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Publishing Enterprises Backdoor Listing: Mode, Cost and Return
Author(s): 
Pages: 6-10
Year: Issue:  1
Journal: PUBLISHING JOURNAL

Keyword:  出版企业借壳上市借壳方式成本收益分析;
Abstract: 在借壳上市中,除一般中介费用之外,出版企业还需承担股权稀释成本.文章设计衡量借壳成本率与资产增值收益率指标,通过对4家借壳上市出版企业的实证观察发现,出版企业借壳上市后,原股东普遍获得较高的资产增值收益;中介费用在各出版企业之间差别不大,而特别支出、壳资源成本以及股权稀释成本差别较大;以拍卖方式取得壳资源,企业所承担的借壳成本率较低,资产增值收益率较高,而股权稀释成本则与具体的借壳方式关系不大;借壳上市与IPO相比,不具有成本优势,在当前IPO与借壳上市盈利要求趋同的情况下,借壳上市可能只具有上市时间快的优势.
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