工商管理 借壳上市之盈利及风险研究

1题目借壳上市之盈利及风险研究摘要伴随国际资本市场愈益明显的融资证券化趋势和中国经济持续高速的增长态势，境外借壳上市已成为中国民营企业走向国际资本市场重要的融资渠道。境外借壳上市融资以低费用、低风险、便捷和有效避开首次公开发行上市（IPO）的壁垒等诸多优势，成为有条件的中国民营企业充分利用海外壳资源实现上市融资的一种有效途径和方式。借壳上市是企业兼并收购的一种方式,同时也是一种上市捷径。它是伴随着证券市场产生、发展而产生、发展起来的一种高级形态的资本运营现象。在我国企业兼并收购市场上,非上市公司通过借壳实现了自身资产、业务的间G6521上市,G6311G4497了G12621、融资方式和途径上市壳公司通过G15999借壳实现了业G13501的G6564G2331、避G1825了上市壳公司G15999G1584G10272、G6700G10272的风险。G1306是,借壳上市一方G19766为上市公司和非上市公司G5114来G2464G17206利益的同时,G2490一方G19766也G5353发了一G13007G2027G19394G20076。关键词G726借壳上市G727资产G13634G6454G727风险G6523G20582ABSTRACTG55G75G72G86G72G70G88G85G76G87G76G93G68G87G76G82G81G82G73G73G88G81G71G16G85G68G76G86G76G81G74G75G68G86G69G72G70G82G80G72G87G75G72G87G85G72G81G71G76G81G87G82G71G68G92G255G86G76G81G87G72G85G81G68G87G76G82G81G68G79G70G68G83G76G87G68G79G80G68G85G78G72G87G17G58G75G72G81G87G75G72G38G75G76G81G72G86G72G72G70G82G81G82G80G92G76G86G72G91G83G72G85G76G72G81G70G76G81G74G85G68G83G76G71G68G81G71G70G82G81G86G87G68G81G87G74G85G82G90G87G75,G80G82G85G72G68G81G71G80G82G85G72G38G75G76G81G72G86G72G83G85G76G89G68G87G72G70G82G80G83G68G81G76G72G86G68G85G72G86G72G72G78G76G81G74G73G82G85G70G68G83G76G87G68G79G76G81G87G75G72G76G81G87G72G85G81G68G87G76G82G81G68G79G80G68G85G78G72G87G86G17G49G82G90G74G82G76G81G74G83G88G69G79G76G70G82G89G72G85G86G72G68G86G76G86G82G81G72G82G73G87G75G72G76G80G83G82G85G87G68G81G87G71G76G85G72G70G87G73G88G81G71G16G85G68G76G86G76G81G74G70G75G68G81G81G72G79G86G17OG89G72G85G86G72G68G86G85G72G89G72G85G86G72G80G72G85G74G72G85,G68G86G82G81G72G83G82G83G88G79G68G85G90G68G92,G75G68G86G80G68G81G92G68G71G89G68G81G87G68G74G72G86G86G88G70G75G68G86G79G82G90G70G82G86G87G86,G79G82G90G85G76G86G78G86,G86G76G80G83G79G72G83G85G82G70G72G86G86G72G87G70G17IG87G70G68G81G68G79G86G82G72G73G73G72G70G87G76G89G72G79G92G70G76G85G70G88G80G89G72G81G87G87G75G72G69G68G85G85G76G72G85G86G86G72G87G69G92IPOG17G48G68G81G92G83G85G76G89G68G87G72G70G82G80G83G68G81G76G72G86G90G76G87G75G86G87G85G82G81G74G73G88G81G71G68G80G72G81G87G68G79G86G68G81G71G83G72G85G73G82G85G80G68G81G70G72G75G68G89G72G87G68G78G72G81G73G88G79G79G68G71G89G68G81G87G68G74G72G82G73G87G75G72G82G89G72G85G86G72G68G86G85G72G86G82G88G85G70G72G86G82G73G86G75G72G79G79G70G82G80G83G68G81