境内上市公司壳资源价值影响因素研究

发布时间：2018-04-05 00:10

本文选题：壳资源　切入点：价值　出处：《北京交通大学》2014年硕士论文

【摘要】：证券市场经过不断地发展和完善已经成为我国资源优化配置的重要平台,企业通过上市进入证券市场可以获取持续的低成本融资渠道,享受一系列潜在收益。然而无论是国内外成熟或是处于发展阶段的证券市场,受新股发行条件约束和上市成本的影响,上市资格实质上是一种兼具稀缺性和收益性的壳资源。并购浪潮的兴起使得许多渴望进入证券市场的非上市公司能够通过买壳实现间接上市,与一般的并购行为相比,非上市公司收购上市公司还存在获取壳价值的动机。本文着眼于当前境内证券市场的壳资源现状和并购浪潮兴起的大环境,从国内外研究成果和控制权市场理论出发,结合理论与实证方法,研究非上市公司的壳资源利用行为以及影响壳资源价值的因素。本文分别从壳资源并购交易双方的视角分析了壳资源价值的构成从而得出了壳资源的价值区间,并根据壳资源利用的成本和收益具体分析了影响壳资源价值的并购交易特征和内在特征,进一步在理论分析的基础上对2006年至2012年期间的180起非上市公司收购行为进行了实证研究以检验影响壳资源价值的因素。实证研究发现交易中的目标上市公司大多为股本、资产规模较小且盈利能力不佳的壳公司,同时战略联盟的同业并购交易很少,一定程度上说明了境内非上市公司买壳上市动机的存在,研究结果还显示壳资源的股本规模、股权转让比例与壳资源价值负相关,股权集中度、每股净资产对壳资源价值有正的影响,壳资源的盈利能力对壳资源价值没有显著影响。研究结论表明非上市公司收购上市公司的行为存在壳资源利用动机,且影响壳资源价值的因素主要是上市公司的股权特征和资产状况。最后在理论与实证研究基础上,本文从企业角度对非上市公司的买壳行为提出了合理化建议,并针对壳资源的利用行为从并购管理体系的建立、行政干预和加强证券市场监督等方面提出了政策性建议。
[Abstract]:After continuous development and improvement, the securities market has become an important platform for the optimal allocation of resources in China. Through listing into the securities market, enterprises can obtain sustainable low-cost financing channels and enjoy a series of potential benefits.However, no matter whether the stock market is mature at home and abroad or is in the stage of development, the qualification of listing is essentially a kind of shell resource with both scarcity and profitability, which is influenced by the conditions of new issue and the cost of listing.With the rise of M & A wave, many unlisted companies eager to enter the securities market can be listed indirectly by buying a shell. Compared with the general M & A behavior, the non-listed companies have the motive of acquiring the shell value.This paper focuses on the current situation of shell resources in the domestic securities market and the general environment of the wave of mergers and acquisitions, starting from the domestic and foreign research results and control market theory, combined with theoretical and empirical methods.This paper studies the behavior of shell resource utilization of non-listed companies and the factors influencing the value of shell resources.This paper analyzes the structure of shell resource value from the perspective of both sides of shell resource M & A transaction and obtains the value range of shell resource.According to the cost and income of shell resource utilization, the paper analyzes the characteristics and inherent characteristics of M & A transaction which affect the value of shell resource.On the basis of theoretical analysis, this paper makes an empirical study on 180 unlisted companies' buyouts from 2006 to 2012 to test the factors that affect the value of shell resources.Empirical study found that the target listed companies in the transaction are mostly equity, small assets and poor profitability of shell companies, while the strategic alliance of interbank M & A transactions are rare.To a certain extent, it explains the existence of the motivation of the domestic non-listed companies to buy a shell, and the research results also show that the scale of equity, the proportion of equity transfer and the value of shell resources are negatively correlated with the value of shell resources, and the degree of equity concentration is negative.Net assets per share have a positive effect on the value of shell resources, but the profitability of shell resources has no significant effect on the value of shell resources.The results show that there is a motive for shell resource utilization in the acquisition of listed companies by non-listed companies, and the main factors affecting the value of shell resources are the equity characteristics and asset status of listed companies.Finally, on the basis of theoretical and empirical research, this paper puts forward some reasonable suggestions on the shell buying behavior of non-listed companies from the enterprise perspective, and establishes the management system of mergers and acquisitions for the utilization of shell resources.Administrative intervention and strengthening the supervision of the securities market put forward policy recommendations.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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