本文選題：殼公司 + 買殼上市　； 參考：《武漢理工大學》2012年博士論文

【摘要】：買殼上市是民營企業實現戰略性發展的重要手段,買殼上市成功以后,企業可以獲取持續的低成本、大規模的融資便利,然而買殼上市同時也是一項高風險的資本運作方式,買殼上市的過程中風險無處不在。因此,結合買殼上市的特點,構建適用于我國企業買殼上市風險的識別、測度和控制模型,為我國買殼上市企業控制風險、提高其成功率提供理論指導具有一定的現實意義和研究價值。 已有的研究文獻多為探討企業并購的方式及效應,但很少有學者針對買殼上市這種并購方式進行深入的研究。因此,一方面是市場上存在大量企業有買殼上市的動機,但另一方面學術界針對買殼上市的研究極為稀缺,系統的研究幾乎沒有,這就為本文的研究留出了空間。目前國外學者對買殼上市的理論研究是建立在西方主流并購及其理論基礎上,然而由于我國體質轉軌中特有的復雜性和不確定性,使得主流理論在買殼上市的應用上存在很大的局限性。本文在對主流理論進行借鑒的基礎上,結合在中國買殼上市的特有環境,探討我國企業買殼上市的風險及其控制。 本文沿著“企業買殼上市風險控制的基本理論——企業買殼上市風險識別——企業買殼上市風險測度——企業買殼上市風險控制——案例分析”的邏輯思路展開研究,綜合運用并購理論、風險管理理論、系統論等學科知識,對企業買殼上市風險控制進行了系統研究。分析企業買殼上市風險的識別與測度方法,提出了企業買殼上市風險控制的測度方法具體而言,本文的主要研究內容包括： 第1章闡述企業買殼上市風險控制的研究目的和研究意義。在深入研究國內外學者關于企業買殼上市風險控制研究的基礎上,提出了研究內容、研究方法和研究思路。第2章在對企業買殼上市內涵進行研究的基礎上,分析了企業買殼上市的運作機理,并對買殼上市風險的內涵和形成機理進行了研究。第3章從買殼上市風險識別對象和識別方法兩個方面對我國企業買殼上市的風險識別進行分析。第4章從定價風險測度、融資風險測度和重組風險測度三個方面構建我國企業買殼上市風險測度模型。第5章從選殼、買殼和重組三個階段探討了企業買殼上市風險控制策略。第6章為案例分析。
[Abstract]:Shell listing is an important means for private enterprises to achieve strategic development. After successful shell listing, enterprises can obtain continuous low cost and large-scale financing convenience. However, shell listing is also a high-risk capital operation mode. In the process of buying a shell and listing, the risks are everywhere. Therefore, according to the characteristics of shell listing, the paper constructs a model to identify, measure and control the risk of shell listing, which is suitable for Chinese enterprises to control the risk. Improving its success rate to provide theoretical guidance has certain practical significance and research value. Most of the existing research literature is to explore the way and effect of M & A, but few scholars do in-depth research on the M & A mode. Therefore, on the one hand, there is a large number of enterprises in the market have the motivation to buy shell listing, but on the other hand, the academic research on shell listing is extremely scarce, and there is almost no systematic research, which leaves room for the research of this paper. At present, foreign scholars' theoretical research on shell listing is based on western mainstream M & A and its theory. However, due to the unique complexity and uncertainty in China's physical transition, The mainstream theory has great limitations in the application of shell listing. Based on the reference of mainstream theory and the unique environment of buying shell listing in China, this paper probes into the risk and control of the listing of Chinese enterprises. In this paper, the logical thinking of "the basic theory of the risk control of the backdoor listing of enterprises-the identification of the listing risk of the enterprise buying the shell"-the measurement of the risk of the listing of the enterprise buying the shell-the case study of the risk control of the listing of the enterprise buying the shell-is carried out in this paper. Based on the knowledge of M & A theory, risk management theory and system theory, this paper makes a systematic study on the risk control of buying a shell and listing. This paper analyzes the identification and measurement methods of the listed risk of buying a shell, and puts forward the measurement method of the risk control of the listing of the buying shell. The main research contents of this paper include: Chapter 1 describes the research purpose and significance of risk control. On the basis of deep research on the risk control of enterprises buying shell listing, this paper puts forward the research contents, research methods and research ideas. In chapter 2, based on the study of the connotation of shell listing, the operating mechanism of shell listing is analyzed, and the connotation and formation mechanism of listing risk are studied. In chapter 3, we analyze the risk identification of Chinese enterprises from two aspects: the object and the method of risk identification. Chapter 4 sets up the risk measurement model of Chinese enterprises from three aspects: pricing risk measurement, financing risk measurement and restructuring risk measurement. Chapter 5 discusses the risk control strategy from three stages of shell selection, shell buying and restructuring. Chapter 6 is a case study.
【學位授予單位】：武漢理工大學
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F279.2;F832.51

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