G76G72G86,G68G81G71G85G72G74G68G85G71G72G71G76G87G68G86G68G81G72G73G73G72G70G87G76G89G72G80G72G87G75G82G71G82G73G76G81G71G76G85G72G70G87G74G82G76G81G74G83G88G69G79G76G70G68G81G71G73G88G81G71G16G85G68G76G86G76G81G74G17G37G68G70G78G71G82G82G85G16G79G76G86G87G76G81G74G76G86G81G82G87G82G81G79G92G68G90G68G92G82G73G80G72G85G74G72G85G68G81G71G87G68G78G72G82G89G72G85G82G73G68G81G72G81G87G72G85G83G85G76G86G72,G69G88G87G68G79G86G72G68G86G75G82G85G87G70G88G87G82G73G70G82G80G83G68G81G92G79G76G86G87G76G81G74G17G37G68G70G78G71G82G82G85G16G79G76G86G87G76G81G74,G68G86G68G83G75G72G81G82G80G72G81G82G81G82G73G86G72G81G76G82G85G70G68G83G76G87G68G79G85G88G81G81G76G81G74,G82G85G76G74G76G81G68G87G72G86G68G81G71G71G72G89G72G79G82G83G86G68G79G82G81G74G90G76G87G75G87G75G72G54G72G70G88G85G76G87G92G48G68G85G78G72G87G17G38G82G80G83G68G81G92G88G81G79G76G86G87G72G71G68G70G75G76G72G89G72G86G74G82G76G81G74G83G88G69G79G76G70G82G73G76G87G86G68G86G86G72G87G86G68G81G71G69G88G86G76G81G72G86G86,G68G81G71G69G85G82G68G71G72G81G68G81G72G90G68G83G83G85G82G68G70G75G82G73G85G68G76G86G76G81G74G68G81G71G73G76G81G68G81G70G76G81G74G69G92G87G75G72G79G76G86G87G76G81G74G84G88G68G79G76G73G76G70G68G87G76G82G81G82G73G87G75G72G82G87G75G72G85G70G82G80G83G68G81G76G72G86G79G76G86G87G72G71G17G38G82G80G83G68G81G92G79G76G86G87G72G71G70G68G81G85G72G68G79G76G93G72G87G75G72G85G68G76G86G76G81G74G82G73G68G70G75G76G72G89G72G80G72G81G87G86G68G81G71G68G71G89G82G76G71G87G75G72G85G76G86G78G82G73G83G68G88G86G76G81G74,G72G89G72G81G86G87G82G83G83G76G81G74G87G82G74G82G83G88G69G79G76G70G17IG81G68G90G82G85G71,G37G68G70G78G71G82G82G85G16G79G76G86G87G76G81G74G70G68G81G69G85G76G81G74G83G85G82G73G76G87G73G82G85G70G82G80G83G68G81G76G72G86G69G82G87G75G79G76G86G87G72G71G68G81G71G88G81G79G76G86G87G72G71,G76G81G86G83G76G87G72G71G82G73G87G75G76G86,G76G87,G88G81G68G89G82G76G79G71G72G71G79G79G92,G70G68G81G79G72G68G71G87G82G86G72G85G76G72G86G82G73G83G85G82G69G79G72G80G86G17KEYWORDG37G68G70G78G71G82G82G85G16G79G76G86G87G76G81G74G727G68G86G86G72G87G85G72G83G79G68G70G72G80G72G81G87G727G85G76G86G78G70G82G81G87G85G82G793目录A1A01A3A2A4A5A6A3A7A52A9A87A11A11A12A12A13A10A14A15A16A17A18A19A20A21A10A14A16A17A23A23A23A24A22A25A26A25A2610A27