招商蛇口整体上市的企业价值效应研究

发布时间：2018-03-09 01:36

本文选题：整体上市　切入点：换股吸收合并　出处：《广东工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：由于历史原因,在我国资本市场最初时期,企业上市采用的是额度审批制,从而实行分拆上市。但是随着资本市场的日渐发展,分拆上市的弊端逐渐暴露,如母子公司关联交易和同业竞争频繁、“一股独大”等等。在这样的背景下,整体上市这一具有中国特色的融资方式,引起了重视。整体上市,可以减少上市公司的关联交易,促进公司治理的完善,有效解决同业竞争的问题。同时,集团企业还能够通过整体上市实现内部资源整合优化,推动企业产业升级。因此,近几年来,整体上市的相关案例日益增多,整体上市的模式也越来越丰富。各个模式都有其适用性和优缺点。其中,整体上市中的换股吸收合并模式可以避免面对大额现金支付的压力,同时产生税盾效应和协同效应,逐渐被越来越多的企业采用。百联集团、东方电气、东软集团等企业纷纷通过该模式实现整体上市。在这样的趋势下,招商局蛇口工业区控股公司结合自身具体情况,以充分发挥其资源优势以及整合集团地产业务,减少与招商地产的关联交易和同业竞争为目的,最终在2015年通过换股吸收合并招商地产整体上市。本文以招商蛇口整体上市为例进行案例研究。首先对整体上市模式、动因、企业价值评价等方面的理论进行综述,为后文的案例分析打下理论基础。接着,从整体上市背景、合并双方企业基本情况、整体上市过程等方面进行案例介绍,为案例分析提供充分的背景资料和数据。在案例分析部分,从整体上市过程分析、整体上市企业价值效应评价两个方面对该次整体上市进行定量分析,再从整体上市的创新之处和存在的问题两个方面进行定性分析。本文从多个角度观察合并的具体操作以及其合理性,分析合并过程以及合并后的价值效应,从而得出关于本次整体上市客观合理的评价。根据理论和案例研究,本文就企业未来整体上市从企业和市场环境两个层面提出了一些建议,希望能够给企业一定的启示。从企业角度,本文认为企业应选择合适的整体上市时机。在整体上市过程中要采用多种方式募集配套资金,并且应当权衡双方股东利益以确定合理的购买价格。同时,企业应设立整体上市风险防范机制并制定完善的整合方案来开展整体上市后的整合。从市场环境角度,本文建议完善换股吸收合并的相关法律规定,加强市场对于整体上市的监督。最终,本文得出结论,一是合理的购买价格是整体上市顺利完成的关键。二是合适的模式选择影响整体上市的企业价值效应。三是整体上市是集团企业提升企业价值和增加股东财富的有效途径。
[Abstract]:Due to historical reasons, in the initial period of capital market of our country, the quota examination and approval system was adopted in the initial period of the capital market, thus the split listing was carried out. However, with the development of the capital market, the drawbacks of the split listing gradually exposed. Such as the frequent related transactions of parent and subsidiary companies and the competition in the same industry, "one share alone" and so on. Under such a background, the holistic listing, a financing method with Chinese characteristics, has attracted much attention. A holistic listing can reduce the associated transactions of listed companies. Promoting the improvement of corporate governance and effectively solving the problem of peer competition. At the same time, the group enterprises can also achieve internal resource integration and optimization through the overall listing, thus promoting the upgrading of the enterprise industry. Therefore, in recent years, With the increasing number of cases related to the overall listing, the mode of overall listing is becoming more and more abundant. Each model has its own applicability, advantages and disadvantages. Among them, the mode of stock exchange and merger in the overall listing can avoid the pressure of large cash payments. At the same time, the tax shield effect and the synergy effect have been gradually adopted by more and more enterprises. The Bailian Group, Dongfang Electric Group, Neusoft Group and other enterprises have realized the overall listing through this model. Under this trend, The purpose of China Merchants Bureau Shekou Industrial Zone holding Company is to give full play to its advantages in resources, integrate its real estate business, and reduce the related transactions and competition with China Merchants Real Estate. Finally, in 2015, the whole listing of China Merchants real estate is absorbed through stock exchange. This paper takes Shekou as an example to study the case. Firstly, it summarizes the theory of the whole listing mode, motivation, enterprise value evaluation, and so on. Lay a theoretical foundation for the case analysis in the following articles. Then, from the background of the overall listing, the basic situation of merging the enterprises of both sides, the overall listing process and other aspects of the case introduction. In the part of case analysis, quantitative analysis is made on the whole listing from two aspects: the whole listing process and the value effect evaluation of the whole listed enterprise. Then qualitative analysis is carried out from two aspects of innovation and existing problems of the whole listing. This paper observes the concrete operation and rationality of the merger from several angles, and analyzes the process of the merger and the value effect after the merger. According to the theory and case study, this paper puts forward some suggestions on the future overall listing of enterprises from the two aspects of enterprise and market environment. From the perspective of the enterprise, this paper holds that the enterprise should choose the appropriate timing of the overall listing. In the process of the overall listing, it is necessary to raise supporting funds in a variety of ways. At the same time, the enterprise should set up the whole listing risk prevention mechanism and perfect integration plan to carry out the integration after the whole listing. From the perspective of the market environment, the enterprise should set up a mechanism to prevent the overall listing risk and develop a perfect integration plan to carry out the integration after the overall listing. This paper proposes to improve the relevant legal provisions of stock exchange absorption and merger, to strengthen the supervision of the market for the overall listing. Finally, this paper draws a conclusion, One is that the reasonable purchase price is the key to the successful completion of the whole listing, the other is that the choice of the appropriate mode affects the enterprise value effect of the whole listing, and the third is that the whole listing is an effective way for the group enterprises to enhance the enterprise value and increase the shareholder wealth.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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