【作者】 陈飞；

【导师】 任曙明；

【作者基本信息】 大连理工大学 ， 金融（专业学位）， 2019， 硕士

【摘要】 借壳上市是非上市企业达到上市目的的一种途径,是首次公开发行(IPO)的有效补充。特别是近年来,越来越多企业通过借壳上市的方式登入资本市场,借壳上市在实务界引起了广泛关注。但这些通过借壳获得上市资格的企业,大都集中在实力雄厚的券商、房地产等行业,对于尚处在前期发展阶段的跨境电商行业来说,借壳成功的企业鲜有出现。2014年环球易购选择百圆裤业作为借壳对象,并成功实现借壳上市,成为我国资本市场上第一个跨境电商企业,这对我国其他跨境电商企业的上市之路提供了很好的借鉴,同时也为本文的研究提供了一个很好的案例素材。总结现有的研究可以发现,大多数研究只针对于借壳上市进行,很少有研究对借壳上市模式进行清晰界定,对借壳上市模式选择影响因素进行分析的研究更是少之又少。所以本文采用案例研究的方法,基于丰富的实证数据,构建相关理论模型,对借壳上市的模式进行概念界定和分类,并找出对其选择产生影响的因素。本文以环球易购借壳上市为研究对象,通过单案例研究的方法,从借壳上市整个过程中必备的三个环节,即资产置换、控制权取得和对价支付出发,对借壳上市模式进行概念界定和分类,并找出影响借壳方借壳上市模式选择的因素。在此基础上,进一步考察借壳上市所带来的经济后果。研究发现壳公司与借壳方之间的资源异质性,壳公司的第一大股东持股比例,以及市场时机会分别影响借壳方的资产置换方式、控制权取得方式和对价支付方式,进而影响借壳方借壳上市模式的选择。本文的研究不仅增加了借壳上市模式的理论研究,而且拓宽了资源异质性、第一大股东持股和市场时机在中国资本市场上的研究范畴,并为中国跨境电商企业的上市之路提供了更多的路径选择。更多还原

【Abstract】 Backdoor listing is a way for non-listed companies to achieve the purpose of listing,and it is an effective supplement to initial public offering(IPO).Especially in recent years,more and more enterprises have entered the capital market by backdoor listing.Backdoor listing has attracted wide attention in the practical circles.In 2014 Globalegrow E-Commerce chose Baiyuan Pants Industry as the backdoor object,and successfully achieved backdoor listing,becoming the first cross-border e-commerce enterprise in China’s capital market,which provides a good reference for the listing of other cross-border e-commerce companies in China,and also provides a very good case material for the research of this paper.Summarizing the previous research theories,we can find that few studies have clearly defined the backdoor listing pattern,and few studies have explored the influencing factors of backdoor listing pattern selection.So this paper uses case study method,based on abundant empirical data,constructs relevant theory,defines the pattern of backdoor listing,and finds out the factors influencing its choice.This paper takes the Globalegrow E-Commerce Backdoor listing as the research object,and through the single case research method,from the three essential steps in the whole process of backdoor listing,which is asset replacement,control rights acquisition and payment method,to defining and classifying the concept of backdoor listing pattern,and identifying the factors that influence the choice of backdoor listing pattern.On this basis,further examine the economic consequences of the listing of backdoors.The study found that the resource heterogeneity between the shell company and the backdoor company,the shareholding ratio of the shell company’s largest shareholder,and the market opportunity respectively affect the borrower’s asset replacement method,control rights acquisition method and payment method,and thus influence the choice of the backdoor listing pattern.The research in this paper not only increases the theoretical research of the backdoor listing pattern,but also broadens the research scope of resource heterogeneity、the shareholding ratio of the largest shareholder and market timing in the Chinese capital market,and provide more path choices for the listing of cross-border e-commerce companies in China.更多还原