A28A27A29A30A31A32A33A34A35A33A36A3710A38A39A38A39A38A40A41A42A43A44A45A4610A38A39A38A39A47A48A49A50A51A45A46A52A5311A38A39A47A29A30A31A32A33A54A5513A38A39A47A39A38A40A41A42A43A44A56A5713A38A39A47A39A47A40A41A42A43A44A58A5913A38A39A60A61A62A29A30A31A32A33A63A64A65A6614A38A39A60A39A38A67A68A69A70A71A7214A38A39A60A39A47A73A67A74A75A76A77A78A79A42A43A78A44A80A8116A38A39A60A39A60A82A83A77A84A43A85A44A86A8718A38A39A60A39A88A40A41A42A43A44A89A90A91A92A93A94A9118A38A39A88A29A30A31A32A33A95A96A97A9821A38A39A88A39A38A40A41A42A43A99A10021A38A39A88A39A47A40A41A42A43A44A101A102A44A77A84A103A104A105A10622A38A39A107A29A30A31A32A33A108A10924A38A39A110A29A30A31A32A33A11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0A193A194A199A12A240A241A244A215A216A248A249A201A248A249A251A234A234A13A206A14A15A192A16A17A1876A192A193A210A193A195A199A12A240A241A244A19A202A57A20A21A22A17A1877A192A193A210A193A210A23A124A240A241A206A196A207A17A1879A192A193A210A193A214A219A220A200A201A215A216A240A241A196A207A206A252A157A24A25A8381A192A193A214A185A26A225A226A1A27A28A29A30A228A229A23182A192A193A214A193A194A17A18A206A205A3182A192A193A214A193A195A220A32A177A33A206A196A207A34A15783A192A193A214A193A210A35A36A240A241A244A220A32A177A33A206A37A254A38A25384A192A193A214A193A214A35A36A240A241A244A167A39A220A32A177A33A206A40A41A24A198A4285A192A193A192A185A26A225A226A1A27A28A29A30A5A6A43A44A228A45A4686A192A193A192A193A194A148A47A196A48A49A50A51A52A248A249A196A53A219A54A55A193A15786A192A193A192A193A195A39A148A47A56A201A215A239A215A216A248A249A220A32A177A33A206A193A58A59A244A233A148A56A60A61A193A62A199A20486A192A193A192A193A210A254A219A193A58A239A215A216A248A249A220A32A177A33A193A252A59A15A63A64A65A199A204876A192A193A66A185A26A225A226A27A28A29A30A1A67A68A68A69A228A70A71A5A43A4487A192A193A66A193A194A234A13A217A72A73A74A252A7587A192A193A66A193A195A234A13A37A156A235A76A77A252A7588A192A193A66A193A210A78A152A79A80A252A7589A192A193A66A193A214A251A234A234A13A206A81A114A192A1689A192A193A66A193A192A251A234A234A13A239A251A235A197A206A82A8490A192A193A66A193A66A234A13A85A86A87A88A252A7590A192A193A89A185A26A225A226A1A27A28A29A30A228A90A91A5A43A4492A192A193A89A193A194A220A32A177A33A92A93A94A95A206A193A25292A192A193A89A193A195A220A32A177A33A15A63A64A65A206A196A207A193A25293A96A96A97A97A98A9996A100A101A102A103A101A10297A104A105997序言借壳上市在G8504是G6363非上市公司通过G1092壳G6122G17908壳等方式，以G11468G4557低的成本G14731G2474一G1022上市公司G6523G13941G7447，G9994G2530G8892G1849G5061方业务G994资产，实现间G6521上市。