出版企业借壳上市:方式、成本和收益比较

Publishing Enterprises Backdoor Listing: Mode, Cost and Return

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。

In the backdoor listing process, in addition to general intermediary costs, publishing enterprises also need to assume the cost of equity dilution. This paper designed two indexes to measure the cost rate of backdoor listing and the rate of appreciation in asset value. Through empirical study from 4 backdoor listing of publishing enterprises, it was found that the original shareholders generally get higher asset value-added income. The intermediary costs has little difference between publishing enterprises, but special expenditure, shell resource cost and the cost of equity dilution have much more difference. By auction to obtain shell resources, the backdoor listing cost rote the enterprise undertakes is low, and the rate of asset value-added is high. There is little relationship between the cost of equity dilution and specific backdoor way. Compared with IPO, the backdoor listing does not have a cost advantage. In the circumstances that profitability requirements of IPO and backdoor listing has been convergence, the backdoor listing may only have time advantages.