發(fā)布時(shí)間：2017-12-31 23:02

  本文關(guān)鍵詞：IPO失敗的案例分析　出處：《河南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股票 IPO 股份有限公司 失敗原因 案例分析

【摘要】：改革開放三十年，中國的經(jīng)濟(jì)獲得飛速的發(fā)展，取得的成就舉世矚目。在這三十多年中，不僅僅是實(shí)體經(jīng)濟(jì)這一堅(jiān)實(shí)基礎(chǔ)得到了長足的發(fā)展，并且虛擬經(jīng)濟(jì)也實(shí)現(xiàn)了跨越式的發(fā)展，此外，中國的現(xiàn)代市場體系也逐漸健全起來，多層次的資本市場正在發(fā)展中，國家在穩(wěn)步推進(jìn)利率和匯率市場化改革，人民幣資本化項(xiàng)目逐步實(shí)現(xiàn)可兌換，盡管市場體系有一些問題，但是總體上來說一切都在良性發(fā)展中。股票市場作為金融市場的中堅(jiān)力量，作為國民經(jīng)濟(jì)的重要組成部分，為中國經(jīng)濟(jì)的增長帶來了前所未有的活力和發(fā)展平臺(tái)，并且也成為國民經(jīng)濟(jì)中最為活躍的增長點(diǎn)。但是在經(jīng)濟(jì)發(fā)展相對(duì)平穩(wěn)快速的背后，我們不可否認(rèn)股票市場也遇到了多種多樣的問題和難題，其中作為股票登上市場的源頭的IPO這個(gè)融資必走過程問題非常多，比如關(guān)聯(lián)交易、同業(yè)競爭不披露，比如詢價(jià)機(jī)構(gòu)數(shù)量不足等問題，這些問題的存在降低了股票市場配置資源的效率，影響了社會(huì)效益。 IPO是股票進(jìn)入資本市場的門戶，起著關(guān)鍵的作用，公司想要進(jìn)入資本市場募集資金必須走IPO這條路，所以在IPO這條路上行走的公司有很多，有成功的也有失敗的。這條路上存在的兩個(gè)不同的現(xiàn)象便是，一方面是許許多多公司實(shí)現(xiàn)股票成功上市，籌集到資金促進(jìn)了企業(yè)的發(fā)展和壯大；另一方面也有很多懷揣著IPO這個(gè)沉甸甸的夢(mèng)想的公司，在滿懷激情負(fù)重前行的路上，一不留神，一頭栽倒在旅途，大傷元?dú)猓�十年間殞命上市途中的公司名字可以列一個(gè)長長的單子，名字觸目驚心，有很多都是業(yè)內(nèi)的佼佼者。這兩方面的鮮明對(duì)比，促使我們對(duì)股票公開發(fā)行上市思考良多。股票公開發(fā)行上市是公司登上資本市場，利用社會(huì)閑散資源、接受市場考驗(yàn)和市場競爭、壯大自己實(shí)力的關(guān)鍵一步，如果沒能成功上市，公司不僅在體制改革上受阻，而且融資能力大大下降，無論是銀行貸款還是政策支持方面，此外，公司的社會(huì)信譽(yù)度和社會(huì)地位這些無形資產(chǎn)也會(huì)大大縮水，總的來說公司公開發(fā)行失敗的代價(jià)非常，準(zhǔn)備上市公司須慎重對(duì)待。IPO是公司發(fā)展的關(guān)鍵階段，準(zhǔn)備上市公司必定會(huì)深思熟慮、慎重對(duì)待，但是現(xiàn)實(shí)情況不容我們忽視，依然有很多公司跌倒在上市的途中，摔得滿身是傷、損失慘重，對(duì)此我們應(yīng)該認(rèn)真反思、仔細(xì)思考，深入分析、查找原因，在后續(xù)的準(zhǔn)備上市公司中避免曾經(jīng)犯過的錯(cuò)誤。 盡管有很多公司上市失敗、損失慘重，盡管有很多公司因?yàn)樯鲜惺�敗被迫易主，但依然有更多的公司前赴后繼的奔赴旅程，那么IPO究竟有什么樣的魔力呢，他的重要性和關(guān)鍵性究竟在什么方面呢？又是哪些因素決定了企業(yè)股票發(fā)行的成敗呢？準(zhǔn)備上市公司在準(zhǔn)備上市的路上有哪些硬傷呢?準(zhǔn)備上市公司如何才能避開股票發(fā)行失敗的陷阱從而實(shí)現(xiàn)股票成功發(fā)行及可持續(xù)發(fā)展呢？本文在依托社會(huì)大環(huán)境和大背景的情況下，聯(lián)系現(xiàn)實(shí)經(jīng)濟(jì)狀況，根據(jù)公司上市發(fā)展的一般規(guī)律，，結(jié)合具體的公司股票上市案例，對(duì)其發(fā)行失敗原因進(jìn)行分析和探討，提出了要解決中國公司股票上市失敗的問題，公司不僅要積累資本和穩(wěn)定經(jīng)營層，而且要選擇資歷深厚和責(zé)任心強(qiáng)的保薦機(jī)構(gòu)，此外也應(yīng)當(dāng)選擇適宜的發(fā)行時(shí)機(jī)，這樣盡力降低發(fā)行過程中的資本風(fēng)險(xiǎn)和道德風(fēng)險(xiǎn)，以實(shí)現(xiàn)準(zhǔn)備上市公司股票順利發(fā)行以及公司的可持續(xù)發(fā)展。本文選擇的案例以及對(duì)其進(jìn)行的比較分析和實(shí)證分析與探討，對(duì)研究公司股票首發(fā)上市及可持續(xù)性發(fā)展這個(gè)問題具有普適性。 本論文在第一章，對(duì)中國所處的世界經(jīng)濟(jì)大環(huán)境、公司的發(fā)展所遇到的機(jī)遇和挑戰(zhàn)做了一定的概括，此外也對(duì)中國證券市場、IPO及其發(fā)展歷程進(jìn)行了較為詳細(xì)的概述；第二章，提出了一個(gè)具體公司股票上市的失敗案例；并對(duì)上市中的一系列情況進(jìn)行了概括和分析。第三章，對(duì)八菱科技股份有限公司上市失敗這個(gè)具體案例，從多個(gè)角度進(jìn)行了深入地分析和研究。第四章，主要談到了通過對(duì)這個(gè)案例的分析以及對(duì)以往經(jīng)驗(yàn)和教訓(xùn)的總結(jié)，給我們帶來的啟示和感悟。在最后第五章，是作者在完成本論文的過程中的參考文獻(xiàn)。
[Abstract]:Thirty years of reform and opening up, Chinese economy obtained the rapid development, has made remarkable achievements. In thirty years, not only is the real economy this solid foundation has been considerable development, and the fictitious economy has achieved leapfrog development, in addition, the modern market system Chinese also gradually improve, multi-level the capital market is developing countries, steady progress in the interest rate and exchange rate market reform, the RMB capital project gradually realize the convertibility of the market system, although there are some problems, but overall, everything in the sound development of the stock market. As the backbone in the financial market, as an important part of the national economy, brought hitherto unknown. The vitality and development platform for Chinese economic growth, and has also become the active growth point in the national economy. But in the fast economic development is relatively stable Speed behind, we can not deny the stock market also encountered a variety of problems and difficulties, the stock market as a source on the IPO of this financing will go process very much, such as related party transactions, competition is not disclosed, such as number of inquiry institutions lack, these problems reduce the efficiency of the stock the market in the allocation of resources, affect the social benefits.
