【作者】 李享；

【导师】 肖振红；

【作者基本信息】 哈尔滨工程大学 ， 管理科学与工程， 2005， 硕士

【摘要】 近年来,民营企业重组上市公司尤其是国有控股的上市公司的案例此起彼伏,民营企业买壳上市已成为证券市场的热门话题,特别是在经历了“化腐朽为神奇”般的业绩提升以后,民营企业买壳上市的现象受到了前所未有的关注。如何规范民营企业买壳上市的运作是摆在我们面前的一项重要课题。 本文站在民营企业运作买壳上市的角度,按照运作过程的先后顺序,依次研究了买壳上市的战略制定、壳公司的选择和收购、壳公司的整合、买壳上市的绩效评价五个部分的内容。在战略制定部分阐述了制定战略的三个步骤——战略分析、战略选择和战略评估的操作内容,并提出了战略分析的框架和内容,战略选择的步骤和方法,以及战略评估的方法。在壳公司的选择与收购部分,文章依次论述了买壳的前期准备工作、搜寻选择目标壳、设计买壳方案、买壳上市的可行性评估等内容。在壳公司的整合部分,本文阐述了对壳公司进行人事整合、资产重组、管理整合、文化整合的思路和要点。在买壳上市的绩效评价部分,文章论述了绩效评价的原则、方法和指标设计,并为绩效评价的两种方法——综合评价法和重点评价法设计了评价指标。 本文作为一篇立足于指导民营企业买壳上市运作的文章,重点研究了买壳上市的战略制定、壳公司的选择与收购、买壳以后的资产重组等买壳上市的关键操作内容。更多还原

【Abstract】 In recent years, there have been increasing cases that private enterprises restructure public companies, especially state-owned public companies. The phenomenon of Listing-by-buying-shell comes to be the central topic of the security market. After the great improvement of many shell companies, listing-by-buying-shell has gathered much more attention than ever. So it’s a key issue before us to normalize the operation of listing-by-buying-shell.From the angle of private enterprises operating the listing-by-buy-shell, the thesis studies in turn about the key operation sections of listing-by-buying-shell, such as establishing the listing-by-buying-shell strategy, choosing and buying the shell, integrating the shell, and evaluate the effect of listing-by-buying-shell. In the part of establishing the strategy, the thesis demonstrates the three steps of strategic analyzing, strategic selection, and strategic assessing. The content frame of strategic analyzing, the order and method of strategic selection and the way of strategic evaluation, are also proposed. The chapter of choosing and buying the shell is composed of the former preparation, searching for and choosing the target shell, designing the buying solution, and the performance evaluation of listing-by-buying-shell. The part of designing the buying solution analyzes the key point of setting the holding ratio, the way of buying, the price of acquisition, the way of paying, and the legal articles of the acquisition contract. The performance evaluation part states the approach and method of the final evaluation on the acquisition contract. The chapter of integrating the shell states the approach of integration and the key point of personnel adjustment, assets reconstruction, managing integration, and cultural conformity. The chapter of assessment discusses the principal, method and quotas of assessment on listing-by-buying-shell.With the aim to guide the operation of listing-by-buying-shell, the thesis put emphasis on such key operations as making the strategy, choosing and buying the target shell, and the assets restructure after buying.更多还原