出版企业借壳上市方式、成本和收益比较.pdfVIP

出版企业借壳t市:方式、成本和收益比较 杨荣 (北京印刷学院经济管理学院，北京， 102600) [摘 要] 在借壳上市中，除一般申介费用之外，出版企业还需承担股权稀释成本。文章设计衡量借壳戚本率 与资产增值收益率指标，通过对 4 家借壳上市出版企业的实证观察发现，出版企业借壳上市后，原股东普遍 获得较高的资产增值收益;申介费用在各出版企业之间差别不大，而特别支出、壳资源成本以及股权稀释戚 本差别较大;以拍卖方式取得壳资源，企业所承担的借壳成本率较低，资产增值收益率较高，而股权稀释戚 本则与具体的借壳方式关系不大;借壳上市与 IPO 相比，不具有成本优势，在当前 IPO 与借壳上市盈利要求 趋同的情况下，借壳上市可能只具有上市时间快的优势。 [关键词]出版企业借壳上市借壳方式成本收益分析 [中图分类号 1 G231 [文献标识码 1 A [文章编号 1 1009-5853 (2015) 01-0006-05 Publishing Enterprises Backdoor Listing: Mode, Cost and Return Yang Rong (School of Economic and Management, Beijing Institute of Graphic Communi∞tion. Beijing , 102600) [Abstract] In the backdoor listing process. in addition to general intermediary ∞ sts. publishing enterprises also need to assume the cost of equity dilution. This paper designed two indexes to measure the cost rate of backdoor listing and the rate of appreciation in asset value. Through empiri ∞ 1 study from 4 backdoor listing of publishing enterprises. it was found that the original shareholders generally get higher asset value-added income. The intermed阳 ry ∞sts has li 世led而erenωbetween publishing ente币白白， but special expenditure, shell resource cost and the cost of equity dilution have much more difference. By auction to obtain shell resources , the backdoor listing ∞ st rate the enterprise undertakes is low. and the rate of asset value-added is high. There is little relationship between the cost of equity dilution and specific backdoor w邮 Compared with IPO. the backdoor listing does not have 0 cost advantage. In the circumstances that profitability requirements of IPO and backdoor listing has been convergen饵， the backdoor listing may only