借壳上市

迄今为止，只有海通证券（haitongsecurities）完成了借壳上市。

So far only Haitong Securities has completed a backdoor listing .

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。

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 .

年代煤机在2010年通过反向收购在香港交易所（hongkongstockexchange）借壳上市。

Era listed on the Hong Kong stock exchange through a reverse merger in 2010 .

这些被称为借壳上市或后门上市的交易使得它们可以绕过首次公开发行（ipo）的严格审查。

These deals , known as reverse mergers or backdoor listings , allowed them to bypass the scrutiny of an initial public offering .

Weinberg为很多中国公司的借壳上市提供了审计服务。

Weinberg audits a number of Chinese reverse mergers .

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。

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 .

美国的交易所不会对收购已上市企业的所谓借壳上市操作进行严格审核。和美国股市不同，香港股市将这种交易视为新IPO对待。

Unlike US exchanges , which do not scrutinise so-called backdoor listings via the acquisition of an already publicly traded company , the Hong Kong stock exchange treats such deals as if they were new IPOs .

IPO上市的民营企业更注重现金的使用效率问题，其现金持有水平要优于买壳或借壳上市的民营企业。

The private listed companies of IPO pay more attention to the problem of cash utilization efficiency and have a more reasonable abnormal cash holdings level than those private listed companies which family control right acquired road is indirect .

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。

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 .

本章以2007年1月1日至2010年6月30日之间完成整体上市的公司为例，在剔除采用直接IPO模式和借壳上市模式以及数据不完全的样本之后，进行实证分析。

The sample of this section is about the listed companies that have completed holistic listing between January 1,2007 and June 30,2010 , excluding the sample of the IPO mode , the back-door listing mode , and the sample data that is not entirely .

这些公司的业绩急剧下降。自今年年初以来，一个追踪美国的中国借壳上市企业的彭博（Bloomberg）指数暴跌44%，对中国内地经济硬着陆的担忧加剧了跌幅。

A Bloomberg index tracking Chinese reverse merger stocks in the US has plunged 44 per cent since the start of the year , a decline exacerbated by fears that the mainland economy is hitting a rough patch .

美国证交会（sec）已批准了几家证交所提出的、旨在提高私人公司借壳上市门槛的新规定，以此回应市场对于一些中国公司通过借壳上市规避会计规则的担忧。

The securities and Exchange Commission has approved new rules proposed by stock exchanges to make it harder for private companies to go public by merging with a shell company , a response to concerns that Chinese groups were using such deals to skirt accounting rules .

借壳上市是否能增加公司的市场价值？

Can backdoor listing increase the market value of listed companies ?

近年来借壳上市是否得到了进一步的规范？

Whether backdoor listing has got further specification in recent years ?

国美电器香港借壳上市案例研究

Analysis on Gome 's Back - door Listing in Hong Kong

阀门壳体局部区域壁厚测量评价方法的探讨后门上市/借壳上市

The discussion on the evaluation methods of valve shell local area wall thickness measurement

具体到本文的借壳上市现象研究中，这种方法有其优越性。

This method has superiority in the study of backdoor listing phenomenon in this paper .

本部分主要介绍了对企业改制上市的若干模式及其相关案例分析，包括分拆模式、买壳上市模式、借壳上市模式、退壳合资模式、联合发起及技术资本联盟。

It mainly introduces the models and SME 's going public and analyzes some concerned cases .

借壳上市为上市公司和非上市公司带来利益双赢。

Backdoor listing for listed companies and unlisted companies bring about the benefit of a win-win .

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。

Therefore , we can analyze the performance of backdoor listing on the perspective of performance of share price .

完整的借壳上市一般有两个阶段：财务性重组（也称报表重组）和价值重组。

The complete backdoor list usually involves two phrases : financial reorganization ( also called report reorganization ) and value reorganization .

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。

This paper focuses on the motivation of Northeast Securities backdoor listing , consolidated accounting treatment and post-performance analysis of backdoor listing .

借壳上市是企业兼并收购的一种方式，同时也是上市的一种捷径。

Backdoor-listing is not only a way of merger and takeover of an enterprise , but also a shortcut of company listing .

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 paper also recommends introduction of regulatory measurements in backdoor listing and keeping coordinated in the accounting treatment and disclosure of information .

随着我国证券市场国际化向纵深方向发展，我国企业境外借壳上市的活动日趋增多。

Along with the fast development of the Chinese securities business'internationalization , more and more Chinese enterprises are coming into the market through shell-borrowing .

首先介绍了借壳上市的理论基础和国内关于借壳上市的研究成果，接着对借壳上市的相关概念和借壳上市的基本流程做了阐述。

Firstly it introduces the theoretical basis and domestic research result of Acquisition for Backdoor-listing . Then introduces the conception and flow of backdoor-listing .

正是基于上述背景，笔者试图涉足借壳上市的有关问题进行有意义的探讨和研究。

Just because of above - mentioned background , I attempt to set foot in and borrow relevant question on the utilization of shell resource .

关于绩效，样本公司借壳上市之后的总体绩效均比借壳上市之前的总体绩效有所提高。

On performance , the sample after the reverse merger the company than the overall performance of the overall performance before the reverse merger has increased .

凯恩斯的格言自然适用于财务不透明的中国借壳上市公司&市场维持非理性的时间可能长于你口袋里的现金能维持的时间。

Keynes ' dictum certainly holds true for Chinese reverse-merger companies with opaque financials : the market can remain irrational longer than your cash can hold out .

一旦完成了收购，南洋科技将变更该公司名称，允许投资者认购这家借壳上市的公司的股票。

Once the acquisition is complete , Nanyang will change its name and allow investors to pick up shares in what amounts to a backdoor public offering .