民营企业买壳上的动因和风险分析-中国人民大学教务处.PDFVIP

论文编码：RUC-BK-113-110204 中国人民大学本科学生毕业论文 民营企业买壳上市的动因和风险分析 作 者： 滕 晓 燕 院 （系）： 商 学 院 专 业： 财务管理 年 级： 2001 级 学 号： 指导教师： 宋 常 论文成绩： 日 期： 2005-4-15 第1 页 摘要 近年来，在改革开放中不断壮大的民营企业重组上市公司尤其是国有控股的上市公司 此起彼伏，民营企业买壳上市已成为证券市场的热门话题，特别是在经历了 “化腐朽为神 奇”般的业绩提升后，民营企业买壳上市现象受到了前所未有的关注。本文从壳资源的概 念说起，进一步分析了壳资源的优势，并结合我国资本市场买壳上市的案例从直接上市困 难重重、自身发展壮大的客观要求、节省上市时间并减少不确定性、“国转非”的“解禁” 以及投机等方面深入分析了民营企业买壳上市的动因，另外，从壳公司的选择、中介咨询 机构、融资、重组等方面分析了买壳上市的风险，最后针对风险提出了具体的防范措施以 供参考。 第2 页 Abstract In recent years, non-state-owned enterprises which are developing in reform and opening recomposing listed companies especially state-owned ones occurred frequently. Non-state-owned enterprises’ buying shell companies to be listed has become a pet topic of the security market. Especially when experiencing increasing performance which was like changing a delinquent into a solid citizen, the phenomenon of non-state-owned enterprises’ buying shell companies to be listed attracts the most attention. This article starts from the concept of shell resource, further analyzes the advantage of shell resource, and combines with the cases of buying shell companies to be listed in our security market to thoroughly analyze the causes of non-state-owned enterprises’ buying shell companies to be listed which include the difficulty of being listed directly, the objective demands of their development, saving the time of being listed and reducing the uncertainty, the permission of state-owned shares’ transferring to n