辽宁成大分拆成大生物新三板上市影响分析

发布时间：2018-03-08 15:19

本文选题：分拆上市　切入点：偿债　出处：《辽宁大学》2017年硕士论文　论文类型：学位论文

【摘要】：由于新三板挂牌要求相对主板比较宽松,众多上市公司出于拓宽融资渠道、抵御恶意收购、增强公司竞争力及获取最大化利润等目的将子公司转战新三板。在我国上市公司分拆子公司挂牌新三板的数量激增且监管也愈加严格的情况下,研究其对母公司及子公司日后的效益、财务、价值等影响就格外重要。本文从辽宁成大分拆子公司成大生物挂牌新三板案例的过程、之后的交易、分拆过程中存在的问题及新三板市场的不足等角度切入,深刻分析了上市公司分拆子公司挂牌新三板所将给母公司及子公司带来的偿债、运营、盈利、发展能力以及同行业之间的影响,得出上市公司在合法合规的情况下积极根据政策分拆发展前景较好的子公司在新三板挂牌不仅会为子公司带来专业的管理、资金的筹集等方面的便利;也会为母公司带来财务方面的促进,从而实现优化资源配置、母子公司共赢的局面,但也可能会给上市公司带来抗风险能力降低、产生关联交易等隐患。本文从对辽宁成大分拆成大生物的深入分析得出母公司分拆子公司挂牌新三板总体是利大于弊,会促进资金融通及专业化发展的进步,同时发现新三板市场的一些不足,为日后的监管部门及上市公司分拆挂牌的流程操作给出了一些建议,如在分拆过程中要注意政策的时效性、改进交易制度、严格控制关联交易并吸引投资者的兴趣等,可供上市公司进行参考。
[Abstract]:As the listing requirements of the new third board are relatively loose relative to the main board, many listed companies are trying to widen their financing channels and resist hostile acquisitions. In order to enhance the competitiveness of the company and maximize profits, the subsidiary companies will be transferred to the new third board. With the increase in the number of new third boards listed by listed companies in China, the number of new boards listed by their subsidiaries has increased and the supervision has become more stringent. It is particularly important to study its impact on the future benefits, finance, and value of the parent company and its subsidiaries. The problems existing in the process of splitting up and the deficiency of the new third board market are analyzed deeply, and the debt service, operation and profit that the listed company will bring to the parent company and its subsidiary companies when listed in the new three boards are deeply analyzed. With the development of ability and the influence of the same industry, it is concluded that the listed companies actively split up and develop their subsidiaries in the new third board according to the policy in accordance with the legal compliance, which will not only bring professional management to the subsidiaries. The convenience of raising funds will also bring financial promotion to the parent company, so as to optimize the allocation of resources and the win-win situation between parent and subsidiary companies, but it may also bring less risk resistance to listed companies. Related party transactions and other hidden dangers. Based on the in-depth analysis of Liaoning Chengda split into big creatures, this paper concludes that the total advantages of the new third board listed by the parent company are greater than the disadvantages, which will promote the progress of capital financing and professional development. At the same time, we find some shortcomings of the new third board market, and give some suggestions for the future process of the supervision department and listed companies to split and list, for example, we should pay attention to the timeliness of the policy and improve the trading system in the process of splitting. Strictly control related party transactions and attract the interest of investors, for listed companies to refer to.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【参考文献】