發(fā)布時間：2018-03-19 06:10

  本文選題：借殼上市　切入點：天神互動　出處：《深圳大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國市場經(jīng)濟的不斷發(fā)展,越來越多的企業(yè)想要通過上市來進入資本市場進行直接融資,利用充足的資金來提升自身競爭實力。但在現(xiàn)有的政策背景下,IPO上市的門欄高、條件嚴苛、排隊時間長等等一系列限制因素使得企業(yè)紛紛把目光轉(zhuǎn)向借殼。借殼上市即一些發(fā)展良好不斷壯大的企業(yè)收購已經(jīng)上市但經(jīng)營不善的殼公司通過資產(chǎn)置換等方式來達到上市的目的,借殼上市審核簡單,成功率高花費的時間也少。迄今為止有許多企業(yè)都成功借殼上市,也有很多學(xué)者對包括金融證券、出版?zhèn)髅�、房地產(chǎn)等在內(nèi)的各個領(lǐng)域進行了研究分析,但目前還沒有人對網(wǎng)絡(luò)游戲這一行業(yè)進行研究。在21世紀人人都離不開互聯(lián)網(wǎng)的今天,網(wǎng)絡(luò)游戲行業(yè)也隨之迅猛發(fā)展,成為文化娛樂產(chǎn)業(yè)中不可或缺的一部分,網(wǎng)絡(luò)游戲行業(yè)競爭也愈發(fā)激烈,天神互動自2010年成立后歷經(jīng)短短3余年就已成為行業(yè)內(nèi)的佼佼者,作為第二家成功借殼上市網(wǎng)絡(luò)游戲開發(fā)企業(yè)也曾轟動一時。本文采用微觀視角利用單個公司的案例分析從五個方面展開文章的論述,第一部分對論文的研究背景和意義以及國內(nèi)外對于借殼上市的研究現(xiàn)狀進行了簡單的闡述。第二部分介紹了和借殼上市相關(guān)的理論概念以及對于天神互動借殼上市將采用的績效評價方法。第三部分對借殼方天神互動和殼公司科冕木業(yè)進行了介紹,并分別對兩家公司借殼以及被借殼的動因進行了詳細的分析,對于天神互動來說,其借殼最大的動因就是該公司是靠網(wǎng)頁游戲起家,而2013年移動游戲開始了一段最好的發(fā)展時期,天神互動想通過上市公司這個平臺,利用資金優(yōu)勢通過并購大力進軍移動網(wǎng)游領(lǐng)域,在移動網(wǎng)游發(fā)展的黃金期搶占制高點。第四部分則重點通過運用事件分析法、財務(wù)指標分析法、杜邦分析法和EVA評價方法從短期和長期兩個方面研究天神互動借殼上市前后的財務(wù)績效變化情況,同時和網(wǎng)游行業(yè)的平均水平進行比較,研究其財務(wù)績效。最后對整個研究進行總結(jié)并提出建議,為以后想要借殼上市的企業(yè)提供參考。
[Abstract]:With the continuous development of market economy in China, more and more enterprises want to enter the capital market through listing for direct financing, using sufficient funds to enhance their own competitive strength. The conditions are harsh, Long queue time and a series of constraints have led enterprises to turn to the backdoor. Backdoor listing is the acquisition of some well-developed and growing enterprises to buy the listed shell companies through the exchange of assets, etc. To achieve the goal of listing, Backdoor listing audit is simple, and the high success rate takes less time. So far, many enterprises have successfully listed through backdoor listing, and many scholars have conducted research and analysis in various fields, including financial securities, publishing media, real estate, and so on. In 21th century, when everyone was inseparable from the Internet, the online game industry also developed rapidly and became an indispensable part of the cultural and entertainment industry. The competition in the online game industry is becoming more and more fierce. Since its establishment in 2010, God interaction has become a leader in the industry in a short span of more than three years. As the second successful backdoor listed online game developer, this paper uses the micro perspective to analyze the case of a single company from five aspects. In the first part, the research background and significance of the thesis and the current situation of the research on the backdoor listing at home and abroad are briefly expounded. The second part introduces the theoretical concepts related to the backdoor listing and the interaction between the god and the god. In the third part, the author introduces the interaction between God and God and the wood industry of Shell Company. And respectively to the two companies to borrow shell and the shell of the reasons for detailed analysis, for God interaction, the biggest reason for the shell is that the company started by web games, In 2013, the mobile game began a period of the best development period, Tianshen Interactive wants to use the platform of listed companies to make great efforts to enter the field of mobile online games through mergers and acquisitions. In the golden period of mobile online games development, it preempts the commanding heights. Part 4th focuses on the use of event analysis, financial index analysis, DuPont analysis method and EVA evaluation method are used to study the changes of financial performance before and after Tianshen interactive backdoor listing in the short and long term, at the same time compared with the average level of online gaming industry. Finally, the paper summarizes the whole research and puts forward some suggestions, which can be used as a reference for the enterprises that want to go public in the future.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F49;F275

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本文編號：1633139