發(fā)布時(shí)間：2018-03-19 06:10

  本文選題：借殼上市　切入點(diǎn)：天神互動(dòng)　出處：《深圳大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著我國(guó)市場(chǎng)經(jīng)濟(jì)的不斷發(fā)展,越來(lái)越多的企業(yè)想要通過(guò)上市來(lái)進(jìn)入資本市場(chǎng)進(jìn)行直接融資,利用充足的資金來(lái)提升自身競(jìng)爭(zhēng)實(shí)力。但在現(xiàn)有的政策背景下,IPO上市的門(mén)欄高、條件嚴(yán)苛、排隊(duì)時(shí)間長(zhǎng)等等一系列限制因素使得企業(yè)紛紛把目光轉(zhuǎn)向借殼。借殼上市即一些發(fā)展良好不斷壯大的企業(yè)收購(gòu)已經(jīng)上市但經(jīng)營(yíng)不善的殼公司通過(guò)資產(chǎn)置換等方式來(lái)達(dá)到上市的目的,借殼上市審核簡(jiǎn)單,成功率高花費(fèi)的時(shí)間也少。迄今為止有許多企業(yè)都成功借殼上市,也有很多學(xué)者對(duì)包括金融證券、出版?zhèn)髅�、房地產(chǎn)等在內(nèi)的各個(gè)領(lǐng)域進(jìn)行了研究分析,但目前還沒(méi)有人對(duì)網(wǎng)絡(luò)游戲這一行業(yè)進(jìn)行研究。在21世紀(jì)人人都離不開(kāi)互聯(lián)網(wǎng)的今天,網(wǎng)絡(luò)游戲行業(yè)也隨之迅猛發(fā)展,成為文化娛樂(lè)產(chǎn)業(yè)中不可或缺的一部分,網(wǎng)絡(luò)游戲行業(yè)競(jìng)爭(zhēng)也愈發(fā)激烈,天神互動(dòng)自2010年成立后歷經(jīng)短短3余年就已成為行業(yè)內(nèi)的佼佼者,作為第二家成功借殼上市網(wǎng)絡(luò)游戲開(kāi)發(fā)企業(yè)也曾轟動(dòng)一時(shí)。本文采用微觀視角利用單個(gè)公司的案例分析從五個(gè)方面展開(kāi)文章的論述,第一部分對(duì)論文的研究背景和意義以及國(guó)內(nèi)外對(duì)于借殼上市的研究現(xiàn)狀進(jìn)行了簡(jiǎn)單的闡述。第二部分介紹了和借殼上市相關(guān)的理論概念以及對(duì)于天神互動(dòng)借殼上市將采用的績(jī)效評(píng)價(jià)方法。第三部分對(duì)借殼方天神互動(dòng)和殼公司科冕木業(yè)進(jìn)行了介紹,并分別對(duì)兩家公司借殼以及被借殼的動(dòng)因進(jìn)行了詳細(xì)的分析,對(duì)于天神互動(dòng)來(lái)說(shuō),其借殼最大的動(dòng)因就是該公司是靠網(wǎng)頁(yè)游戲起家,而2013年移動(dòng)游戲開(kāi)始了一段最好的發(fā)展時(shí)期,天神互動(dòng)想通過(guò)上市公司這個(gè)平臺(tái),利用資金優(yōu)勢(shì)通過(guò)并購(gòu)大力進(jìn)軍移動(dòng)網(wǎng)游領(lǐng)域,在移動(dòng)網(wǎng)游發(fā)展的黃金期搶占制高點(diǎn)。第四部分則重點(diǎn)通過(guò)運(yùn)用事件分析法、財(cái)務(wù)指標(biāo)分析法、杜邦分析法和EVA評(píng)價(jià)方法從短期和長(zhǎng)期兩個(gè)方面研究天神互動(dòng)借殼上市前后的財(cái)務(wù)績(jī)效變化情況,同時(shí)和網(wǎng)游行業(yè)的平均水平進(jìn)行比較,研究其財(cái)務(wù)績(jī)效。最后對(duì)整個(gè)研究進(jìn)行總結(jié)并提出建議,為以后想要借殼上市的企業(yè)提供參考。
[Abstract]:With the continuous development of market economy in China, more and more enterprises want to enter the capital market through listing for direct financing, using sufficient funds to enhance their own competitive strength. The conditions are harsh, Long queue time and a series of constraints have led enterprises to turn to the backdoor. Backdoor listing is the acquisition of some well-developed and growing enterprises to buy the listed shell companies through the exchange of assets, etc. To achieve the goal of listing, Backdoor listing audit is simple, and the high success rate takes less time. So far, many enterprises have successfully listed through backdoor listing, and many scholars have conducted research and analysis in various fields, including financial securities, publishing media, real estate, and so on. In 21th century, when everyone was inseparable from the Internet, the online game industry also developed rapidly and became an indispensable part of the cultural and entertainment industry. The competition in the online game industry is becoming more and more fierce. Since its establishment in 2010, God interaction has become a leader in the industry in a short span of more than three years. As the second successful backdoor listed online game developer, this paper uses the micro perspective to analyze the case of a single company from five aspects. In the first part, the research background and significance of the thesis and the current situation of the research on the backdoor listing at home and abroad are briefly expounded. The second part introduces the theoretical concepts related to the backdoor listing and the interaction between the god and the god. In the third part, the author introduces the interaction between God and God and the wood industry of Shell Company. And respectively to the two companies to borrow shell and the shell of the reasons for detailed analysis, for God interaction, the biggest reason for the shell is that the company started by web games, In 2013, the mobile game began a period of the best development period, Tianshen Interactive wants to use the platform of listed companies to make great efforts to enter the field of mobile online games through mergers and acquisitions. In the golden period of mobile online games development, it preempts the commanding heights. Part 4th focuses on the use of event analysis, financial index analysis, DuPont analysis method and EVA evaluation method are used to study the changes of financial performance before and after Tianshen interactive backdoor listing in the short and long term, at the same time compared with the average level of online gaming industry. Finally, the paper summarizes the whole research and puts forward some suggestions, which can be used as a reference for the enterprises that want to go public in the future.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51;F49;F275

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本文編號(hào)：1633139