At least 20 brokerages have attempted to get around the three-year profit requirement by buying out moribund or struggling listed firms to secure a backdoor listing. 至少有20家券商曾试图通过并购陷入困境或业绩不佳的上市公司,来绕过三年持续盈利的规定。
So far only Haitong Securities has completed a backdoor listing. 迄今为止,只有海通证券(haitongsecurities)完成了借壳上市。
This makes the transaction a backdoor listing for the TSE, giving it a currency with which to get into the great global stockmarket-acquisition game. 这使这次交易为东京证券交易市场开了个后门,给它进入国际股票市场融合游戏的筹码。
Yanzhou coal is in talks to take over Gloucester coal, which would create one of the largest coal groups in Australia and provide the Chinese group with a backdoor listing of its local subsidiary. 兖州煤业(yanzhoucoal)正在就收购gloucestercoal进行谈判,这可能缔造出澳大利亚最大的煤炭集团之一,并为兖州煤业在澳大利亚的子公司提供借壳上市的机会。
Can backdoor listing increase the market value of listed companies? 借壳上市是否能增加公司的市场价值?
So instead of IPO ( Initial Public Offerings), backdoor listing becomes the main mode of private enterprises going public which is quite different from the developed capital market. 因此,与发达资本市场不同,借壳上市取代了直接上市,成为我国民营企业上市的主要模式。
For this article focuses on backdoor listing, there are comparisons of qualifications, costs, procedures and integrations of initial public offerings and back-door listing, and list the types and strategic goals of companies which choose the latter method. 由于本文重点论述借壳上市,故文中将首次募股上市和借壳上市的主体资格、活动成本、活动流程、后期整合等方面进行比较,并列举选择借壳上市的企业类型和上市目标。
First introduce the backdoor listing of Studies, including the concept of backdoor listing, backdoor listing of international and domestic context analysis, backdoor listing significance and prospects. 首先介绍了借壳上市的概论,包括借壳上市的概念、借壳上市的国际国内背景分析、借壳上市的意义以及前景。
As the popularity of backdoor listing, relent theory naturally became a hot issue, especially for accounting problem. different accounting choices for mergers have different accounting consequences for backdoor listing companies. 由于借壳上市的盛行,有关借壳上市的理论研究自然成了热点问题,尤其是它的会计处理问题,选择不同的企业合并方法,对借壳上市的企业产生不同的会计后果。
Backdoor listing as a special way of corporate mergers and acquisitions, has become a common concern of many disciplines in the field of global hot issues. 借壳上市作为一种特殊的企业并购重组方式,逐渐成为多个学科领域共同关注的全球性热点问题。
To a large extent, it stems from that the controlling shareholders of backdoor listing companies over-occupy the funds of listed companies, and it also stem from the securities breaches and related party transactions caused by the listing model of backdoor listing companies. 很大程度上,这种差异源于借壳上市公司的控股股东集团对上市公司资金的过度占用,以及源于借壳上市公司的上市模式所引发的违规担保及关联交易等问题。
Backdoor listing, an important way of M& A, with advantages such as low transaction costs and easy entrance to the stock market, has aroused widespread concern. 借壳上市作为并购的重要方式之一,具有上市成本低、审核时间短等优势,从而引起了拟上市公司的广泛关注。
Therefore, the financial crisis, the activities of Enterprise backdoor listing is valid in general. However, before and after the reverse merger in 2008 of performance improvement is not as obvious in 2007. 因此,金融危机下我国企业借壳上市活动在总体上是有效的。但是,2008年借壳上市前后的绩效改善程度并不如2007年明显。
Then, basic theories of M& A and backdoor listing are reviewed and analyzed. After analysis on economic and legal background of backdoor listing, features of both participants of backdoor listing are analyzed by descriptive statistics and logistic regression. 本文通过对并购及借壳上市相关基础理论的回顾与分析,运用描述性统计和Logistic模型分别分析了借壳双方的特征。
