摘要
借壳上市是中国公司上市资格稀缺背景下的热点问题,其中的借壳风险受各方关注。同时,利用杠杆增持股票是近年来中国资本市场上的新手段,其中蕴含的机遇与风险也值得考察。借助上海斐讯多次杠杆增持慧球科技但最终借壳失败的案例,本文立足法律风险和财务风险两个视角,研究了借壳上市与杠杆增持两种方法并存下的风险叠加问题,具体分析了杠杆增持背后的原因、渠道及后果。研究发现,战略发展、定增失败、控制权危机等原因促使上海斐讯选择了杠杆增持这一"快捷"方式。然而,杠杆增持高股价、高杠杆、高平仓线的特性埋下了"爆仓"隐患,最终造成借壳上市失败。由于杠杆增持借壳上市中涉及的股份和金额数量巨大,其成功与否和过程起伏会对投资者的利益和金融市场的稳定造成巨大的影响,本文的研究和发现因而具有较大的警示性。本文的研究有助于全面理解杠杆增持的利弊得失,并为借壳方、被借壳方、投资者和监管机构提供了一些前瞻性的建议和启示。
Backdoor listing is a hot issue under the background of the scarcity of Chinese companies’listing qualifications.All parties keep an eye on the backdoor risk.Using leveraged financing to increase shareholdings is a new method in China’s capital market,and both the chance and risks involved are worthy of attention.Taking the case of PHICOMM repeatedly increasing holdings of Guangxi Future Technology by leveraged financing but ultimately failing,this paper analyzes the risk superposition in the coexistence of backdoor listing and leveraged financing to increase shareholdings based on the two perspectives of legal risk and financial risk.Specifically,this paper analyzes the reasons,channels and consequences behind increasing holdings in leverage.We find that PHICOMM has chosen the“quick”approach of leveraged holdings in terms of strategic development,failure of private placement,and crisis of corporate control.However,leveraged financing to increase holdings has the characteristics of high stock prices,high leverage,and high close lines,which have laid the hidden dangers of“blowing up”and eventually led to the failure of backdoor listing.Increasing shareholdings by leveraged financing to achieve backdoor listing is characterized by large amounts of shares and money,whose ups and downs will exert a huge impact on the interests of investors and the stability of the financial market,therefore the research and findings of this paper can serve as a major warning.The research in this paper will help to fully understand the advantages and disadvantages of increase holdings by leveraged financing and provides some forward-looking suggestions and enlightenment for borrowers,shell companies,investors and regulators.
作者
梁上坤
李丹
谷旭婷
马逸飞
LIANG Shang-kun;LI Dan;GU Xu-ting;MA Yi-fei(School of Accountancy,Central University of Finance and Economics,Beijing 100081,China)
出处
《中国工业经济》
CSSCI
北大核心
2018年第6期136-155,共20页
China Industrial Economics
基金
国家自然科学基金青年项目"国企高管行政级别与公司财务决策:理论与实证"(批准号71402198)
北京市社会科学基金项目"高管激励创新与费用粘性:针对北京市制造业企业的考察和研究"(批准号15JGC176)
关键词
借壳上市
杠杆增持
上海斐讯
慧球科技
风险叠加
backdoor listing
leveraged holdings
PHICOMM
Guangxi Future Technology
risk superposition