IPO is a stock to enter the capital market portal, plays a key role in the company to enter the capital market to raise funds must walk the road of IPO in IPO, so this road walk there are a lot of companies, have had mixed success. Two different phenomena existing in this way is, on the one hand many companies realize the successful listing of the shares, to raise funds to promote the development and growth of enterprises; on the other hand, there are a lot of IPO with the heavy dream company, on the road full of passion burden, an inattentive, first into the journey, debilitating, death ten years listed on the name of the company can make a long list of names is shocking, many are the industry leader. In contrast to these two aspects, prompted us to think about a lot of public issuance of stocks listed stock. Open market is public We boarded the capital markets, the use of social idle resources, accept the market test and market competition, a key step to grow their own strength, if not successful listing, the company not only blocked on reform, and financing ability is greatly decreased, regardless of bank loans or policy support, in addition, the company's social reputation and social the status of these intangible assets will be greatly diminished, the public offering of the company the cost of failure, for listed companies to treat.IPO is the key stage of the development of the company, the listed company will prepare thoughtful, careful, but the reality can not be ignored, there are still many companies listed in the fall on the way, fell and covered with is injured, suffered heavy losses, we should seriously reflect on, thinking, in-depth analysis, find the reasons, to avoid ever made in the follow-up to the listed company Wrong.
Although there are many companies fail, suffered heavy losses, although there are many companies because of market failure forced to change hands, but there are still more companies continue to journey, so IPO what kind of magic, his key and the importance of what in what aspects? And what factors determine the success or failure of this enterprise stock issuance what is the way to? Flawed listed companies in preparation for the listing for listed companies? How to avoid the stock issuance to fail to achieve success in stock issuance and sustainable development? In this paper, relying on the social environment and the background of the current economic situation, according to the general rules of the listing of the company's development, combined with the specific the company's stock listing case analysis and Discussion on the issue of failure, put forward to solve the China company listed failure, public We should not only accumulate capital and stable business layer, but also to choose the sponsor qualifications and a strong sense of responsibility, also should choose to issue proper time, so as to reduce the issue in the process of capital risk and moral risk, in order to achieve the sustainable development for the smooth issuance of shares of listed companies and the company. This case chose and comparative analysis and empirical research on the analysis and Discussion on the universality of the research on the development of the company stock IPO and sustainability.
In the first chapter, the world economic environment of China, meet the company's development opportunities and challenges made a summary, in addition to Chinese stock market, IPO and its development process are summarized in detail; the second chapter, puts forward a specific failure case company listed on the stock market a series of listed; and in summarized and analyzed. The third chapter of the eight Ling Polytron Technologies Inc listed on the failure of the specific case, in-depth analysis and research from different angles. The fourth chapter mainly talked through the analysis of this case, and a summary of past experience and lessons, to bring us the inspiration and sentiment. In the last fifth chapters, the author is in the process of the completion of this paper in the references.

【學(xué)位授予單位】：河南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 冉建宇;首次公開發(fā)行股票定價(jià)方式的效率研究[D];西南交通大學(xué);2006年

本文編號(hào)：1361830