国金证券借壳上市案例分析

发布时间：2018-01-03 01:08

本文关键词：国金证券借壳上市案例分析　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：1979年改革开放以来，中国经济取得了长足的发展。伴随着经济的发展，不断的扩展融资方式加强自身竞争力是企业整个经营周期要持续考虑的问题之一，也是企业生存发展的关键。在经济危机的大背景下，竞争环境日趋激烈，企业对于融资的需求就更加迫切。借壳上市作为并购重组的方式之一，由于其上市门槛低、审核周期短等特点，引起了公司和研究者的极大关注。借壳上市对于壳公司和拟借壳公司双发究竟会带来哪些影响，借壳上市究竟会不会改善公司的经营状况带来股东权益的增值都是值得我们研究的问题。本文以国金证券借壳成都建投上市的案例为基础。首先，对国金证券借壳上市的相关背景以及本论文的结构框架、创新和不足进行了介绍。其次，对借壳重组过程中涉及到的相关概念和并购重组理论进行了说明，简要介绍了该领域内国内外相关研究，为本文研究借壳上市提供相关的理论和方法上的支持。再次，本文就国金证券借壳成都建投上市过程进行了详细的介绍，通过分析上市前后公司的财务数据，具体研究了借壳事件对成都建投原控股股东成都市国资委和国金证券实际控制方“涌金”的财富影响。得出如下结论，借壳上市并未导致成都市国资委所持有的国有资产的流失，反而成都市国资委所持有的资产通过该事件，获得了很高的溢价。在数理分析方法，本文以事件分析方法为基础，，通过引入资本资产定价模型和最小二乘曲线拟合等方法来分析借壳重组事件对于成都建投股票预期收益率和实际收益率造成的相关影响，通过对比借壳后成都建投股票的正常累计收益率和超额累计收益率，不难发现国金证券借壳事件对原上市公司成都建投的股价产生了积极的作用。最后，本文就如何完善公司借壳上市重组相关法规提出了一些建议，作为补充简要讨论了作为资本市场另一种融资手段首次公开发行（IPO）方式的优缺点。
[Abstract]:Since the reform and opening up in 1979, Chinese economy has made great progress. With the development of economy, it is one of the problems that enterprises should consider continuously in the whole business cycle. Also is the key to the survival and development of enterprises. In the context of the economic crisis, the competition environment is becoming increasingly fierce, the demand for financing is more urgent. Backdoor listing as one of the ways of mergers and acquisitions. Because of its low listing threshold, short audit cycle and other characteristics, it has aroused great concern of companies and researchers. What impact does backdoor listing have on shell companies and prospective backdoor companies? It is worth studying whether backdoor listing will improve the operating condition of the company and bring about the value added of shareholders' rights and interests. This paper is based on the case of Guojin Securities backdoor listing in Chengdu. Firstly, it introduces the relevant background of Guojin Securities backdoor listing, as well as the structural framework, innovation and deficiency of this paper. Secondly. The related concepts and M & A theory involved in the process of backdoor restructuring are explained, and the domestic and foreign related research in this field is briefly introduced. This paper provides the relevant theoretical and methodological support for the research of backdoor listing. Thirdly, this paper introduces the process of Chengdu Construction and listing of Guojin Securities in detail, and analyzes the financial data of the company before and after listing. This paper specifically studies the influence of the shell borrowing event on the wealth of Chengdu Jiantuo former controlling shareholder Chengdu State assets Supervision and Administration Commission and the actual controlling party of Guojin Securities, "Yong Jin". The conclusions are as follows. Backdoor listing did not lead to the loss of state-owned assets held by the Chengdu SASAC, on the contrary, the assets held by the Chengdu SASAC obtained a very high premium through this event. This paper is based on the event analysis method. By introducing the capital asset pricing model and the least square curve fitting method to analyze the impact of the restructuring event on the expected and real return rate of Chengdu Construction Investment. By comparing the normal cumulative rate of return and the excess cumulative rate of return, it is not difficult to find that the backdoor event of Guojin Securities has a positive effect on the stock price of the original listed company Chengdu Construction Investment. This paper puts forward some suggestions on how to perfect the relevant laws and regulations of backdoor listing and reorganization of companies. As a supplement, this paper briefly discusses the advantages and disadvantages of IPO as another financing means in capital market.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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