新监管环境下A股借壳类重组生态研究.pdfVIP

万方数据 万方数据 新监管环境下 A 股借壳类重组生态研究 摘 要 上市公司重大资产重组是企业做强、转型、扭亏、保牌的常见手 段，其中最为特殊的一类重组是借壳上市。在我国资本市场，借壳上 市由来已久，但一直没有制订类似 IPO 这样的专门监管规章，只在 2006 年和2008 年，针对证券公司和房地产企业借壳上市，出过专项 的审核要求。直到 2011 年 8 月，中国证监会修订重大资产重组管理 办法，才首次提出借壳上市标准，2013 年11 月，进一步明确借壳上 市条件与 IPO 等同。 本文阐述了我国资本市场借壳制度的演变历程，对壳资源的典型 特征做了深入分析，重点研究了借壳费用的支付方式，同时对规避借 壳红线的重组行为进行剖析，总结了 4 种常见模式。本文最后结合中 国证监会2014年10月15日颁布的新退市制度，以及将要推行的IPO 注册制，对借壳上市前景做了简要思考。 关键词：借壳上市 壳资源 壳费 规避借壳 万方数据 RESEARCH ON BACKDOOR LISTING IN CHINA A SHARE STOCK MARKET UNDER THE NEW REGULATORY ENVIRONMENT ABSTRACT Material assets reorganization by listed companies is the common means for enterprises to enlarge, transform, arbitrage, reverse losses, and avoid delisting. Backdoor listing is the most special form of MA. Though the history of backdoor listing in China capital market is not short, there has been no specialized regulatory policy, except for the special backdoor listing requirements of securities companies and real estate companies in 2006 and 2008. Until 2011 August, CSRC revised Measures for the administration of material asset reorganizations, which first proposed backdoor listing standards. In 2013 November, CSRC further defined that the requirements of backdoor listing is equivalent to IPO. This paper consists of five aspects. The first part is to explain the development process of China capital market backdoor listing policies.