温氏集团换股吸收合并大华农案例分析

发布时间：2018-04-13 19:26

本文选题：整体上市 + 换股吸收合并　；参考：《深圳大学》2017年硕士论文

【摘要】：并购的历史可追溯到19世纪,资本市场发展到今天,全世界已经经历过五次大规模的企业并购浪潮,这直接推动了各个国家的产业结构调整和升级,企业选择合适的资产重组方案来加速企业自身发展和实现公司战略目标的需求越来越大。温氏集团作为非上市公司换股合并上市公司大华农进行整体上市,从整个农牧行业大环境来看,农牧企业的想要进一步发展,必须通过上市融资,利用资本市场的效率来扩大规模、提升经营效率。民营企业发展主要靠自身,初期为了效率最大化往往不讲究规范,因此在上市途中大多要经历一个改造、规范过程。温氏集团作为养殖业第一大企业迈向资本市场,这标志着畜牧养殖业的发展越来越需要依靠资本市场的运作。本次交易中,确定温氏集团与大华农公司的换股比例为1:0.8178,温氏集团食品有限公司溢价60%吸收合并大华农动物保健品股份有限公司实现整体上市,成为创业板首个通过换股吸收合并进行整体上市的案例。合并上市后存续公司称为温氏股份,直接进入资本市场。本文总体结构分为三个部分,第一章的绪论就是本课题的理论部分,对论文写作的研究背景和研究意义进行阐述,然后对相关研究理论和国内研究现状进行归纳整理,再次是提出本文的主要创新与不足。进入21世纪后,在市场的需求下,我国实行股权分置改革,股市的全流通时代开启,这为上市公司进行资产并购重组业务带来了符合市场规律的交易工具和定价机制,由于市场化的进一步加深,各种并购重组业务的活跃性和创新性得到了空前的提高。第二部分是案例部分,具体为第二章的案例介绍和第三章的案例分析,主要是针对于温氏集团合并大华农的案例进行分析;2015年11月初,温氏集团食品有限公司正式公布通过换股吸收合并旗下上市公司大华农动物保健品股份有限公司,并在创业板上市。此次通过换股吸收合并子公司并在内地实现整体上市,成为创业板首支通过换股吸收合并进行整体上市的案例。第三部分是第四章通过对温氏集团换股吸收合并大华农的案例进行研究分析发现的问题提出对策建议和启示,本文采用可比公司法对集团公司进行估值,提出温氏集团整体上市估值过高的问题,并对相应问题提出可行性对策建议,案例分析过后针对后续公司进行资产重组以及农牧企业上市融资的诉求引出相应启示;最后是第五章的结束语。
[Abstract]:M & a history can be traced back to nineteenth Century, the capital market development today, the whole world has experienced five large-scale waves of mergers and acquisitions, which directly promote the country's industrial structure adjustment and upgrading of enterprises, select appropriate asset restructuring program to accelerate the development of the enterprise itself and needs to achieve the strategic objectives of increasing temperature. The group's non-listed company as a listed company convertible merger dahuanong was listed as a whole, from the agriculture industry environment, agriculture and animal husbandry enterprises want to further develop, must through the listing and financing, utilization efficiency of the capital market to expand the scale, improve the operating efficiency. The development of private enterprises mainly rely on their own, in order to maximize the efficiency of the early often do not pay attention to therefore, in most specifications, listed on the way to undergo a transformation, standardize the process. Wen's group as the first step to breeding large enterprises capital city The field, which marks the development of animal husbandry and more need to rely on the operation of the capital market. In this transaction, determine the Wen's group and dahuanong, the exchange ratio of 1:0.8178, Wen's Group Food Co. Ltd., a premium of 60% merger dahuanong animal health products Limited by Share Ltd to achieve the overall market, become the gem first through convertible for the overall listing of the merger case. After surviving the merger listed company called Winslow shares directly into the capital market. The overall structure of this paper is divided into three parts, the first chapter is the introduction of this subject theory, writing on the research background and research significance of the paper, and then the related theory research and domestic research the status quo are summarized, put forward again is the main innovation of this paper and shortcomings. After entering in twenty-first Century, under the requirements of the market, China's implementation of the equity division reform, stock The full circulation times open, this asset merger and restructuring of listed companies has brought with the laws of the market trading tools and pricing mechanism, due to further deepen the market, various mergers and acquisitions business activity and innovation has been an unprecedented increase. The second part is the case, the second chapter introduces the case and the third chapter of the case analysis, mainly analyzed according to Wen's group with dahuanong case; at the beginning of November 2015, Wen's Group Food Co. Ltd., officially announced the absorption of listed company merger under dahuanong animal health products Limited by Share Ltd through a share swap, and listing on the gem. The convertible merger of subsidiaries and the realization of the overall listed on the mainland, as the gem first through the convertible merger of the overall listing of the case. The third part is the fourth chapter on Wen's set Group of convertible merger dahuanong case study found problems and puts forward countermeasures and enlightenment, the comparable company method of corporation valuation, this overvaluation of Wen's group listed as a whole, and puts forward some feasible countermeasures and suggestions to the corresponding problems, leads to some enlightenment for financing demands for after the case analysis follow the company assets and agricultural and animal husbandry enterprises; the last part is the conclusion of the fifth chapter.

【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F324

【参考文献】