华数传媒反向收购上市案例分析

发布时间：2018-04-11 01:39

本文选题：华数传媒 + 反向收购上市　；参考：《哈尔滨商业大学》2017年硕士论文

【摘要】：反向收购上市是企业在准备上市时的一个重要选择,因为这种上市途径和传统IPO(首次公开募股)不同,相较IPO具有上市审批需时短、要求低等很多优势,所以受到很多人关注。一般来讲,在金融危机等资本市场环境不景气阶段,很多风险防御能力弱化的已上市企业受宏观经济波及,财务风险往往被放大,甚至沦为ST公司,在实际经营中这些公司也成为旨在通过间接上市的非上市公司的目标壳公司。壳公司因为经济大环境的变化正处于经营困难阶段,所以面对这些为借壳而来的非上市公司态度也是比较积极的,也会为了保障各股东利益而努力促进并购重组活动。当然尽管在这种并购重组活动中双方态度都比较乐观积极,但反向收购上市后的效果却不一定就如并购双方所设想的一样。现实中已经有很多企业在反向收购上市后因为各种原因而导致经营失败的案例,所以对于这种上市途径的评判还需要更多的案例资料来完善,才能得出更详细、更科学的评价结果。根据现阶段国内外学者的研究内容,主要对反向收购上市过程中涉及的壳资源以及上市后业绩等相关方面的研究进行概括总结,了解了与反向收购上市方式相关的一些主要概念和相关理论。为了更加全面的展现反向收购上市相关内容,对其一般操作流程和相关风险也做了介绍,并且为了提升研究结果的科学性、合理性,在研究中采取文献研究和案例研究相结合的方法。以华数传媒反向收购*ST嘉瑞上市这一案例为主要内容,对华数传媒反向收购上市的条件及优势进行阐述,并结合企业自身情况、政府相关政策、社会经济环境等,分析了华数传媒反向收购*ST嘉瑞的动因,其次选取华数传媒上市前后的财务绩效指标进行横向、纵向对比分析,总体评价华数传媒上市结果,总结出华数传媒成功买壳上市的经验,并根据案例研究,为拟上市公司选择反向收购上市方式提供一些在操作上可供参考指导意见。
[Abstract]:Reverse takeover listing is an important choice when enterprises prepare to go public, because this kind of listing approach is different from traditional IPO (initial public offering), compared with IPO, it has many advantages, such as shorter time for listing approval and lower requirement, so many people pay attention to it.Generally speaking, during the depressed period of capital market environment such as the financial crisis, many listed enterprises whose risk defenses are weakened are affected by the macro economy, and the financial risks are often magnified and even reduced to St companies.In practice, these companies have also become target shell companies for non-listed companies that are listed indirectly.Shell companies are in the difficult stage of operation because of the change of economic environment, so it is more positive to face the attitude of these non-listed companies which come from the shell, and will try to promote M & A activities in order to protect the interests of the shareholders.Of course, although both sides are more optimistic and positive in this kind of M & A activity, the effect of reverse takeover after listing is not necessarily the same as the merger and acquisition parties thought.In reality, there have been many cases of business failure caused by various reasons after the reverse takeover listing, so the judgment of this kind of listing way still needs more case information to be perfected in order to arrive at more details.More scientific evaluation results.According to the current research content of scholars at home and abroad, this paper summarizes the research on shell resources and post-listing performance of reverse takeover.Understand some of the main concepts and related theories related to reverse takeover listing.In order to show the related contents of reverse takeover listing more comprehensively, the general operation flow and related risks are also introduced, and in order to enhance the scientific and reasonable of the research results,In the research, the method of combining literature research with case study is adopted.Taking the case of reverse takeover by Huasu Digital Media as the main content, this paper expounds the conditions and advantages of the reverse takeover and listing of China Digital Media, and combines with the situation of the enterprises, the relevant government policies, the social and economic environment, etc.This paper analyzes the motivation of reverse takeover by Huasu Media, then selects the financial performance indexes before and after the listing of Huasu Media to carry out horizontal and longitudinal comparative analysis, and evaluates the listing results of Huasu Media as a whole.Summing up the experience of Huasu Media successfully buying a shell and listing, and according to the case study, to provide some operational guidance for the listed companies to choose the reverse takeover listing mode.
【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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