【正文】 經(jīng)濟(jì)持續(xù)高速的增長態(tài)勢，很多企業(yè)由早期的追求經(jīng)營規(guī)模的擴(kuò)張發(fā)展到爭取在各個(gè)資本市場上市。關(guān)鍵詞：借殼上市；資產(chǎn)置換；風(fēng)險(xiǎn)控制2AbstractThe securitization of fundraising has bee the trend in today’s international capital market. When the Chinese economy is experiencing rapid and constant growth, more and more Chinese private panies are seeking for capital in the international markets. Now going public overseas is one of the important direct fundraising channels. Overseas reverse merger, as one popular way, has many advantages such as low costs, low risks, simple process etc. It can also effectively circumvent the barriers set by IPO. Many private panies with strong fundamentals and performance have taken full advantage of the overseas resources of shell panies, and regarded it as an effective method of indirect going public and fundraising.Backdoorlisting is not only a way of merger and takeover of an enterprise, but alse a shortcut of pany listing. Backdoorlisting,as a phenomenon of senior capital running,originates and develops along with the Security unlisted achieves going public of its assets and business,and broaden a new approach of raising and financing by the listing qualification of the other panies listed. Company listed can realize the raising of achievements and advoid the risk of pausing,even stopping to go a word ,Backdoorlisting can bring profit for panies both listed and unlisted, in spited of this ,it ,unavoildedlly,can lead to series of problems.Key word：Backdoorlisting；asset replacement；risk control3目錄摘要 ............................................................................................................................................2ABSTRACT....................................................................................................................................3序言 ............................................................................................................................................8一、借殼上市的盈利與風(fēng)險(xiǎn)概念綜述 ............................................................................11 借殼上市的概念的界定 ...............................................................................................11 借殼上市的概念 ...................................................................................................11 其他相關(guān)概念界定 ...............................................................................................12 借殼上市的淵源 ...........................................................................................................14 借殼上市的產(chǎn)生 ...................................................................................................14 借殼上市的特點(diǎn) ...................................................................................................14 我國借殼上市的背景分析 ...........................................................................................15 國際經(jīng)濟(jì)背景 .......................................................................................................15 中國企業(yè)融資難、上市難的現(xiàn)狀 .......................................................................17 境外資本市場的優(yōu)勢 ...........................................................................................19 借殼上市的客觀性與長期性 ...............................................................................19 借殼上市的運(yùn)作過程 ...................................................................................................22 借殼上市階段 .......................................................................................................22 借殼上市的常用的資本運(yùn)作方式 .......................................................................23 借殼上市的意義 ...........................................................................................................25 借殼上市的發(fā)展前景 ...................................................................................................27 殼資源的性質(zhì) ................................................................................................................28 殼資源的一般性質(zhì) ...............................................................................................28 殼資源的特殊性質(zhì) ...............................................................................................29 殼資源的產(chǎn)生原因 .......................................................................................................29 殼的內(nèi)涵 ...............................................................................................................29 殼資源的產(chǎn)生原因 ...............................................................................................29 借殼上市的動(dòng)機(jī) ...........................................................................................................31 縮短上市時(shí)間 .......................................................................................................31 拓寬融資渠道，改善企業(yè)資產(chǎn)負(fù)債結(jié)構(gòu) ...........................................................31 追求規(guī)模經(jīng)濟(jì)和資源互補(bǔ)，進(jìn)行企業(yè)擴(kuò)張 .......................................................32 追求廣告效應(yīng)，社會(huì)效益高 ...............................................................................32 尋求政策優(yōu)惠和政策支持 ...................................................................................33 殼公司的讓殼動(dòng)機(jī) .....................................................................................................33 實(shí)現(xiàn)產(chǎn)業(yè)結(jié)構(gòu)的轉(zhuǎn)換和產(chǎn)品結(jié)構(gòu)的調(diào)整 .........................................................33 退出機(jī)制的制約 .................................................................................................33 提高經(jīng)營業(yè)績，維持配股資格 .........................................................................33 盤活存量資產(chǎn) .....................................................................................................34 中央政府和地方政府的目的 ......................................................................................34 優(yōu)化資產(chǎn)配置，促進(jìn)資源合理流動(dòng) ..................................................................34 通過優(yōu)勝劣汰，提高證券市場的質(zhì)量 .............................................................344 轉(zhuǎn)變企業(yè)經(jīng)營機(jī)制，建立現(xiàn)代企業(yè)制 .............................................................34 借殼上市是解決國有股和法人股