Meanwhile, the market for corporate backdoor listing public notices have responded very quickly and strongly, and the reaction time is very short, backdoor listing information had a positive effect on the market. 同时,市场对企业借壳上市公告信息的反应非常迅速且强烈,而且反应时间非常短暂,借壳上市信息对市场产生了正效应。
The part of the shell listed separately and shell resource value of the literature review and organize, through the previous analysis and evaluation of the theory proposed listing of this shell, and shell resources on understanding of the value. Part ⅲ: Theoretical Analysis of backdoor listing. 该部分分别对买壳上市以及壳资源价值的相关文献进行回顾和整理,通过对前人有关理论的分析和评价提出本文对买壳上市以及壳资源价值的理解。第三部分:买壳上市的理论分析。
Backdoor listing on the concept, methods, selection principles, processes, and motivation were analyzed. Part ⅳ: Theoretical Analysis of Shell Resources. 对买壳上市的概念、方式、选择原则、流程及动因进行了分析。第四部分:壳资源价值的理论分析。
A few of the scholars studies the change of backdoor listing before and after the reformation of equity division and had no specific conclusion of their study. 较少的学者研究在股权分置改革前后借壳上市现象的变化,且并没有得到明确的研究结论。
In order to expand market share, improve the sustainable profitability, enhance core competitiveness, more and more securities companies achieve bigger and stronger through going public, most of them choosing backdoor listing method. 为了扩大市场份额,增强持续盈利能力,提高核心竞争力,越来越多的证券公司通过上市实现做大做强,其中绝大多数的证券公司是通过借壳来实现上市的。
Whether backdoor listing has got further specification in recent years? 近年来借壳上市是否得到了进一步的规范?
Therefore, we can analyze the performance of backdoor listing on the perspective of performance of share price. 故研究借壳上市的绩效,可以从股价表现的角度来进行分析。
This paper focuses on the motivation of Northeast Securities backdoor listing, consolidated accounting treatment and post-performance analysis of backdoor listing. 本文重点分析了东北证券借壳上市的动因,合并会计处理和借壳上市后的绩效分析。
Many non-listed companies fulfill backdoor listing by purchasing listed companies, who realize the optimization of resource distribution and push the development of the domestic securities market. 许多非上市企业通过收购上市公司实现了借壳上市,打通了资本市场的筹资通道,优化了我国证券市场资源的配置,促进了我国证券市场的发展。
The main contribution of this paper is to make real estate companies backdoor listing as its starting point. It provides a new perspective for future research in backdoor listing and enriches and develops the path of real estate enterprise listing. 本文的主要贡献是以房地产企业借壳上市为切入点,分析房地产企业借壳上市的特征,为以后借壳上市研究提供新视角,丰富和发展房地产企业上市途径。
This paper also recommends introduction of regulatory measurements in backdoor listing and keeping coordinated in the accounting treatment and disclosure of information. 建议出台针对反向购买借壳上市的配套监管措施,并在会计处理与信息披露等监管过程中协调一致。
This method has superiority in the study of backdoor listing phenomenon in this paper. 具体到本文的借壳上市现象研究中,这种方法有其优越性。
It is the issue to choose initial public offering and raise more funds or backdoor listing to make use of additional means to raise funds gradually. 究竟是选择首次公开发行而募集到较大的资金还是选择借壳,在上市之后采用增发等手段来逐步募集资金。
Backdoor listing through the shell resource value before and after the measurement, analysis of case value of Shell Resources has occurred, and analyzing the problem. Part ⅶ: Conclusion. 通过对买壳上市前后壳资源价值的测算,分析案例中壳资源价值是否发生增值,并分析原因。第七部分:结论。
Backdoor listing for listed companies and unlisted companies bring about the benefit of a win-win. 借壳上市为上市公司和非上市公司带来利益双赢。
There have been CITIC Securities ( 600030) successfully listed in Shanghai Stock Exchange through IPO, while other more securities firms have used indirect manner of backdoor listing. 先后有中信证券(600030)成功在上海交易所IPO上市,而其他多家证券公司也都采用借壳上市的方式间接上市。