我国买壳上市中“壳资源”的定价研究

上海交通大学硕士学位论文我国买壳上市中“壳资源”的定价研究姓名：马玲申请学位级别：硕士专业：会计学指导教师：陈亚民20080101——1234STUDYONPRICINGOFBACK-DOORLISTINGRESOURCEINCHINAABSTRACTSecuritiesmarketoffersfinancingandM&Aconvenienceforlistedcompanies,whichattractsthousandsofChineseenterprisestobecomelistedcompanybymeansofInitialPublicOffering(IPO).However,duetothepolicyrestrictionsandstrictrequirementofIPO,beingalistedcompanybyback-doorlistingbecomesthemosteffectivewayforlotsofcompanies.Undersuchcircumstances,shellcompanybecomesascarceresource-shellresource.Itisaverycomplexissuetoascertainthepriceofshellresource.Althoughmanytheoreticalworkershaveconductedalotofresearch,westillcan’tgetaconclusionwhichcanbewildlyrecognized.Inthisthesis,wefirstredefinetherelatedconceptssuchasback-doorlisting,shellcompanyshellresource.Thenascertainthepricerangebasedontheanalysisofthemotivationandcost-benefitofbothsidesintheback-doorlisting.Further,basedonempiricalstudy,theexternalandinternalfactorswhichaffecttheshellresourcepricesarealsodiscussed.Finally,weconcludethatthefloorofshellresourcepricesistheseller'scostandthecapisthebuyer'sbenefits,andinthisrange,shellresourcepricescanbesignificantlyinfluencedbythesizeofshellcompany,stocktransferproportionandpricetobookvalueratio.Thecontributionsofthispaperare:(1)Redefineback-doorlisting,distinguishingitfromothermergersandacquisitionsoflistedcompanies(2)Redefinethepriceofshellresource,takinginjectedhigh-qualityassetwhichbelongtoothershareholdersaspartoftheshellprice(3)Ascertaintherangeofshellprices.(4)Ascertaininfluencingfactorsoftheactualpricefluctuatedinthepricerange.KEYWORDS:back-doorlisting,shellresource,pricerange111.1199461995129795%2006200200773090%2ST1ST2.41.2199732420077312341.3422.1[1]3[2][3]()[4]52.2[5][1][6][4]()[7](Premiumtomarket)[8][9][10]62.32.3.1SynergyEffectOverconfidenceHypothesisAgencyMotives2+25Weston[11]ManagerialSynergyOperationalSynergyFinancialSynergy7Roll[12]Berkovitch[13]2.3.2Nielsen[14]1812841234EPSHaywardHambrick[15]CEOCEOCEOCEOCEO[16]1998-2000118[17][18]2.4OTCBB(OverTheCounterBulletinBoard)=11-=n∑21-=n∑933.1shellcompany[19]:12(spin-offshells)SEC3(blankcheckcompany)(blindpool)10123“”3.2[20]11()1960-70IPO3.33.3.1121,1)2)3)30%2131993419998130%200212()20054292006863066200342006217(1)131615141250%60%59%30%30%29%30%60%60%:63090%171217421293201015320047858%32%12364193056.88%12364193056.88%,200498,,,12004415415029.733.8916143.516200652490%2005123127,511.6327,642.58,220%20058301140,140,60535.06159,957,47515.002005830200573195402,779,018.1620057312005915*ST59,957,475*ST15.00%117200,098,08050.06%30%20051192005118*ST-0.581.01*ST3*ST2006831*ST700034,671,28857.11%200611*STA102*ST30,708,97150.58%2007228*ST(600137)6.791010.63100%*ST3.3.2181233.4CqSFP=C+S*1-Q+FS3.55[4150*3.89+27,511.63*1-29.73]*ST2.01[1+402,779,018.16*1-50.06%]P=C+F1944.14.1.10007232004415415029.733.8916143.5200652490%2005123127,511.6327,642.58C1=V×Q×qC1VQq4150*3.89=16143.520123C2=S1-S2*1qC2:S1S227,511.63*1-29.73=19332.4221C=C1+C2=V*Q*q+S1-S2*1q16143.5+19332.42=35475.924.1.2,,(IPO),,[21]20007222002766,35234.1.333000IPO200720082004200552414.1.44.24.2.112100%27,511.6329.7370.37%19332.424.2.24.2.3252001125ST6ST20064.2.44.32655.15.1.113236333000435000335300062078275.1.211993199521996200019961996123200120041999712001317282000“”818“”420041020005.1.30295.21998316ST(SPECIALTREATMENT)5%1998428B5ST199979PT(PARTICULARTRANSFER)5%2001224PT200146PTPTPTPTPTPT6PT2001423PT105.330100%13166.132661=+*1-2/3/3033456/6.2199711200712311.2.3.36112[22]200320073[23]2003-20056.36.3.13466%28%6%2510101266%6.3.213083.3%616.7%36100%3083.3%616.7%126.3.33547%22%31%30%30%=50%=50%230%1747%30%50%822%50%1151%30%50%30%50%6.46.4.1SPSS15.01Y=b0+b1X1+b2X2+b3X3+b4X4+b5X5+εX1X2X3X4X5362ModelUnstandardizedCoefficientsStandardizedCoefficientstSig.BStd.ErrorBetaBStd.Error1(Constant)-.034.028-1.094.283-3.7262.211-.190-1.642.1111.4512.427.066.592.558.193.114.2191.792.083.121.033.3663.546.0011.809.295.6536.130.000aDependentVariable:510%2Y=b0+b1X1+b2X2+b3X3+εX1X2X3373ModelUnstandardizedCoefficientsStandardizedCoefficientstSig.BStd.ErrorBetaBStd.Error1(Constant)-.065.048-4.141.000.213.194.2362.286.029.112.034.3683.521.0011.778.291.6426.112.000aDependentVariable:y4ModelSummaryModelRRSquareAdjustedRSquareStd.ErroroftheEstimate1.878(a).771.724192663349.643aPredictors:(Constant),,,bDependentVariable:Y=-0.065+1.778X1+0.112X2+0.213X3R2=0.771R2=0.72477%6.4.23877.1IPO0100%110397.2111996232340[1]1998[2][M]2001[3]1999854-57[4]20022115-118[5]19992420-21[6]2001657-59.[7]2000330-32[8]2000717-21[9]2000445-50[10][]2003[11]Weston.J.F,Kwang.S.Chung,Susan.E.Haugen,Mergers,RestructuringandCorporateControl,,1998[12]RollRichard,Thehubrishypothesisofcorporatetakeovers,JournalofBusiness[J],1986(4),197-216[13]Berkovitch,Elazar,M.P.NarayananMotivesfortakeoversanempiricalinvestigationJournalofFinancialandQuantitativeAnalysis,1993(28)[14]JFNielsen,RWMelicher,AFinancialAnalysisofAcquisitionandMergerPremiums,TheJournalofFinancialandQuantitativeAnalysis,1973[15]MathewL.A.Hayward,DonaldC.Hambrick,ExplainingthePremiumsPaidforLargeAcquis