文档介绍：1 工商管理硕士( MBA )学位论文*** 大学 UNIVERSITY OF *** 题目: 借壳上市之盈利及风险研究姓名: *** 学号: * *** *** 班级: *** 班专业: * *** *** 导师: *** 2 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 3 Abstract The securitization offund-raising has e the trend intoday ’ sinternational capital market. When the Chinese economy isexperiencing rapid and constant growth, more and more Chinese panies are seeking for capital inthe international markets. Now going public overseas isone ofthe important direct fund-raising channels. Overseas reverse merger, asone popular way, has many advantages such aslow costs, low risks, simple process etc. Itcan also effectively circumvent the barriers set byIPO. Many panies with strong fundamentals and performance have taken full advantage ofthe overseas resources panies, and regarded itasaneffective method ofindirect going public and fund-raising. Backdoor-listing isnot only away ofmerger and takeover ofan enterprise, but alse ashortcut pany listing. Backdoor-listing,as aphenomenon ofsenior capital running,originates and develops along with the Security pany unlisted achieves going public ofits assets and business,and broaden anew approach ofraising and financing bythe listing qualification ofthe panies listed. Company listed can realize the raising ofachievements and advoid the risk ofpausing,even stopping aword ,Backdoor-listing can bring profit panies both listed and unlisted, inspited ofthis ,it ,unavoildedlly, can lead toseries ofproblems. Key word :Backdoor-listing ;asset replacement ;risk control 4 目录摘要.....................................................................................................................................