民办教育机构借壳上市动因财务绩效与风险防范研究--以中公教育为例.docxVIP

PAGE PAGE 2 摘 要 中国证券市场的发展比西方发达国家起步晚，需要改善市场机制。监督管理部门因为首次公开发行股票，对上市（IPO）的审查很严格，所以每年能够通过IPO的各审查的公司很少。同时，我国仍有很多企业排队等候，需要很长时间。但是，在竞争越来越激烈的环境下，公司对资本市场有着非常迫切的需求，公司希望借助资本市场获得更多的资金来提高自己的核心竞争力。中公教育创立于1999年，在现在的非学历职业考试训练领域属于行业的首位。为了进一步提高行业竞争力，获得市场更多分数，中公教育需要尽快通过资本市场融合更多资金，进一步扩大发展规模。2018年11月，亚夏汽车宣布证券监督管理委员会同意批准亚夏汽车收购合并中的公共教育重大资产重组事 项。中公教育在不到一年的时间内就进入了资本市场，达成了借壳上市的目标，成为业界内第一家在A股上市的企业，从中公教育发表的财报来看，到2021年6月为止，该公司以1304亿元的价格在文教休闲业界占据首位。由此可见，借壳上市在战略决策中对企业的发展有一定的促进作用，可以提高企业的财务业绩，增强投资者的信心，帮助企业把握商业机会，也能获得更多的市场资金。本文以中公教育的借壳上市为例，首先介绍了交易双方的情况和交易过程，并且详细分析了中公教育的借壳上市的动因，接着分别从四个方面分析公司上市后的财务业绩，最后分析了中公教育在交易过程中面临的各种风险和风险防范措施。中公教育作为教育界首家上市成功企业，其上市成功的经验和结论对其他民营教育公司有很大的参考价值。 关键词： 借壳上市 财务绩效 风险防范 中公教育 民办教育机构 Study on motivation, Financial performance and Risk Prevention of backdoor listing of Private educational Institutions —— Take Zhonggong Education as an example ABSTRACT The development of Chinas securities market started later than the western developed countries, and it needs to improve the market mechanism.Because of the strict IPO scrutiny of the listing (IPO), very few companies can pass the IPO every year.At the same time, there are still many enterprises waiting in line, which takes a long time.However, in the increasingly fierce competition environment, the company has a very urgent demand for the capital market, and the company hopes to obtain more capital through the capital market to improve its core competitiveness.Founded in 1999, China Education is the first in the industry in the field of non-academic vocational examination training.In order to further improve the competitiveness of the industry and get more scores in the market, China Education needs to integrate more funds through the capital market as soon as possible to further expand the development scale.In November 2018, Yasha Automobile announced that the Securities Regulatory Commission had agreed to approve the material assets reorganization of public education in the acquisition and merger of Yasha Automobile.In less