财务视角下的银亿控股反向并购案例研究

发布时间：2018-05-27 11:41

本文选题：银亿控股 + 反向并购　；参考：《山东大学》2014年硕士论文

【摘要】：反向并购是近些年才在我国出现的一种新型并购方式,属于不同企业间并购的一种特殊情况,它丰富了并购的理论和实践。近年来政府和银行业都意识到整个经济环境中存在通货膨胀的潜在压力,虽然2010年4月16日出台的“新国十条”使房地产企业并购重组活动一度收紧,但是2010年至2013年,我国房地产企业反向并购案例依然逐渐增多,仅2013年上半年我国房地产企业并购案例就达55起,并购金额达35.9146亿美元,并购活跃度位居全国总行业首位。但是,企业在反向并购过程中所出现的问题也越来越多,如内幕交易、壳资源炒作、欺诈性财务报告等等。2014年伊始,证监会新闻发言明确首次公开募股(IPO)重启,借壳上市标准将与其等同,这势必会让反向并购的热潮降温,给欲反向并购的企业带来诸多挑战。本文正是对银亿控股反向并购兰光科技的案例中出现的财务问题进行研究,希望能为今后中小房地产企业反向并购提供一些意见和建议。大部分学者对反向并购的研究主要集中在并购动因、并购绩效及不同会计处理方式上,本文则以银亿控股反向并购兰光科技的实务案例为研究对象,以企业相关并购理论作为作为基础,对其中存在的主要财务问题进行分析,剖析各个环节中的要点。在本文中,作者以财务分析方法为主要技术手段对案例所涉及的财务问题进行了分析。首先,作者介绍了案例双方企业情况及并购案例过程,分析了双方的并购动因；然后,分析了目标企业兰光科技的资产负债表、利润表、现金流量表及各种财务比率,并对并购前目标企业的财务状况进行了总结,还对并购中的注入资产价值评估、融资方式和整合方式进行了财务风险分析；最后,作者基于财务指标法对并购后企业的财务绩效进行了纵向比较,并选取了与并购后企业银亿股份在规模、营业收入和个股排名相近的两家同样在深证A股上市的房地产企业进行了横向比较,并针对以上分析所出现的问题提出了自己的相关建议,对后续研究做出了展望。本文试图为中小房地产企业反向并购活动提供整体思路,以帮助企业实施有效的财务对策,以规避反向并购中可能出现的财务风险,并提高并购后的财务绩效,同时希望本案例的研究能对今后中小房地产企业反向并购的资本运作方式具有一定的借鉴意义。一方面,可以在实务的层面总结出房地产企业反向并购的整体资本运作过程以及过程中可能会出现的财务问题；另一方面,通过案例中出现的财务问题和财务分析方法,可以思考如何有效避免风险的出现,以及从哪些角度来监督、规范企业的上市活动。
[Abstract]:Reverse merger is a new kind of merger and acquisition method that appeared in our country in recent years. It belongs to a special situation of merger and acquisition among different enterprises. It enriches the theory and practice of merger and acquisition. In recent years, both the government and the banking sector have been aware of the potential inflationary pressures in the overall economic environment. Although the "New Ten rules" introduced on April 16, 2010, have tightened real estate M & A activities, from 2010 to 2013, The cases of reverse mergers and acquisitions of real estate enterprises in China are still increasing gradually. In the first half of 2013, 55 cases of mergers and acquisitions of real estate enterprises in our country, the amount of M & A amounted to 3.59146 billion US dollars, and the activity of M & A ranked first in the whole country. However, there are more and more problems in the process of reverse mergers and acquisitions, such as insider trading, speculation on shell resources, fraudulent financial reports, and so on. At the beginning of 2014, the Securities Regulatory Commission (CSRC) made a clear statement on the initial public offering (IPO). The standards of backdoor listing will be the same, which is bound to cool the trend of reverse mergers and acquisitions, and bring many challenges to enterprises wishing to reverse mergers and acquisitions. This paper is just to study the financial problems in the case of the reverse M & A of Yinyi Holdings, hoping to provide some advice and suggestions for the reverse merger of small and medium-sized real estate enterprises in the future. Most scholars' researches on reverse M & A mainly focus on the motivation of M & A, the performance of M & A and different accounting methods. Based on the theory of M & A, this paper analyzes the main financial problems and points in each link. In this paper, the author takes financial analysis method as the main technical means to analyze the financial problems involved in the case. First of all, the author introduces the enterprise situation of both parties and the process of M & A cases, analyzes the motivation of M & A, and then analyzes the balance sheet, profit statement, cash flow statement and various financial ratios of the target enterprise Languang Technology. It also summarizes the financial situation of the target enterprises before M & A, and analyzes the financial risk of the injected assets, financing and integration in M & A. Based on the financial index method, the author makes a vertical comparison of the financial performance of the M & A enterprises, and selects the scale of the shares in the M & A enterprises. The two real estate companies with similar operating income and individual stock ranking are also listed in Shenzhen A-share market. The paper makes a horizontal comparison and puts forward their own suggestions for the problems in the above analysis, and makes a prospect for the follow-up research. This article attempts to provide the whole idea for the small and medium-sized real estate enterprise reverse merger, in order to help the enterprise to carry out the effective financial countermeasure, to avoid the financial risk which may appear in the reverse merger, and to improve the financial performance after the merger and acquisition. At the same time, I hope the study of this case can be used for reference to the capital operation mode of the reverse merger of small and medium-sized real estate enterprises in the future. On the one hand, we can sum up the whole capital operation process and the possible financial problems in the process of reverse mergers and acquisitions of real estate enterprises at the practical level; on the other hand, through the financial problems and financial analysis methods that appear in the case, We can consider how to avoid the risk effectively, and from what angle to supervise and standardize the listed activities of enterprises.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F299.233.42

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