新三板市场的中小企业并购重组研究

发布时间：2018-04-06 06:31

本文选题：新三板　切入点：主动并购　出处：《河北大学》2017年硕士论文

【摘要】：新三板市场作为一个新兴市场,无论从并购规模还是并购质量,获得了越来越多投资者的关注与青睐。近年来,随着多方关注度的不断提升,融资规模在不断上升,有数据统计指出,2015年的融资规模超过了创业板。从长期来看,经济持续向好,新三板已经成为中国资本市场的重要组成部分,而且已成为我国企业并购重组的主要战场。大多数新三板企业均是创新型企业,并购重组的存在为企业未来的生存与发展注入了新的活力。本文首先从我国新三板市场的并购重组规模、发展趋势入手,分析并购重组存在的重要性,并且将新三板市场的并购重组类型分为两类:主动并购和被动并购,并将其对应的典型案例进行了深入分析。在主动并购类型上,本文选择对九鼎集团收购中江地产的案例进行分析,全面剖析其并购手法及并购流程,发现了一系列问题,如为并购重组操作手法打擦边球、标的公司中江地产前景不明朗、支付方式单一造成资金压力巨大等;被动并购类型以新泰材料被天际股份收购的案例进行分析,从并购金额、并购结果等方面发现其在并购重组过程中出现了行业可持续盈利前景不明朗、并购后公司管理能力存疑、技术滞后无法满足产能提高等问题。通过案例分析,全面系统研究了新三板市场并购重组的政策启示,提出了完善新三板并购重组制度准则,建立完备的并购重组估值体系,提高中小企业的综合竞争实力,丰富新三板并购重组支付工具等建议,旨在为新三板市场的健康可持续发展提供参考和借鉴。
[Abstract]:As a new emerging market, the new third board market has gained more and more investors' attention and favor in terms of M & A scale and M & A quality.In recent years, with the increasing attention, the scale of financing is rising. Some statistics point out that the scale of financing exceeded that of gem in 2015.In the long run, the economy continues to improve, the new third board has become an important part of China's capital market, and has become the main battlefield of mergers and acquisitions in China.Most of the new three-board enterprises are innovative enterprises. The existence of M & A has injected new vitality into the future survival and development of enterprises.This paper starts with the scale and development trend of M & A in the new three boards of China, analyzes the importance of the existence of M & A, and divides the types of M & A into two types: active M & A and passive M & A.The corresponding typical cases are analyzed in depth.On the type of active M & A, this paper chooses to analyze the case of Jiuding Group's acquisition of Zhongjiang Real Estate, comprehensively analyzes its M & A techniques and the process of M & A, and finds a series of problems, such as playing a close role for the operation of M & A and reorganization.The prospects of the target company Zhongjiang Real Estate are not clear, and the single payment method causes huge financial pressure. The passive M & A type is analyzed by the case of Xintai material acquired by Tianji shares, from the amount of the merger amount.In the process of M & A, it is found that the prospect of sustainable profit is not clear, the management ability of the company is doubtful, and the technology lag can not meet the problems of improving the production capacity.Through the case analysis, this paper comprehensively and systematically studies the policy enlightenment of the new three boards market M & A and recombination, puts forward to perfect the new three boards M & A reorganization system criterion, establishes the complete M & A recombination valuation system, and improves the comprehensive competitive strength of the small and medium-sized enterprises.The purpose of this paper is to provide reference and reference for the healthy and sustainable development of the new third board market.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F276.3

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