【作者】 赵萌；

【导师】 裴桂芬；

【作者基本信息】 河北大学 ， 金融（专业学位）， 2017， 硕士

【摘要】 新三板市场作为一个新兴市场,无论从并购规模还是并购质量,获得了越来越多投资者的关注与青睐。近年来,随着多方关注度的不断提升,融资规模在不断上升,有数据统计指出,2015年的融资规模超过了创业板。从长期来看,经济持续向好,新三板已经成为中国资本市场的重要组成部分,而且已成为我国企业并购重组的主要战场。大多数新三板企业均是创新型企业,并购重组的存在为企业未来的生存与发展注入了新的活力。本文首先从我国新三板市场的并购重组规模、发展趋势入手,分析并购重组存在的重要性,并且将新三板市场的并购重组类型分为两类:主动并购和被动并购,并将其对应的典型案例进行了深入分析。在主动并购类型上,本文选择对九鼎集团收购中江地产的案例进行分析,全面剖析其并购手法及并购流程,发现了一系列问题,如为并购重组操作手法打擦边球、标的公司中江地产前景不明朗、支付方式单一造成资金压力巨大等;被动并购类型以新泰材料被天际股份收购的案例进行分析,从并购金额、并购结果等方面发现其在并购重组过程中出现了行业可持续盈利前景不明朗、并购后公司管理能力存疑、技术滞后无法满足产能提高等问题。通过案例分析,全面系统研究了新三板市场并购重组的政策启示,提出了完善新三板并购重组制度准则,建立完备的并购重组估值体系,提高中小企业的综合竞争实力,丰富新三板并购重组支付工具等建议,旨在为新三板市场的健康可持续发展提供参考和借鉴。更多还原

【Abstract】 The new three board market as an emerging market,regardless of the scale of mergers and acquisitions or mergers and acquisitions quality,access to more and more attention and favor of investors.In recent years,with the degree of concern rised,the scale of financing on the rise,there are statistics that in 2015 the scale of financing more than the GEM board,in the long run,the economy continues to improve,the new three board has become an important part of Chinese capital market,and has become the main battlefield of the merger and reorganization of enterprises in China.Most of the new three Board companies are innovative enterprises,mergers and acquisitions for the survival of the existence and development of the enterprise has injected new vitality.This paper from the development trend of mergers and acquisitions,the scale of the new third market in China with the analysis of the importance of mergers and acquisitions exist,and will be the new three board market mergers and acquisitions are divided into two types,namely,active and passive acquisition of mergers and acquisitions,and the corresponding typical case analyses.In the active merger type,the choice of Jiuding group’s acquisition of Zhongjiang real estate case analysis,a comprehensive analysis of the merger and acquisition process technique,found a series of problems,such as walking,mergers and acquisitions operation prospects of the company Zhongjiang real estate subject uncertainty,single payment caused tremendous financial pressure;analysis passive merger type is the acquisition of shares in the Xintai skyline material case,from the amount of mergers and acquisitions and other aspects of the results found the industry sustainable profit uncertainty and management ability of the enterprise after the merger of doubt,unable to meet the capacity and improve the technology lag problems in the process of mergers and acquisitions.Through case analysis,policy implications of a comprehensive and systematic study on the new third market mergers and acquisitions,put forward the improvement of the new board system of mergers and acquisitions standards,establish a complete system of valuation of mergers and acquisitions,improve the comprehensive competitiveness of small and medium-sized enterprises,the rich three new board mergers and acquisitions payment instruments and so on,To provide reference for the healthy and sustainable development of the new three board market.更多还原