分众传媒私有化借壳上市案例研究

发布时间：2018-04-03 08:21

本文选题：分众传媒　切入点：私有化　出处：《哈尔滨商业大学》2017年硕士论文

【摘要】：近几年,在中国A股市场不断升温的背景下,境外上市成本的增加、融资效率的降低和境内上市政策等方面的影响,中概股上市公司为获得境内高估值市场上市的动机越来越明显,许多在美国上市的中国科技企业正在意图私有化退市,回归中国资本市场上市。一方面,从国家战略角度来看,加大资本市场改革,有必要引导优质的中概股公司回归,为我国资本市场提供了优良的投资标的,让我国的资本可以借助市场化的方式传输给新经济型企业,促使创新企业可以快速成长,并且共享新经济型企业的成长价值,进一步加速经济结构转型的脚步,促进良性循环,为中国经济结构转型升级提供助力。另一方面,这些企业回归我国资本市场存在特殊性,境内外市场有悬殊的价格差异,还有很大的套利空间以及壳资源在市场中严重的炒作行为。随着进一步深化资本市场的改革,将来会有更多的新经济型企业选择回归国内资本市场,急切需要进一步改善中概股上市企业选择私有化回归上市的相应的法律法规。所以,通过对分众传媒私有化借壳上市案例的研究,评估中概股回归A股市场可能造成的影响,完善相应的法律法规就有着非常重要的意义。通过对分众传媒私有化借壳七喜控股成功回归A股案例进行研究分析,采用理论联系实际的方法,运用规范研究的研究方式,从并购重组的角度剖析了分众传媒私有化借壳上市的动因及方案流程。通过对分众传媒私有化退市及借壳方案进行了分析,说明了设立四层架构的私有化收购主体的模式及优势;通过对分众传媒借壳上市模式的探究,阐释了分众传媒的回归过程的特殊性,说明了分众传媒私有化成功借壳上市的缘由,提出了要根据我国资本市场的改革进程来选择回归模式和借壳方式。中概股的回归要有所为有所不为,要选取谨慎区别对待中概股回归的政策。并从市场及监管层方面对中概股公司私有化、红筹回归、借壳上市提出了相应的对策建议。
[Abstract]:In recent years, under the background of the rising temperature of China's A-share market, the increase in overseas listing costs, the decrease in financing efficiency, and the impact of domestic listing policies, etc.Chinese companies are increasingly motivated to go public in a highly valued domestic market, with many U.S.-listed Chinese technology companies looking to delist and return to China's capital markets.On the one hand, from the point of view of national strategy, it is necessary to guide the return of high-quality Chinese stock companies in order to increase the reform of capital market, which provides a good investment target for China's capital market.So that the capital of our country can be transferred to the new economic enterprises by means of marketization, so that the innovative enterprises can grow rapidly, share the growth value of the new economic enterprises, further accelerate the pace of the economic structure transformation, and promote the virtuous circle.To China's economic restructuring and upgrading to provide assistance.On the other hand, these enterprises return to our country's capital market has particularity, the domestic and foreign market has the disparity price difference, also has the very big arbitrage space as well as the shell resources in the market serious speculation behavior.With the further deepening of the reform of the capital market, more new economic enterprises will choose to return to the domestic capital market in the future.Therefore, it is of great significance to evaluate the possible impact of the return of Chinese shares to A share market and to perfect the relevant laws and regulations through the study of the case of the privatization of focus Media through the case of backdoor listing.Through the research and analysis of the case of the successful return of Qixi Holdings to A shares through the privatization of focus Media, the method of combining theory with practice is adopted, and the research method of normative research is used.From the angle of M & A, this paper analyzes the motivation and scheme flow of the privatization of focus Media.Through the analysis of the plan of private delisting and backdoor borrowing of focus Media, this paper explains the mode and advantages of setting up a four-tier structure of privatization-buy-out main body, and probes into the mode of listing of focus Media through backdoor listing.This paper expounds the particularity of the regression process of the focus media, explains the reasons for the successful backdoor listing of the focus media privatization, and puts forward the choice of the regression mode and the backdoor mode according to the reform process of our country's capital market.The return of Chinese stocks should do something wrong, and select the policy of carefully discriminating the return of Chinese stocks.And from the market and regulatory level to the privatization of Chinese companies, red chip return, backdoor listing put forward the corresponding countermeasures.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G206-F;F832.51

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