上市G2530，借壳公司G1889利用上市公司的融资便利在资本市场上G12621G19610资G18341。伴随着中国经济持续高速的增长态势，G5468多企业G11013G7101G7411的G17873G8726经营G16280G8181的G6205G5364发展G2052G1117G2474在G2520G1022资本市场上市。G11013G1122中国证券市场G993发G17810，融资G14033G2159有G19492，企业要在G1881G3332证券市场通过首次公开发行上市（IPO）G17839行G11464G6521融资G3268G19602重重G727在间G6521融资方G19766，有G1135企业G7254时G17836G7092G8873G5483G2052G994国有经济同等的G18341融G5465G17947。G3252G8504，境外借壳上市成为中国企业走向国际资本市场重要的融资渠道。境外借壳上市融资以低费用、低风险、便捷和有效避开首次公开发行上市（IPO）的壁垒等诸多优势，成为有条件的中国企业充分利用海外壳资源实现上市融资的一种有效途径和方式。借壳上市在G8504是G6363非上市公司通过G1092壳G6122G17908壳等方式，以G11468G4557低的成本G14731G2474一G1022上市公司G6523G13941G7447，G9994G2530G8892G1849G5061方业务G994资产，实现间G6521上市。上市G2530，借壳公司G1889利用上市公司的融资便利在资本市场上G12621G19610资G18341。G1002G11040经济在经G2394G989G5192的增长G2530，G20056G16757在G21007G5192将减速。G1306发展中国家的增长仍G9994保持强劲的势头，中国GDP的增长速度已经位居G1002G11040前G2027。境外投资者看好中国经济的增长前景，目前，在海外资本市场上，中国概念的G13941票受G2052投资者G17873捧，总体表现好G1122市场平均水平。伴随国际资本市场愈益明显的融资证券化趋势和中国经济持续高速的增长态势，中国民营企业G11013G7101G7411的G17873G8726经营G16280G8181的G6205G5364发展G2052G1117G2474在G2520G1022资本市场上市。G11013G1122中国证券市场G993发G17810，融资G14033G2159有G19492，民营企业要在G1881G3332证券市场通过首次公开发行上市（IPO）G17839行G11464G6521融资G3268G19602重重G727在间G6521融资方G19766，民营企业G7254时G17836G7092G8873G5483G2052G994国有经济同等的G18341融G5465G17947。G11013G1122境外资本市场存在巨大优势G726多元化的国际资本市场已G11468G4557成熟，G993G1306有雄厚的资G18341，而且有G993同的融资渠道和证券市场来适应G2520种G993同需G8726的融资者。国际资本市场G2058度完善、操作G16280范、信息透明、资G18341充沛、投资理念成熟，G4557国G1881企业有较强吸G5353G2159。G3252G8504，境外借壳上市已成为中国民营企业走向国际资本市场重要的融资渠道。8境外借壳上市融资以低费用、低风险、便捷和有效避开首次公开发行上市（IPO）的壁垒等诸多优势，成为有条件的中国民营企业充分利用海外壳资源实现上市融资一种有效途径和方式。借壳上市在国际证券市场上较为普遍，尤其是在美国非常盛行。美国是壳资源市场最发G17810和市场化程度最高的国家，其市场G16280G8181、组织和监管都已经G17810G2052了G11468当高的水平。在复杂的多层次市场中，场外电子柜台交易市场（OG55G38G37G37）G5468适合中国有条件的优质民营企业借壳上市。中国民营企业可以先在这G1022市场中经过充分的锻炼，G5465其经营业G13501和市场表现G17206G5483投资者的关G8892和认同G2530G1889向主板市场攀G2331。借壳上市包括两种G8181式，即G1092壳上市和G17908壳上市。通过这两种方式可以避开G13941市所在G3332G8873律和G16280定G4557外来公司严格苛刻的条件和G19492G2058，又可化解G3252G993同会G16757G2058度和G8873律G2058度的差异而G5114来的诸多G993便。