Study On Acquisition For Listing In Our Stock Market

Acquisition for Listing has greatly increased in the Chinese stock market from 1997. It's is a kind of asset recon structuring. Company can require asset from stock market by this way. Firstly, it must gain the control right on one listed company. Secondly, it will invest the high-quality assets to the listed company. Finally, it can realize the goal of indirect listing. With market economics developing and consciousness of financing improving, enterprise borrowing shell competed more and more. In order to understand it, it's necessary to research it deeply.This article analyzs this phenomenon in detail. Firstly it introduces the theoretical basis and domestic research results of Acquisition for Listing, then introduces background of this behavior and describes the present situation in our country. I mainly have a real diagnosis statistics to the 52 cases of Acquisition for Listing which happened from January, 2006 to October, 2007.From the capital stock scale, the capital stock structure as well as the company achievement three aspects, I describe the shell company's characteristic. From the profession distribution, the region distribution and the borrowing shell's pattern three aspects, I describe the borrowing shell company's characteristic. And the statistical characteristic which appears to both sides has been given the analysis and the explanation. Next I elaborate the Acquisition for Listing pattern and the IPO pattern including listing condition and listing flow separately, and compare with the two kind of patterns comprehensively. Base on the research above, I multianalysis the motivation of Acquisition for Listing from three aspects including the borrowing shell company, shell company as well as exterior factors. Because the cost and income are considered as the two major important problems to the borrowing shell company, I give a detailed qualitative analysis about the cost and income of Acquisition for Listing. This article finally makes the subtotal to the full text, proposes the correlation suggestion, and makes a forecast to the Acquisition for Listing market's future.