【作者】 杨晓刚；

【导师】 刘金兰；

【作者基本信息】 天津大学 ， 工商管理， 2003， 硕士

【摘要】 中国证券市场上从1997年起开始出现了买壳上市的热潮,买壳上市作为一种资产重组现象,使一些非上市企业利用证券市场筹资,通过一定途径获得对上市公司的控股权,再将优质资产注入上市公司,达到间接上市的目的。随着市场经济的不断发展完善和企业对融资意识的不断加强,企业买壳上市竞争也日趋激烈,为了正确认识证券市场发展的这一必然产物,需要我们对其有深刻的认识和研究。本文对买壳上市进行了较为全面的分析,首先介绍了买壳上市行为的具体特征,并分析了买壳各方的动因,并通过建立的模型进行检验分析目前市场上买壳上市的主导动因。壳公司的选择是买壳上市的重要环节,在第三章中通过对壳公司选择原则的具体分析,建立了评价壳公司的具体量化指标,为壳公司的选择提供了一种定量分析的借鉴方法。本文对买壳上市的成本收益进行了较为详细的分析,并通过对大港油田买壳上市的分析研究,对其在壳公司的成功选择和成本收益等方面进行了定量的分析评价,希望能对试图通过买壳上市的公司在进行买壳成本收益分析时提供借鉴。更多还原

【Abstract】 Listing by buying shell had greatly increased in the Chinese securities market from 1997. It’s is a kind of asset recon structuring. Company can require asset from securities market by this way. Firstly, it must gain the control right on one listed company. Secondly, it will invest the high-quality assets to the listed company. Finally, it can realize the goal of indirect listing. With market economics developing and consciousness of financing improving, enterprise buying shell competed more and more. In order to understand it, it’s necessary to research it deeply.This article analyzes this phenomenon in detail. It introduces its character, analyzes the motivation of participants and researches the main motivation by making model to prove and analyze.It is a very important factor to select good shell resource. How to select good shell is written in 3rd chapter. I also make the concrete quantity index to evaluate the shell’s value in order to provide a method in selecting the shell resource.It explains the problems of the choice principles and criterions of the shell, the price determination of the shell company and the cost of the equity of the shell in detail.Through researching the case of Dagang Oilfield Company going public indirectly by merging and acqusition Aishi Company, I analyze and evaluate its cost and income of buying shell. I hope to offer a few reference opinions for other enterprises that may carry on capital operation.更多还原