借上市公司平台融资的资产置换定价方法研究

Pricing Method of Asset Replacement Using Financing Platform of Public Companies

企业融资难是现今中国企业发展面临的一大困境,而众多企业发展又急需资金。目前我国企业面临融资难和融资渠道单一的难题,遵循IPO排对上市融资基本上不现实,于是借上市公司平台进行融资成为众多企业的一种较好选择。借助上市公司平台融资实现的路径是通过资产置换实现对上市公司控股,然后进行股权质押或增发股票或发行债券实现融资。要实现对上市公司控股就必须置换资产,资产的定价就成为其关键环节。

Financing has been a key bottleneck in the business development of various companies,which are in constant hunger of capitals.However,the difficulty in financing results from the limited financing channels,so that it is unfeasible to wait for going public.As an alternative,many companies turn to the financing platforms of the existing public companies.The acquiring company will first control a target public company through asset replacements.Next,the acquirer is financed by either pledging equities or issuing new stocks or bonds.As a result,to control a public company relies on successful asset replacements,in which case asset pricing will be the key.