我国企业买壳上市风险控制研究
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摘要
买壳上市是民营企业实现战略性发展的重要手段,买壳上市成功以后,企业可以获取持续的低成本、大规模的融资便利,然而买壳上市同时也是一项高风险的资本运作方式,买壳上市的过程中风险无处不在。因此,结合买壳上市的特点,构建适用于我国企业买壳上市风险的识别、测度和控制模型,为我国买壳上市企业控制风险、提高其成功率提供理论指导具有一定的现实意义和研究价值。
已有的研究文献多为探讨企业并购的方式及效应,但很少有学者针对买壳上市这种并购方式进行深入的研究。因此,一方面是市场上存在大量企业有买壳上市的动机,但另一方面学术界针对买壳上市的研究极为稀缺,系统的研究几乎没有,这就为本文的研究留出了空间。目前国外学者对买壳上市的理论研究是建立在西方主流并购及其理论基础上,然而由于我国体质转轨中特有的复杂性和不确定性,使得主流理论在买壳上市的应用上存在很大的局限性。本文在对主流理论进行借鉴的基础上,结合在中国买壳上市的特有环境,探讨我国企业买壳上市的风险及其控制。
本文沿着“企业买壳上市风险控制的基本理论——企业买壳上市风险识别——企业买壳上市风险测度——企业买壳上市风险控制——案例分析”的逻辑思路展开研究,综合运用并购理论、风险管理理论、系统论等学科知识,对企业买壳上市风险控制进行了系统研究。分析企业买壳上市风险的识别与测度方法,提出了企业买壳上市风险控制的测度方法具体而言,本文的主要研究内容包括：
第1章阐述企业买壳上市风险控制的研究目的和研究意义。在深入研究国内外学者关于企业买壳上市风险控制研究的基础上,提出了研究内容、研究方法和研究思路。第2章在对企业买壳上市内涵进行研究的基础上,分析了企业买壳上市的运作机理,并对买壳上市风险的内涵和形成机理进行了研究。第3章从买壳上市风险识别对象和识别方法两个方面对我国企业买壳上市的风险识别进行分析。第4章从定价风险测度、融资风险测度和重组风险测度三个方面构建我国企业买壳上市风险测度模型。第5章从选壳、买壳和重组三个阶段探讨了企业买壳上市风险控制策略。第6章为案例分析。
RTO is an important means to achieve strategic development for private enterprise.after successful RTO, enterprise can achieve continued low-cost, large-scale financing facilities. However, RTO is also a high-risk capital works, risk exsit in the RTO process everywhere. Therefore, building identification, measurement and control model for enterprise RTO risk with the combination of the characteristics of the RTO has certain practical significance and research value to provide theoretical guidance for the the RTO enterprise in China to improve its success rate. The existing research literature explores ways and the effects of mergers and acquisitions, but the few scholars conduct in-depth studies of such mergers and acquisitions for the RTO. Thus, on the one hand, a large number of enterprises in the market have RTO motives, but on the other hand, academia pays scarce attention to RTO, this space is set aside for this study.
The RTO theory of foreign scholars is built on the the Western mainstream M&A and its theoretical basis, however, due to the complexity and uncertainty of the specific physique transformation of China, the applications of mainstream theory RTO have a lot of limitations. Learning from mainstream theory and combining the unique environment for RTO in China, this dissertation explores enterprises RTO risks and their control in China.
This dissertation takes "basic theory of enterprise's RTO risk control—identification of enterprise's RTO risk—measure of enterprise's RTO risk—control of enterprise's RTO risk—Case Study" as the study logical route. It sets up research framework with enterprise risk management theory, systems theory, M&A theory and other disciplines of knowledge. This dissertation analyzes identification and measure for enterprises'RTO risk, and puts forward control measure for enterprise RTO risk. The whole research is as followings:
Chapter1illustrates the research purpose and research significance of enterprise RTO risk control. After deeply studying the domestic and foreign scholars'literature review on enterprise RTO risk control, the dissertation proposes the research contents, research methods and research train of thought. Based on the research on RTO, Chapter2analyzes the operational mechanism of enterprises RTO and studies the connotation and formation mechanism of RTO risks. Chapter3analyzes risk identification of RTO in China from the two aspects of the identification object and identification methods. Chapter4builds risk measure model, risk measures model and risk control model. Chapter5discusses control strategies of RTO risks from shell election stage, purchasing stage and restruction stage. Chapter6explains a Case Study.
