基于中概股回归A股资本运作研究——以奇虎360案分析为例  

Research on the Operation of Returning A-share Capital Based on China Stocks: Taking the Analysis of Qihoo 360 Case as an Example

作　　者：周楠 金利娟[2] Zhou Nan;Jin Li-juan(Anhui Finance and EconomicsUniversity,Bengbu Anhui 233030,China;Tongling University,Tongling Anhui 244000,China)

机构地区：[1]安徽财经大学,安徽蚌埠233030 [2]铜陵学院,安徽铜陵244000

出　　处：《铜陵学院学报》2018年第6期38-42,共5页Journal of Tongling University

基　　金：安徽财经大学与铜陵学院联合培养研究生科研创新基金项目“奇虎360回归A股的资本运作案例研究”(2017tlxylhy14)

摘　　要：文章以奇虎360回归A股作为案例,研究中概股回归A股过程中私有化回归时为防范恶意收购、股权分散和私有化成本高昂所采取的应对策略,以及借壳上市时壳资源的选择、上市后的股权变动和潜在的对赌协议风险等的一系列资本运作程序。研究认为中概股回归需要整合资源理性回归、建立有效回归战略并严格执行和防范风险,以适应国内市场。This paper takes Qihoo 360 to return to A-shares as a case to study a series of capital operations in the process of returning stocks to A-shares, and divide Qihoo 360 regression into two parts: privatization delisting and backdoor listing, and study the return of privatization. In order to prevent the cost of hostile takeovers, equity decentralization and privatization, the coping strategies adopted, the choice of shell resources when listing on the backdoor, the changes in equity after listing and the potential risk of gambling agreements. Through research, it is concluded that the return of the stock market needs to integrate the rational return of resources, establish an effective regression strategy and strictly implement and prevent risks from adapting to the domestic market.

关 键 词：中概股 奇虎360 私有化 借壳上市 

分 类 号：G641[文化科学—高等教育学]