招商蛇口换股吸收合并招商地产整体上市案例分析

发布时间：2018-03-20 11:37

本文选题：A+B股上市公司　切入点：换股吸收合并模式　出处：《辽宁大学》2017年硕士论文　论文类型：学位论文

【摘要】：换股并购作为一种重要的并购方式,在国外证券市场发展较为成熟,随着中国资本市场和股权分置改革的逐渐兴起,换股吸收合并模式在中国资本市场开始崭露头角,尤其是在B股回归A股的浪潮中得到了越来越多企业的关注,国内企业也正通过这种新兴的模式践行着扩大企业规模、成功上市的目标。2015年12月30日,招商蛇口工业区控股股份有限公司(以下简称“招商蛇口”)新发A股换股吸收合并招商局地产控股股份有限公司(以下简称“招商地产”)A+B股,迅速实现公司的整体上市,引领A+B股类国有企业整体上市新模式。同时也成为深交所首个国有企业发行股份换股吸收合并现有上市公司A股和B股股份案例。本文基于文献研究和具体案例分析的基础之上对招商蛇口通过换股吸收合并招商地产的过程进行分析和研究。本文首先对公司整体上市模式的相关理论进行了概述,简单介绍了合并双方招商蛇口、招商地产的基本信息和并购的背景及原因,然后具体针对影响合并方案成败的发行价格、换股价格以及支付方式的选择进行合理性分析。最后对招商蛇口本次吸收合并前后的盈利能力进行对比,分析公司换股所带来的积极效应,并对案例整体合并方案进行总结分析。基于对招商蛇口换股吸收并招商地产整体上市的案例进行深层次的分析,本文重点分析了并购方案过程中换股吸收过程的发行价格、换股价格和支付方式合理性问题,并通过并购前后的相关财务指标进行对比分析进而思考整个并购过程的得失。而且在回顾和分析案例的同时我们得出一些重要的启示与建议并对以后类似的国有企业整体上市在模式上的选择提供一个方向上的指引和借鉴。
[Abstract]:As an important way of M & A, stock exchange M & A has developed more mature in the foreign securities market. With the rising of China's capital market and the reform of split share structure, the mode of stock exchange absorption and merger has begun to emerge in China's capital market. In particular, in the wave of B shares returning to A shares, more and more enterprises pay attention to it, and domestic enterprises are practicing the goal of expanding the size of enterprises and listing successfully through this new model. December 30th 2015, China Merchants Shekou Industrial Zone holding Co., Ltd. (hereinafter referred to as "Merchants Shekou") newly issued A shares to absorb and merge with China Merchants Bureau Real Estate holding Co., Ltd. (hereinafter referred to as China Merchants Real Estate) or B shares, so as to rapidly realize the overall listing of the company, It is also the first SOE to issue shares in Shenzhen Stock Exchange to absorb and merge A and B shares of existing listed companies. This paper is based on literature research and specific cases. On the basis of the analysis of examples, this paper analyzes and studies the process of absorbing and merging the real estate of China Merchants through the exchange of shares in Shekou. Firstly, this paper summarizes the relevant theories of the overall listing mode of the company. This paper briefly introduces the basic information and the background and reasons of the merger and acquisition in Shekou and real estate, and then aims at the issue price which affects the success or failure of the merger plan. Finally, the paper compares the profitability before and after the absorption and merger of Merchants Shekou, and analyzes the positive effects brought by the stock exchange. Based on the deep analysis of the case of stock exchange in Shekou and the overall listing of real estate, this paper focuses on the issue price of the process of stock exchange absorption in the process of M & A. The rationality of stock exchange price and payment method, And through comparative analysis of relative financial indexes before and after merger and acquisition, we think about the gain and loss of the whole process of merger and acquisition. Moreover, while reviewing and analyzing cases, we draw some important revelations and suggestions and give similar state-owned enterprises in the future. The choice of the mode of the overall listing of enterprises provides a guide and reference in the direction.
【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

【参考文献】