中国上市公司控制权市场的经济分析——以借壳上市为例.docVIP

PAGE PAGE 25 中国上市公司控制权市场的经济分析——以借壳上市为例 Economic Analysis of Chinese Control Market about Listed Companies——In The Case of Backdoor Listing 摘要：借壳上市行为作为并购形式之一，已越来越受到非上市公司的欢迎。以借壳上市为代表的控制权市场也不断促进着中国市场经济的发展。本文试图通过研究借壳上市市场的经济功能，以期为我国借壳上市市场的进一步完善提供意见和建议。 首先本文对国内外相关文献的结论作了归纳和简要评价，然后对借壳市场进行描述性统计研究，采用2010—2014年借壳上市公司的数据，分析被借壳公司的特征，并运用SPSS软件进行数据处理，得出如下结论：①从借壳上市方式上看，资产收购和股权转让是主要实现途径；②在发生借壳上市的公司中，制造业和房地产行业是借壳上市的主力军；③公司的流通股占股比例越大、公司的成长性越好、市场表现越好越容易成为借壳的目标。接着从理论上分析我国借壳上市市场的现状，阐释借壳上市市场的经济功能和特征的原因。 综合以上分析，本文在基于借壳上市经济功能的出发点上，提出了促进我国借壳上市市场完善发展的政策建议。 关键词：借壳上市；控制权市场；经济分析；上市公司 Analysis of Chinese Control Market about Listed Companies——In The Case Of Backdoor Listing Abstract: As one form of mergers and acquisitions, backdoor listing behavior has been more and more popular among unlisted companies. Represented for the control market, backdoor listing also promote the development of Chinese economy. The article attempts to give further suggestions of Chinese backdoor listing market through its economic function. First in this paper, the conclusion of a brief evaluation of the related literature at home and abroad are introduced. Then carring on the descriptive statistics research of backdoor listing market, and using the 2010-2014’s data and SPSS software to analyze the features of shell company, conclusions are as follows: ① Assets acquisition and equity transfer are main ways to realize backdoor listing; ② Manufacturing and real estate industry are main force of backdoor listings among all companys; ③The more companys outstanding shares and the better companys growth and market performance, the more easily becomes the target of a shell. Then theoretically analyzes the present situation of backdoor listing in China market, economic function and characteristics of interpretation of the backdoor listing market. Above all, based on the starting point of economic function of backdoor listing, this paper put forward policy suggestions to promote the development of backdoor listing market i