鼎泰新材壳资源估值的研究

发布时间：2018-03-12 15:36

本文选题：借壳上市　切入点：比较法　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国股权分置改革的深化,股票的发行制度进一步完善,证券市场的融资自由度大大提高,借壳上市方兴未艾。借壳上市这一融资手段可以拓宽非上市公司的上市路径,使其在IPO之外具有另一种较为简易的上市方式。在面临各种政策的变化下,对壳资源的估值也变得更加复杂,而对于壳资源的估值将影响到企业的融资成本与成长过程,不同的估值计算将给企业带来不同的结果。本文的研究目的就是用多种估值模型与方法对壳资源进行估值,将估值结果进行对比,选取更为接近市场价值的估值,为企业借壳上市提供参考。本文试图将理论与案例相结合,多种方法与数据相比较的分析方法来研究这一问题。本文用比较法、股利贴现法以及布莱克斯科尔斯模型,即实物期权模型(B-S模型)进行计算,并对估值后的壳资源价值与市场估值进行比较,分析各模型与计算方法的特点与局限性,同时分析理论估值与市场估值数值偏差的缘由,对未来改进方法以及减小估值偏差,为投资者提供更加有效的信息与市场管理有较大的借鉴意义。
[Abstract]:With the deepening of the reform of the split share structure in our country, the issuing system of the stock market has been further improved, and the degree of freedom of financing in the securities market has been greatly improved, and the backdoor listing is in the ascendant. The financing means of the backdoor listing can broaden the listing path of the non-listed companies. In the face of various policy changes, the valuation of shell resources has become more complex, and the valuation of shell resources will affect the financing costs and growth process of enterprises. Different valuation calculation will bring different results to the enterprise. The purpose of this paper is to evaluate shell resources with various valuation models and methods, compare the valuation results, select the valuation that is closer to the market value. This paper attempts to study this problem by combining theory with cases and comparing many methods with data. This paper uses comparative method, dividend discount method and Blackscholes model. The real option model (B-S model) is calculated, and the value of shell resources after valuation is compared with the market valuation, and the characteristics and limitations of each model and calculation method are analyzed. At the same time, the reasons of the deviation between the theoretical valuation and the market valuation are analyzed. It can provide more effective information and market management for investors.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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