發(fā)布時(shí)間：2018-05-02 13:28

  本文選題：殼公司 + 買殼上市　； 參考：《武漢理工大學(xué)》2012年博士論文

【摘要】：買殼上市是民營(yíng)企業(yè)實(shí)現(xiàn)戰(zhàn)略性發(fā)展的重要手段,買殼上市成功以后,企業(yè)可以獲取持續(xù)的低成本、大規(guī)模的融資便利,然而買殼上市同時(shí)也是一項(xiàng)高風(fēng)險(xiǎn)的資本運(yùn)作方式,買殼上市的過(guò)程中風(fēng)險(xiǎn)無(wú)處不在。因此,結(jié)合買殼上市的特點(diǎn),構(gòu)建適用于我國(guó)企業(yè)買殼上市風(fēng)險(xiǎn)的識(shí)別、測(cè)度和控制模型,為我國(guó)買殼上市企業(yè)控制風(fēng)險(xiǎn)、提高其成功率提供理論指導(dǎo)具有一定的現(xiàn)實(shí)意義和研究?jī)r(jià)值。 已有的研究文獻(xiàn)多為探討企業(yè)并購(gòu)的方式及效應(yīng),但很少有學(xué)者針對(duì)買殼上市這種并購(gòu)方式進(jìn)行深入的研究。因此,一方面是市場(chǎng)上存在大量企業(yè)有買殼上市的動(dòng)機(jī),但另一方面學(xué)術(shù)界針對(duì)買殼上市的研究極為稀缺,系統(tǒng)的研究幾乎沒(méi)有,這就為本文的研究留出了空間。目前國(guó)外學(xué)者對(duì)買殼上市的理論研究是建立在西方主流并購(gòu)及其理論基礎(chǔ)上,然而由于我國(guó)體質(zhì)轉(zhuǎn)軌中特有的復(fù)雜性和不確定性,使得主流理論在買殼上市的應(yīng)用上存在很大的局限性。本文在對(duì)主流理論進(jìn)行借鑒的基礎(chǔ)上,結(jié)合在中國(guó)買殼上市的特有環(huán)境,探討我國(guó)企業(yè)買殼上市的風(fēng)險(xiǎn)及其控制。 本文沿著“企業(yè)買殼上市風(fēng)險(xiǎn)控制的基本理論——企業(yè)買殼上市風(fēng)險(xiǎn)識(shí)別——企業(yè)買殼上市風(fēng)險(xiǎn)測(cè)度——企業(yè)買殼上市風(fēng)險(xiǎn)控制——案例分析”的邏輯思路展開(kāi)研究,綜合運(yùn)用并購(gòu)理論、風(fēng)險(xiǎn)管理理論、系統(tǒng)論等學(xué)科知識(shí),對(duì)企業(yè)買殼上市風(fēng)險(xiǎn)控制進(jìn)行了系統(tǒng)研究。分析企業(yè)買殼上市風(fēng)險(xiǎn)的識(shí)別與測(cè)度方法,提出了企業(yè)買殼上市風(fēng)險(xiǎn)控制的測(cè)度方法具體而言,本文的主要研究?jī)?nèi)容包括： 第1章闡述企業(yè)買殼上市風(fēng)險(xiǎn)控制的研究目的和研究意義。在深入研究國(guó)內(nèi)外學(xué)者關(guān)于企業(yè)買殼上市風(fēng)險(xiǎn)控制研究的基礎(chǔ)上,提出了研究?jī)?nèi)容、研究方法和研究思路。第2章在對(duì)企業(yè)買殼上市內(nèi)涵進(jìn)行研究的基礎(chǔ)上,分析了企業(yè)買殼上市的運(yùn)作機(jī)理,并對(duì)買殼上市風(fēng)險(xiǎn)的內(nèi)涵和形成機(jī)理進(jìn)行了研究。第3章從買殼上市風(fēng)險(xiǎn)識(shí)別對(duì)象和識(shí)別方法兩個(gè)方面對(duì)我國(guó)企業(yè)買殼上市的風(fēng)險(xiǎn)識(shí)別進(jìn)行分析。第4章從定價(jià)風(fēng)險(xiǎn)測(cè)度、融資風(fēng)險(xiǎn)測(cè)度和重組風(fēng)險(xiǎn)測(cè)度三個(gè)方面構(gòu)建我國(guó)企業(yè)買殼上市風(fēng)險(xiǎn)測(cè)度模型。第5章從選殼、買殼和重組三個(gè)階段探討了企業(yè)買殼上市風(fēng)險(xiǎn)控制策略。第6章為案例分析。
[Abstract]:Shell listing is an important means for private enterprises to achieve strategic development. After successful shell listing, enterprises can obtain continuous low cost and large-scale financing convenience. However, shell listing is also a high-risk capital operation mode. In the process of buying a shell and listing, the risks are everywhere. Therefore, according to the characteristics of shell listing, the paper constructs a model to identify, measure and control the risk of shell listing, which is suitable for Chinese enterprises to control the risk. Improving its success rate to provide theoretical guidance has certain practical significance and research value. Most of the existing research literature is to explore the way and effect of M & A, but few scholars do in-depth research on the M & A mode. Therefore, on the one hand, there is a large number of enterprises in the market have the motivation to buy shell listing, but on the other hand, the academic research on shell listing is extremely scarce, and there is almost no systematic research, which leaves room for the research of this paper. At present, foreign scholars' theoretical research on shell listing is based on western mainstream M & A and its theory. However, due to the unique complexity and uncertainty in China's physical transition, The mainstream theory has great limitations in the application of shell listing. Based on the reference of mainstream theory and the unique environment of buying shell listing in China, this paper probes into the risk and control of the listing of Chinese enterprises. In this paper, the logical thinking of "the basic theory of the risk control of the backdoor listing of enterprises-the identification of the listing risk of the enterprise buying the shell"-the measurement of the risk of the listing of the enterprise buying the shell-the case study of the risk control of the listing of the enterprise buying the shell-is carried out in this paper. Based on the knowledge of M & A theory, risk management theory and system theory, this paper makes a systematic study on the risk control of buying a shell and listing. This paper analyzes the identification and measurement methods of the listed risk of buying a shell, and puts forward the measurement method of the risk control of the listing of the buying shell. The main research contents of this paper include: Chapter 1 describes the research purpose and significance of risk control. On the basis of deep research on the risk control of enterprises buying shell listing, this paper puts forward the research contents, research methods and research ideas. In chapter 2, based on the study of the connotation of shell listing, the operating mechanism of shell listing is analyzed, and the connotation and formation mechanism of listing risk are studied. In chapter 3, we analyze the risk identification of Chinese enterprises from two aspects: the object and the method of risk identification. Chapter 4 sets up the risk measurement model of Chinese enterprises from three aspects: pricing risk measurement, financing risk measurement and restructuring risk measurement. Chapter 5 discusses the risk control strategy from three stages of shell selection, shell buying and restructuring. Chapter 6 is a case study.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F279.2;F832.51

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