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  本文選題：分眾傳媒　切入點：私有化　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文

【摘要】：近幾年,在中國A股市場不斷升溫的背景下,境外上市成本的增加、融資效率的降低和境內(nèi)上市政策等方面的影響,中概股上市公司為獲得境內(nèi)高估值市場上市的動機越來越明顯,許多在美國上市的中國科技企業(yè)正在意圖私有化退市,回歸中國資本市場上市。一方面,從國家戰(zhàn)略角度來看,加大資本市場改革,有必要引導(dǎo)優(yōu)質(zhì)的中概股公司回歸,為我國資本市場提供了優(yōu)良的投資標的,讓我國的資本可以借助市場化的方式傳輸給新經(jīng)濟型企業(yè),促使創(chuàng)新企業(yè)可以快速成長,并且共享新經(jīng)濟型企業(yè)的成長價值,進一步加速經(jīng)濟結(jié)構(gòu)轉(zhuǎn)型的腳步,促進良性循環(huán),為中國經(jīng)濟結(jié)構(gòu)轉(zhuǎn)型升級提供助力。另一方面,這些企業(yè)回歸我國資本市場存在特殊性,境內(nèi)外市場有懸殊的價格差異,還有很大的套利空間以及殼資源在市場中嚴重的炒作行為。隨著進一步深化資本市場的改革,將來會有更多的新經(jīng)濟型企業(yè)選擇回歸國內(nèi)資本市場,急切需要進一步改善中概股上市企業(yè)選擇私有化回歸上市的相應(yīng)的法律法規(guī)。所以,通過對分眾傳媒私有化借殼上市案例的研究,評估中概股回歸A股市場可能造成的影響,完善相應(yīng)的法律法規(guī)就有著非常重要的意義。通過對分眾傳媒私有化借殼七喜控股成功回歸A股案例進行研究分析,采用理論聯(lián)系實際的方法,運用規(guī)范研究的研究方式,從并購重組的角度剖析了分眾傳媒私有化借殼上市的動因及方案流程。通過對分眾傳媒私有化退市及借殼方案進行了分析,說明了設(shè)立四層架構(gòu)的私有化收購主體的模式及優(yōu)勢;通過對分眾傳媒借殼上市模式的探究,闡釋了分眾傳媒的回歸過程的特殊性,說明了分眾傳媒私有化成功借殼上市的緣由,提出了要根據(jù)我國資本市場的改革進程來選擇回歸模式和借殼方式。中概股的回歸要有所為有所不為,要選取謹慎區(qū)別對待中概股回歸的政策。并從市場及監(jiān)管層方面對中概股公司私有化、紅籌回歸、借殼上市提出了相應(yīng)的對策建議。
[Abstract]:In recent years, under the background of the rising temperature of China's A-share market, the increase in overseas listing costs, the decrease in financing efficiency, and the impact of domestic listing policies, etc.Chinese companies are increasingly motivated to go public in a highly valued domestic market, with many U.S.-listed Chinese technology companies looking to delist and return to China's capital markets.On the one hand, from the point of view of national strategy, it is necessary to guide the return of high-quality Chinese stock companies in order to increase the reform of capital market, which provides a good investment target for China's capital market.So that the capital of our country can be transferred to the new economic enterprises by means of marketization, so that the innovative enterprises can grow rapidly, share the growth value of the new economic enterprises, further accelerate the pace of the economic structure transformation, and promote the virtuous circle.To China's economic restructuring and upgrading to provide assistance.On the other hand, these enterprises return to our country's capital market has particularity, the domestic and foreign market has the disparity price difference, also has the very big arbitrage space as well as the shell resources in the market serious speculation behavior.With the further deepening of the reform of the capital market, more new economic enterprises will choose to return to the domestic capital market in the future.Therefore, it is of great significance to evaluate the possible impact of the return of Chinese shares to A share market and to perfect the relevant laws and regulations through the study of the case of the privatization of focus Media through the case of backdoor listing.Through the research and analysis of the case of the successful return of Qixi Holdings to A shares through the privatization of focus Media, the method of combining theory with practice is adopted, and the research method of normative research is used.From the angle of M & A, this paper analyzes the motivation and scheme flow of the privatization of focus Media.Through the analysis of the plan of private delisting and backdoor borrowing of focus Media, this paper explains the mode and advantages of setting up a four-tier structure of privatization-buy-out main body, and probes into the mode of listing of focus Media through backdoor listing.This paper expounds the particularity of the regression process of the focus media, explains the reasons for the successful backdoor listing of the focus media privatization, and puts forward the choice of the regression mode and the backdoor mode according to the reform process of our country's capital market.The return of Chinese stocks should do something wrong, and select the policy of carefully discriminating the return of Chinese stocks.And from the market and regulatory level to the privatization of Chinese companies, red chip return, backdoor listing put forward the corresponding countermeasures.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：G206-F;F832.51

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