我国民营企业海外买壳上市的风险控制研究

1、 密 级：分类号：学校代码：10075学 号：20091419管理学硕士学位论文我国 民营 企业 海外买壳 上市的风 险控 制研究学位申请人： 赵 娜指导教师： 马彦玲 教授学位类别： 管理学硕士学科专业： 会计学授予单位： 河北大学答辩日期： 二一二年六月 Classified Index:U.D.C:CODE:10075NO:20091419A Dissertation for the Degree of ManagementThe Study of Risk Control abaout Chinas Private Enterprises Overseas Back Door List

2、ing Candidate: Zhao Na Supervisor: Prof. MaYanLing Academic Degree Applied for: Master of Management Specialty: Accounting University: Hebei University Date of Oral Examination: June, 2012 摘 要摘 要2010 年底美国证券交易委员会展开的对在其境内上市的中国企业进行大范围的调查，这次调查以海外借壳上市的中国企业为重点，随之而来的是中国概念股遭遇空前的信任危机，海外买壳上市的议题被推上了风口浪尖。海外买壳上市

3、能够给我国民营企业带来很多融资机会，但同时也伴随着诸多风险。在当前中国概念股遭遇空前信任危机的形势之下，我国民营企业在海外买壳上市如何化解风险成为保证其上市的关键。目前，国内学者探讨了中国企业海外上市的相关问题，也研究了民营企业买壳上市的问题，但是对于专门针对我国民营企业海外买壳上市的风险控制研究较少。本文首先介绍了我国民营企业在国内融资的困境，分析了民营企业选择海外买壳上市的原因，详细阐述了我国民营企业在海外买壳上市遇到的风险，最后提出了化解风险的具体策略。在写作本文过程中，作者研读了国内外关于海外买壳上市的文献资料，收集了有关我国企业海外上市的规则和现状的信息资料，同时从中国民营企业信息网

4、，中国证监会官网等网站浏览并整理了有关民营企业现状和民营企业上市的相关资料。本文主要采用了比较分析法，分析民营企业国内外上市的现状以及不同资本市场上市的特点，得出我国民营企业选择海外买壳上市的原因，在此基础上提出我国民营企业海外买壳上市面临的风险和具体的化解风险的策略。本文具体内容主要包括如下五章：第一章引言，主要阐述选题的背景和意义以及国内外学者对民营企业海外买壳上市的研究现状；第二章，从海内外融资环境对比的角度，阐述了我国民营企业海外买壳上市的原因；第三章，阐述了我国民营企业海外买壳上市存在的突出的风险；第四章分析了我国民营企业海外买壳上市存在的普遍风险；第五章具体阐述了化解我国民营企业海

5、外买壳上市的风险的策略；最后在对文章进行总结的基础上，指出研究中存在的不足之处。关键词 民营企业 融资 买壳上市 风险控制I AbstractAbstractIn the end of 2010 , the U.S. Securities and Exchange Commission launched a large scalesurvey of Chinese companies listed in its territory. The survey focus on the backdoor listing ofChinese enterprises,followed by Chines

6、e stocks suffered an unprecedented crisis ofconfidence. Overseas backdoor listing issues brought to the cusp. Overseas backdoor listingcan bring a lot of funding opportunities to Chinas private enterprises, but also accompaniedby risks and problems. Under the situation of China-related stocks suffer

7、ed the unprecedentedcrisis of confidence. How to solve problems and resolve risks has become the key toguarantee listed for Chinas private enterprises in overseas backdoor listing.At present, domestic scholars has studied the issues related to overseas listing of Chineseenterprises, also studied the

8、 problems of private enterprise backdoor listing. But studyspecifically for Chinas private enterprises overseas backdoor listing risk control is less. Thisarticle firstly analyzes the plight of Chinas private enterprises in domestic financing,describes the reasons of private enterprises overseas bac

9、kdoor listing, describes the problemsencountered by the private enterprises in China in overseas backdoor listing and the potentialrisks. On this basis, This paper propose specific strategies to defuse the risk . In the process ofwriting this article, the author studied the domestic and foreign lite

10、rature on overseasbackdoor listing, collected information of the rules and the status quo of Chinas enterpriseslisted overseas, and from both the private enterprise network, the China Securities RegulatoryCommission official website website to browsed and organized the information of the statusof pr

11、ivate enterprises and private enterprises listed. This paper uses a comparative analysis,analyzes the status and features of different capital market listed private enterprises at homeand abroad, derived the causes and risks faced by private enterprises in China to selectoverseas backdoor listing. O

12、n this basis, this paper proposes a specific strategy to resolve therisk. The specific content of this article includes the following seven parts: The first part-Introduction, described the topics of the background and significance and domestic andforeign scholars shell of private enterprise oversea

13、s listing of the status quo; The second part,from a comparative perspective of the financing environment at home and abroad, listed thereasons for Chinas private enterprises overseas; The third part elaborated the prominent risksof Chinas private enterprises overseas backdoor listing; The fourth par

14、t elaborated thecommon risks of Chinas private enterprises overseas backdoor listing; The fifth chapterII Abstractdescribed in detail the strategy to resolve the risks of Chinas private enterprises overseasbackdoor listing; On the basis of summing up the article, the last part Stress the privateente

15、rprises should also focus on long-term development of the backdoor listing on the road,transform funding strategy into the overall development strategy.Keywords Private business Finance Backdoor-listing Risk controlIII 目录目 录第 1章 绪 论11.1 论文选题背景和意义 11.1.1 选题背景 11.1.2 选题意义 21.2 国内外有关民营企业买壳上市的文献综述21.2.1

16、 国内研究现状 21.2.2 国外研究现状 41.3 论文的研究思路和创新点4第 2章 我国民营企业海外买壳上市的原因52.1 我国民营企业国内融资困难52.1.1 国内融资渠道的障碍52.1.2 民营企业自身的障碍62.2 海外融资的强大吸引力 72.2.1 海外良好的上市环境72.2.2 海外上市时间短，成功率高82.2.3 海外上市对企业资质要求分层次82.3 民营企业谋求发展的必然选择82.3.1 满足民营企业强烈的资金需求82.3.2 借助“壳”公司的优势，提高自身实力 92.3.3 提高企业知名度，树立企业良好形象 92.3.4 有利于改善公司治理结构和与国际市场接轨 9第 3章 我国民营企业海外买壳上市存在的突出风险 103.1 公司治理不健全带来的风险103.1.1 股权结构不合理带来的风险103.1.2 董事会不健全带来的风险113.1.3 监事会不健全带来的风险12IV 目录3.1.4 经理层激励制度不健全带来的风险133.2 信息披露带来的风险 143.2.1 上市前信息披露带来的风险143.2.2 上市后信息披露带来的风险16第 4章 我国民营企业海外买壳上市存在的普遍风险 184.1 重组整合中的风险 184.1.1 管理理念协调的风险184.1.2 整合成本较大的风险184.1.3 文化融合的风险