企业上市之G2530，要利用G2520种融资工具继续融资，管理层需要有好的G16757划和执行G14033G2159，使用新G13941增发、二级发售、资本私募等方式G12621G19610资G18341。企业借壳上市在宏观上有利G1122社会生产要素的合理流动，调整产业结G7512和G2164速资本G19610G13870，在G5506观上G17836G14033G13485借壳上市企业G5114来G9520在的增G18339收益。企业借壳上市的G8503G19766效应是G726G20）借壳上市成本低、效G10587高G727G21）有利G1122企业生产要素的优化G18209G13634G727G22）有利G1122G6564高企业G3780G16477和G11705G2529度G727G23）G2164G2107企业G12466G1117，G1431G17839生产资源在行业G1881G18108的优化重组G727G24）有利G1122G17839一G8505G994境外资本市场G6521G17724。当G9994，这种上市方式也存在G17139G19766效应G726G20）市场信息G993G4557G12228G4560G14280G8873律G994G17142务风险G727G21）巨大运营成本和G8873律会G16757G17143G1231G727G22）可G14033G6451G4487中G4579G13941G1008的利益G727G23）可G14033G2164G2107证券市场的投G7438风G9538G727G24）借壳上市G2530可G14033G1998现风险。境外借壳上市这种G9801G8975有效的境外融资方式，有利G1122我国有条件的民营企业通过国际资本市场G12621资，G17206G5483低成本G6205G5364的G7438会，在G11713G7411G1881G12621G19610G2052大G12520G7092利息风险和G17836本G7411G19492的外G8731资G18341。G4557G1122有条件的中国民营企业，境外借壳上市的重要G5859G1053主要在G1122G7261）有利G1122G5326G12447G1593G1852现G1207企业G2058度。通过国际证券市场的严格监管，有利G1122完善企业G8847理结G7512，G11464G6521G994间G6521G4410G1076国外先G17839管理经G20576，G6564高国际G12466G1117G2159G7272）有利G1122G12373G11784融资G10954G20060，使企业G11464G6521G17839G1849境外资本市场。可以通过G7447益融资和9G1550务融资G1186国际G13941票市场融G5483G4465G17161的发展运营资G18341，实现公司的G6124G11065G6205G5364需要和G12621G19610国际资G18341，G2164G5567资本运营G8505G1252G7273）有利G1122企业G6311展国际G2842G2709市场。通过上市G2462融资的行为，将国G1881企业的资产G993G7041G8892G1849G2052上市公司以开G6311国外市场，G6311展业务范G3272，G6205大生产经营G16280G8181，G6564G2331国际G12466G1117G2159，使其G17839G1849国外新G20058G3507，组G5326国际化企业G19610G3254，G6564高企业的G12466G1117G14033G2159以G2462G13520合实G2159G7274）有利G1122企业资产的流动G994增G1552。上市公司可以以较G4581的资本G6915G18209和G6523G2058较大的社会资本，具有资本G6930大效应。境外上市是中国吸G5353外资的一G20045长G7411的G6931G12586，可以G20056G8991，G7422来G6931G12586G4557有条件的民营企业境外借壳上市是利好的。有条件的民营企业通过境外G1092壳上市募G19610资G18341，G1431G17839了企业自身的G6228G7427G6925G17908和G2058度G2031新，G6564G2331了国际G12466G1117G2159和G20562G20545国际G18341融市场的G14033G2159，这是G1552G5483G21735G2181的。