工商管理 借壳上市之盈利及风险研究.doc

题目：借壳上市之盈利及风险研究 摘要 伴随国际资本市场愈益明显的融资证券化趋势和中国经济持续高速的增长态势，境外借壳上市已成为中国民营企业走向国际资本市场重要的融资渠道。境外借壳上市融资以低费用、低风险、便捷和有效避开首次公开发行上市（IPO）的壁垒等诸多优势，成为有条件的中国民营企业充分利用海外壳资源实现上市融资的一种有效途径和方式。 借壳上市是企业兼并收购的一种方式,同时也是一种上市捷径。它是伴随着证券市场产生、发展而产生、发展起来的一种高级形态的资本运营现象。在我国企业兼并收购市场上, 非上市公司通过借壳实现了自身资产、业务的间接上市, 拓宽了筹、融资方式和途径上市壳公司通过被借壳实现了业绩的提升、避免了上市壳公司被停牌、摘牌的风险。但是, 借壳上市一方面为上市公司和非上市公司带来双赢利益的同时, 另一方面也引发了一系列问题。 关键词：借壳上市；资产置换；风险控制 Abstract The securitization of fund-raising has become the trend in today’s international capital market. When the Chinese economy is experiencing rapid and constant growth, more and more Chinese private companies are seeking for capital in the international markets. Now going public overseas is one of the important direct fund-raising channels. Overseas reverse merger, as one popular way, has many advantages such as low costs, low risks, simple process etc. It can also effectively circumvent the barriers set by IPO. Many private companies with strong fundamentals and performance have taken full advantage of the overseas resources of shell companies, and regarded it as an effective method of indirect going public and fund-raising. Backdoor-listing is not only a way of merger and takeover of an enterprise, but alse a shortcut of company listing. Backdoor-listing,as a phenomenon of senior capital running,originates and develops along with the Security Market.Company unlisted achieves going public of its assets and business,and broaden a new approach of raising and financing by the listing qualification of the other companies listed. Company listed can realize the raising of achievements and advoid the risk of pausing,even stopping to go public.In a word ,Backdoor-listing can bring profit for companies both listed and unlisted, in spited of this ,it ,unavoildedlly, can lead to series of problems. Key word：Backdoor-listing；asset replacement；risk control目录 摘要 2 Abstract 3 序言 8 一、借壳上市的盈利与风险---概念综述 11 1.1 借壳上市的概念的界定 11 1.1.1 借壳上市的概念 11 1.1.2 其他相关概念界定 12 1.2 借壳上市的渊源 14 1.2.1 借壳上市的产生 14 1.2