海澜之家反向购买凯诺科技交易公平性商榷——基于资产估值与财务数据

The Fairness Problem of Hailan Reverse Purchasing Quinones Technology——Based on Asset Evaluation and Financial Data

反向购买交易中借壳公司和壳公司股东利益的均衡问题,为资本市场投资者和财务学界关注的焦点。2013年海澜之家以反向购买方式借凯诺科技上市,账面权益相差无几的两家公司,双方股东获得的股份数量比为85.61:14.39,交易是否公平疑惑顿起。本文基于资产估值和财务数据,发现海澜之家的交易作价有偏高之嫌,凯诺科技的价值相对低估,因此,这一规则和程序正义交易的公平性值得商榷,并引发对借壳上市时机选择、交易定价以及报表合并等问题的思考。

The balance of the shareholders interest of the backdoor and shell companies in reverse purchase transactions,is the focus of the capital market investors and financial scholars.Hailan Home listed on the Quinones Technology through a reverse merger in 2013,the difference of the book interests between the two companies was small,the proportion of the number of shares available for both the observation and analysis on asset valuation and financial data,we found that Hailan Home in the transaction price is too high,the value of Quinones Technology is relatively undervalued.Therefore,the fairness of this rule and procedural justice is open to question,and triggers thinking of the timing choice on backdoor listing,the pricing and the consolidated financial statements problems.