RUC-BK-113-110204-11271338 2001 11271338 2005-4-15 1
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Abstract In recent years, non-state-owned enterprises which are developing in reform and opening recomposing listed companies especially state-owned ones occurred frequently. Non-state-owned enterprises buying shell companies to be listed has become a pet topic of the security market. Especially when experiencing increasing performance which was like changing a delinquent into a solid citizen, the phenomenon of non-state-owned enterprises buying shell companies to be listed attracts the most attention. This article starts from the concept of shell resource, further analyzes the advantage of shell resource, and combines with the cases of buying shell companies to be listed in our security market to thoroughly analyze the causes of non-state-owned enterprises buying shell companies to be listed which include the difficulty of being listed directly, the objective demands of their development, saving the time of being listed and reducing the uncertainty, the permission of state-owned shares transferring to non-state-owned enterprises, speculating and so on. In addition, this article analyzes the risk of buying shell companies to be listed from aspects of the choice of shell companies, consultative intermediary, financing, recomposing and so on. Finally, it puts forward concrete countermeasures which are used to avoid venture for consideration. 3
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1..,2004 2..,2003 3...,2002 4...,2001 5..,2000 6..,1999 7...,1999 8..,1999(1) 9..,1999(1) 10..,1999 11..,1998 12..,1998 13..,1995 14..,1993 15Hill, Kelly,Cases in corporate acquisitions, buyouts, mergers, & takeovers,gale1999 16Joseph C. Krallinger, Mergers & Acquisitions: Managing The Transaction, McGraw-Hill, 1997 17Lees,Stan, Global acquisitions : strategic integration and the human factor, Palgrave Macmillan, 2003 18PatrickA. Gaughan, Mergers, Acquisitions, and Corporate Restrucurings, Jone Wiley &Sons, Inc, 1996 19Simen Partner, Mergers and Acquisitions, Manual, Prentice Hall, 1991 20Sirower, Mark L, The synergy trap : how companies lose the acquisition game, Free Press,2000 15