城投控股吸收合并阳晨B股案例研究

发布时间：2018-03-19 22:37

本文选题：吸收合并　切入点：换股比例　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：B股市场自1991年底开市以来已走过25个年头,但目前仍存在规模较小、上市公司质量良莠不齐、市场定位不明确等问题,与A股、H股等海外上市融资渠道相比,B股市场的融资能力也已基本丧失。现如今我国经济正处在快速发展阶段,市场竞争激烈,在B股上市的公司也迫切需要打开新的融资渠道,以实现公司的进一步发展。对于在B股上市的房地产、基建和公用事业等重资产企业而言,由于B股市场缺乏融资功能,因此,这些上市公司融资需求迫切,转板欲望强烈。可见,B股市场所存在的问题对这些企业来说已形成了严重的障碍。在历经辉煌与坎坷之后,B股市场目前的状况极为不佳,已处于亟待改革的风口浪尖上。B股的改革需求十分迫切,在改革中也存在着许多不同的声音,所以唯有探索出一条正确的符合中国资本市场发展需求的、具有实际操作意义的新路径,才能对未来真正解决B股问题起到关键的指导作用。本文以城投控股吸收合并阳晨B股的案例为研究对象,首先介绍了研究背景和研究意义,回顾了国内外换股吸收合并的文献,简述了论文的创新之处,并探讨了换股吸收合并及分立上市的相关问题;其次,本文对案例双方公司背景,吸收合并的目的及合并方案进行了详细介绍,该方案与其他现有的B股改革方案不同之处在于创造了资本市场第一个“A+B”转“A+A”模式,因此被称为是“重大无先例”的重组特案。在具体研究方面,本文分别从换股吸收合并的动因,合并前后的股权及业务结构,换股价格的合理性和使用四种方法计算换股比例,还有现金选择权的合理性以及使用欧式看涨期权角度研究其内在价值等几个方面进行分析;再次,基于事件研究法和K线图角度分析短期市场反应;本文对城投控股吸收合并阳晨B股案例进入深入剖析,对A股换股吸收合并B股再分立上市的模式来解决B股遗留问题进行可行性研究,最后得到了有关启示和结论。此次换股吸收合并对未来B股上市公司改革具有重大的借鉴意义,可作为一种具操作性的范式予以推广,对于未来B股市场的改革也具有一定的指导作用。
[Abstract]:The B-share market has gone through 25 years since the market opened in end of 1991, but there are still some problems such as small scale, mixed quality of listed companies, unclear market positioning, etc. Compared with A-shares, H-shares and other overseas listed financing channels, the financing ability of the B-share market has also been basically lost. Nowadays, our economy is in a stage of rapid development, and the market competition is fierce. Companies listed in B shares also urgently need to open up new financing channels to achieve further development of the company. For companies with heavy assets such as real estate, infrastructure and public utilities listed in B shares, the B share market lacks financing functions. Therefore, these listed companies have an urgent need for financing and a strong desire to switch boards. It can be seen that the problems existing in the B-share market have formed serious obstacles for these enterprises. After a period of splendor and bumpy, the current situation of the B-share market is extremely poor. The demand for the reform of B shares is very urgent, and there are many different voices in the reform, so we can only explore a correct one that conforms to the development needs of China's capital market. Only a new path with practical significance can play a key guiding role in solving the problem of B shares in the future. This paper takes the case of holding and merging Yangchen B shares as the research object, firstly introduces the research background and significance. This paper reviews the literature of stock exchange absorption and merger at home and abroad, briefly describes the innovation of the paper, and probes into the related problems of the merger and separation of stock exchange. Secondly, this paper discusses the corporate background of both sides of the case. The purpose of the absorption merger and the merger plan are described in detail. The difference between this scheme and other existing B-share reform schemes is that it creates the first "A B" to "A" model in the capital market. Therefore, it is called a "significant and unprecedented" special case of reorganization. In terms of specific research, this paper calculates the ratio of exchange of shares from the reasons of absorbing the merger, the stock rights and business structure before and after the merger, the reasonableness of the exchange price and the use of four methods to calculate the ratio of exchange of shares. The rationality of cash option and the use of European call option to study its intrinsic value are analyzed. Thirdly, the short-term market reaction is analyzed based on event study and K chart. In this paper, the case of absorption and merger of Yangchen B shares is deeply analyzed, and the feasibility study is carried out to solve the remaining problem of B shares in the mode of A-share exchange and merger of B shares. Finally, the enlightenment and conclusion are obtained. The merger of stock exchange is of great significance to the reform of listed companies in the future, and can be extended as an operational paradigm. B-share market for the future reform also has a certain role in guidance.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F832.39

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