已有的研究文献多为探讨企业并购的方式及效应,但很少有学者针对买壳上市这种并购方式进行深入的研究。因此,一方面是市场上存在大量企业有买壳上市的动机,但另一方面学术界针对买壳上市的研究极为稀缺,系统的研究几乎没有,这就为本文的研究留出了空间。目前国外学者对买壳上市的理论研究是建立在西方主流并购及其理论基础上,然而由于我国体质转轨中特有的复杂性和不确定性,使得主流理论在买壳上市的应用上存在很大的局限性。本文在对主流理论进行借鉴的基础上,结合在中国买壳上市的特有环境,探讨我国企业买壳上市的风险及其控制。
本文沿着“企业买壳上市风险控制的基本理论——企业买壳上市风险识别——企业买壳上市风险测度——企业买壳上市风险控制——案例分析”的逻辑思路展开研究,综合运用并购理论、风险管理理论、系统论等学科知识,对企业买壳上市风险控制进行了系统研究。分析企业买壳上市风险的识别与测度方法,提出了企业买壳上市风险控制的测度方法具体而言,本文的主要研究内容包括：
第1章阐述企业买壳上市风险控制的研究目的和研究意义。在深入研究国内外学者关于企业买壳上市风险控制研究的基础上,提出了研究内容、研究方法和研究思路。第2章在对企业买壳上市内涵进行研究的基础上,分析了企业买壳上市的运作机理,并对买壳上市风险的内涵和形成机理进行了研究。第3章从买壳上市风险识别对象和识别方法两个方面对我国企业买壳上市的风险识别进行分析。第4章从定价风险测度、融资风险测度和重组风险测度三个方面构建我国企业买壳上市风险测度模型。第5章从选壳、买壳和重组三个阶段探讨了企业买壳上市风险控制策略。第6章为案例分析。
RTO is an important means to achieve strategic development for private enterprise.after successful RTO, enterprise can achieve continued low-cost, large-scale financing facilities. However, RTO is also a high-risk capital works, risk exsit in the RTO process everywhere. Therefore, building identification, measurement and control model for enterprise RTO risk with the combination of the characteristics of the RTO has certain practical significance and research value to provide theoretical guidance for the the RTO enterprise in China to improve its success rate. The existing research literature explores ways and the effects of mergers and acquisitions, but the few scholars conduct in-depth studies of such mergers and acquisitions for the RTO. Thus, on the one hand, a large number of enterprises in the market have RTO motives, but on the other hand, academia pays scarce attention to RTO, this space is set aside for this study.
The RTO theory of foreign scholars is built on the the Western mainstream M&A and its theoretical basis, however, due to the complexity and uncertainty of the specific physique transformation of China, the applications of mainstream theory RTO have a lot of limitations. Learning from mainstream theory and combining the unique environment for RTO in China, this dissertation explores enterprises RTO risks and their control in China.
This dissertation takes "basic theory of enterprise's RTO risk control—identification of enterprise's RTO risk—measure of enterprise's RTO risk—control of enterprise's RTO risk—Case Study" as the study logical route. It sets up research framework with enterprise risk management theory, systems theory, M&A theory and other disciplines of knowledge. This dissertation analyzes identification and measure for enterprises'RTO risk, and puts forward control measure for enterprise RTO risk. The whole research is as followings:
Chapter1illustrates the research purpose and research significance of enterprise RTO risk control. After deeply studying the domestic and foreign scholars'literature review on enterprise RTO risk control, the dissertation proposes the research contents, research methods and research train of thought. Based on the research on RTO, Chapter2analyzes the operational mechanism of enterprises RTO and studies the connotation and formation mechanism of RTO risks. Chapter3analyzes risk identification of RTO in China from the two aspects of the identification object and identification methods. Chapter4builds risk measure model, risk measures model and risk control model. Chapter5discusses control strategies of RTO risks from shell election stage, purchasing stage and restruction stage. Chapter6explains a Case Study.
引文
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