本G7003也G6564G1998G11468关的G4557G12586G5326G16770G726为G21735G2181有条件的中国民营企业G2052国际市场G17839行G11464G6521融资，我国应G20）G5326G12447G1593G1852G11468关G8873律G8873G16280，完善G457证券G8873G458G457G2465G3416G7041G8873G458，G5326G12447借壳上市G999G19388G8873G16280G727G21）G4557民营企业境外借壳上市实行G7368为G9801G8975高效的外G8731管理方式，G993G7041完善和G1474G16758境外上市有关外G8731管理，将民企境外间G6521上市G13447G1849G16280范化管理范G11080G727G22）G2164强G6931G12586G6218持，为民营企业借壳上市G2031G17908融资G10627境G727G23）G5326G12447市场风险G19462范G7438G2058，成G12447G999G19388G7438G7512G4557民营企业借壳上市中的购并G2464方在整G1022过程中G17839行严格监管，避G1825境G1881资产流G3845的风险G727G24）G2164强G6931G5232和行业G2339会G4557民营企业的G7393务、管理和监G11575，G12373G1998G2842务G10627境保G19568，为民营企业借壳上市G6564G1391低成本高质G18339的G2842务G10627境。中国非上市企业境外借壳上市，G7094G19766G1032了G14403好的G7438G17947，也G19766G1032风险和G19531G19461。有条件的中国非上市企业应G7693G6466自身的实际G5785G1929，G17885G6333最为适合的方式实现在境外的借壳上市。中国非上市企业可以利用境外借壳上市的低G19388G8111G17839G1849国际资本市场融资，利用其自主G11705识产G7447的G6228G7427和产G2709G5567速成长的优势G14731G5483国际投资者的认可，在G993G7041G6564高G2031新G14033G2159、企业经营者素质和完善企业G8847理结G7512的过程中，G1431其借壳行为实现理性化和经济效益最大化。中国G6931G5232和有关G18108G19388应在G6931G12586、G8873律G8873G16280、融资等方G19766G13485予大G2159G6218持，G1431G17839有条件的中国非上市企业境外上市，G1186初G8505尝试阶段走向G1593康发展阶段。10一、借壳上市的盈利与风险概念综述并购重组是实现证券市场上资源优化G18209G13634的重要手段,也是证券市场上永恒的主G20076。自G5192我国证券市场上第一例上市公司收购一深G4465安并购延中实业以来,上市公司收购在我国证券市场上频频发生,数G18339逐G5192增G2164,方式也愈来愈多。许多非上市企业通过收购上市公司实现了借壳上市,打通了资本市场的G12621资通道,优化了我国证券市场资源的G18209G13634,G1431G17839了我国证券市场的发展。借壳上市是企业兼并收购方式的一种,也是G12621措资G18341的一种特殊方式。同时也是一种上市途径即非上市公司G6122企业通过G2474G5483上市公司G6523G2058G7447,G9994G2530利用G6523G13941G3332位把自身的资产和业务G8892G1849上市公司以实现上市目的资产重组方式。11借壳上市的概念的界定借壳上市是市场经济发展G2052一定阶段,随着证券市场的产生、发展而产生和发展起来的一种高级形态的资本运营现象。是企业超越传统的生产经营方式,为企业的长远发展而采G2474的一种G7368高级形态的经营方式,也是非上市公司、企业转变经营管理体G2058,G5326G12447现G1207企业G2058度的G14403好契G7438。111借壳上市的概念借壳上市一般理论认为借壳上市是G6363非上市企业一般G6363公司通过收购G2474G5483上市公司G6523G2058G7447G2530,G1889G11013上市公司收购非上市企业、公司的资产、业务,G1186而实现非上市企业间G6521上市目的的一种资产重组方式G6122行为。借壳上市属G1122上市公司并购的一种形式,其实质是非上市公司收购上市公司壳公司G994上市公司壳公司G2465向收购非上市公司G1852G18108G6122大G18108分资产的G2464重组合收购行为,是一种高级形态的上市公司收购行为。具体讲，借壳上市是G6363G19610G3254公司G6122某G1022大型企业先将一G1022子公司G6122G18108分资产G6925G17908上市G2530G9994G2530G1889将其他资产G8892G1849，实现重组上市，G1186而G5483以G16280避现实的额度管理。借壳的G4557象是G19610G3254G6122跨国公司中的子公司。借壳上市是G994G1092壳上市非常类似的企业间兼并并购行为。在我国,借壳上市在概念上有广G1053和狭G1053之分。狭G1053的借壳上市是G6363上市公11司的G6523G13941母公司G19610G