing or backdoor listing? How can the VIEs be dismantled? The financial performance after backdoor listing plays a decisive role in the future development of enterprises, so the financial performance of backdoor listing has become one of the hot topics in theory and practice. In this paper, the author chooses the first stock-focus media as the research object, taking the whole process of Qixi holding as the clue. This paper takes the change of financial performance before and after Qixi holding as the research angle to study and discuss, which is to solve the problems encountered in the course of listing in the course of listing in the shell as far as possible, in order to solve as far as possible the problems encountered in the process of listing under the shell. Therefore, it is of certain practical significance to make the Chinese stock enterprises go back to A shares through backdoor listing. In the course of the research, this paper mainly adopts quantitative analysis, qualitative analysis, case study, literature research, and so on. In particular, quantitative analysis. After using financial ratio analysis to evaluate the financial performance of focus media, the DuPont analysis method is adopted. This paper is composed of four parts. The first part is the introduction of this paper, which expounds the research background and significance of this paper, the current research situation at home and abroad, the research ideas and methods. The second part is the case description, which mainly introduces the basic situation of both sides and the whole process of Qixi holding by focus Media. The third part is the case study. Firstly, it defines the case study problems, then introduces the related concepts and theoretical basis, and finally uses the financial ratio analysis and DuPont analysis method to analyze and evaluate the financial performance of focus Media before and after Qixi holding. The 4th part is the conclusion and suggestion. Firstly, it puts forward the problems existing in the financial performance of the focus Media after the backdoor listing and the successful experience of the focus Media on the backdoor listing. Then it puts forward some suggestions to improve the financial performance of focus Media and the return of Chinese companies to A shares.
【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;F275

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