巨人网络私有化转板再上市的案例研究

发布时间：2018-03-18 09:12

本文选题：中国概念股　切入点：私有化　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：2015年,有30多家在美上市的中国企业宣布了私有化,并且掀起了一股中概股回归的狂潮。巨人网络是一家在美国纽约证券交易所上市的中概股游戏公司,进行私有化退市之后,成功转板到国内A股市场,借壳世纪游轮完成了再上市。因此,巨人网络具备上市-退市-再上市这样完整的研究要素。本文在回顾了前人文献的基础上,利用单案例的研究方法,结合巨人网络的实际情况进行具体的分析。本文主要从以下3方面对巨人网络的案例进行分析:(1)私有化回归的原因分析:市场行情低迷,利用股票估值的方法验证了巨人网络股价被低估的现状。通过私有化来实现资本战略和产业战略的调整,为未来企业的经营发展布局。私有化还能节约相应的上市维护成本和代理成本,产生节税效应。(2)私有化退市的策略分析:通过运用反三角并购策略,推进私有化的进程。选择在适当时机,制定合理的股票回购价格,并且引入机构投资者为私有化提供资金支持。(3)再上市策略分析:巨人网络选择在A股市场上以借壳上市的方式回归,不仅是时间与效率相互权衡的结果,也是借壳方与让壳方相互选择的体现。巨人网络回归A股以后,市场反应非常强烈,市值得到了巨大的提升,实现了其转板的初衷。本文希望通过对巨人网络私有化,再上市的动因和策略的分析给其他想要回归的中概股企业提供借鉴:海外上市企业想要顺利完成回归,需要合理利用各种退市和再上市策略,当然,企业自身的硬实力也至关重要。同时,要理性看待上市与退市的问题,选择合适的上市地点,并指出了中概股回归的相应风险。政府有关部门也要完善相应机制,引导优质的中概股企业回归。
[Abstract]:In 2015, more than 30 Chinese companies listed in the United States announced their privatisation and unleashed a surge in the return of mid-cap shares. Giant Network, a Chinese gaming company listed on the New York Stock Exchange, was privatised after it was delisted. The Chinese A-share market has been successfully transferred to the domestic A-share market, and the cruise ship has completed the re-listing. Therefore, the Giant Network has such complete research elements as listing, delisting and re-listing. This paper reviews the previous literatures. Using the method of single case study and combining with the actual situation of Giant Network, this paper analyzes the reasons for the return of privatization of Giant Network from the following three aspects: the market market is low, The stock valuation method is used to verify the undervaluation of Giant Network stock price. Through privatization to achieve the adjustment of capital strategy and industrial strategy, Privatization can also save the corresponding listing maintenance cost and agency cost, produce tax saving effect. 2) the strategy analysis of privatisation delisting: through the use of anti-triangle merger and acquisition strategy, To promote the privatization process. Choose the appropriate time to set a reasonable share repurchase price, And the introduction of institutional investors to provide financial support for privatization. 3) re-listing strategy analysis: giant network in the A-share market to return to the way of backdoor listing, is not only the time and efficiency of the results of the trade-off. After the return of Giant Network to A-shares, the market reaction was very strong, market value got a huge promotion and realized its original intention of turning the board. This article hopes to privatize the Giant Network through the privatization of the Giant Network. The analysis of the motivation and strategy of relisting provides reference for other Chinese stock companies that want to return: if overseas listed enterprises want to successfully complete the return, they need to make reasonable use of all kinds of delisting and re-listing strategies, of course, The hard strength of the enterprise itself is also very important. At the same time, it is necessary to rationally look at the problems of listing and delisting, select the appropriate listing location, and point out the corresponding risks of the return of Chinese stocks. The relevant government departments should also improve the corresponding mechanism. Guide the return of high-quality Chinese companies.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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