论特定环境下风险资本退出的另类蹊径--买壳上市的可行性
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Analysis of another method in the certain environment of capital market--Possibility of buying quota to go on the Stock Market
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    摘要:

    买壳上市是指非上市公司通过收购某一上市公司一定比例的股份,对其拥有相对控制权,然后再通过"反收购"方式注入自己有关业务及资产,从而实现间接上市的过程.结合我国的特定环境分析买壳上市的条件和应用"成本-效益"分析法分析买壳上市的可行性--由于一级市场尚无条件实施注册制,二级市场的绩差公司比比皆是,专为风险企业资本流动而设的创业板也尚未开辟,众多特殊的条件制约了风险资本的顺利运作和创业企业的长远发展.通过协议受让壳公司的非流通股间接上市一方面为创业企业打通了风险资本顺利退出的通道,另一方面可以优化资本市场稀缺

    Abstract:

    It is a big problem for venture capital to withdraw from a venture firm. The main tentative ideas on it include going on the market of the securities exchange or to sell out to other investors by negotiation, but there are many immature facts in the suggestions. Through the analysis of the environment of the capital market in China and of the cost-benefit of going on the market by buying quota of a single venture firm, this assay comes to the a conclusion that it is feasible for venture capital to withdraw from venture firm by buying quota to go on the market in case of the present environment of Chinese capital market.

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季蕾.论特定环境下风险资本退出的另类蹊径--买壳上市的可行性[J].西部论坛,2004,(4):

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