近年来，我国的原奶市场持续处于供不应求的情况，供需矛盾加剧。随着消费者市场需求的不 断增长，为了扩大企业规模、获取更大的利润，乳制品生产商们必须开拓出更为便捷的融资方式与 途径，这也是市场对乳制品公司提出的全新要求。要登陆资本市场，上市无疑是企业最好的选择。 通常情况下，IPO 和借壳两种方式是企业在上市时应用最多的两种方法。然而在我国，IPO 上市容 易受到各种非市场化要素的影响与限制，因此，借壳上市成为了实力强大的大企业或集团走向资本 市场的必然选择。 本文采用了案例研究法和比较分析法，基于市场时机理论、政府干预理论等相关理论研究，选 取天润乳业借壳新疆天宏上市的案例进行深层次的分析。一方面，采用了 SWOT 分析法全面剖析了 天润乳业的优势与劣势，由此研究其借壳上市的潜在动因。另一方面，采用了财务指标法中的比较 分析法对天润乳业借壳上市的财务绩效进行了深入的研究。先纵向比较了上市公司天润乳业借壳前 后的财务指标变化情况，再横向比较了天润乳业与同行企业之间的财务状况。此外，还对借壳上市 过程中，企业出现的问题与问题产生的原因进行了简单的阐释，并针对此中问题提出了一些意见和 改进方法。 本文的贡献在于，（1）以乳业企业为切入点，全面分析了借壳上市的动因，丰富了乳制品行业 上市的相关研究，便于资本市场中的投资者进一步了解上市公司的基本情况；（2）为提高乳制品企 业并购重组绩效贡献力量。天润乳业借壳上市是在政府部门的大力支持下进行的，属于国有产权行 政划转，其上市解决了企业资金问题，扩大了企业知名度和市场占有率。因此本文或许可以为研究 政府部门在企业借壳上市中发挥的作用提供一些建议。 关键字，资本市场；天润乳业；借壳上市；动因；财务绩效II Abstract Recent years, the raw milk market in China has been in a situation of shortage of supply and demand, and the contradiction between supply and demand has intensified. With the continuous growth of consumer market demand, in order to expand the scale of enterprises and obtain greater profits, dairy producers must develop more convenient financing methods and ways, which is also a new requirement of the market for dairy companies. To land in the capital market, listing is undoubtedly the best choice for enterprises. Usually, IPO and backdoor are the two most widely used methods in the listing of enterprises. However, in China, IPO listing is easy to be affected and restricted by various non-market factors. Therefore, backdoor listing has become an inevitable choice for powerful large enterprises or groups to go to the capital market. In this paper, case study and comparative analysis are used. Based on market timing theory, government intervention theory and other related theoretical research, the case of Tianhong listed in Tianrun Dairy Industry is selected for deep analysis. On the one hand, the SWOT analysis method is used to analyze the advantages and disadvantages of Tianrun Dairy Industry in an all-round way, so as to study its potential motivation of backdoor listing. On the other hand, the financial performance of Tianrun Dairy's backdoor listing is deeply studied by using the comparative analysis method of financial indicators. Firstly, the paper compares the changes of financial indicators before and after Tianrun Dairy borrowing, and then compares the financial situation between Tianrun Dairy and its counterparts horizontally. In addition, this paper also gives a brief explanation of the problems and the causes of the problems in the process of backdoor listing, and puts forward some suggestions and improvement methods for these problems. The contribution of this paper lies in: (1) Taking dairy enterprises as the breakthrough point, it comprehensively analyses the motivation of backdoor listing, enriches the relevant research of dairy industry listing, and facilitates investors in capital market to further understand the basic situation of listing; (2) It contributes to improving the performance of dairy enterprises merger and reorganization. The backdoor listing of Tianrun Dairy Industry was carried out with the strong support of the government departments. It belongs to the administrative transfer of state-owned property rights. The listing of Tianrun Dairy Industry solved the problem of enterprise funds and expanded the enterprise's popularity and market share. Therefore, this paper may provide some suggestions for the study of the role of government departments in the backdoor listing of enterprises. Keywords: capital market;Tianrun dairy industry;backdoor listing; motivation;financial performance .III 目 录 摘要..............................................................................................................................................................I Abstract.......................................................................................................................................................... II 1.绪论..............................................................................................................................................................1 1.1 选题背景...........................................................................................................................................1 1.2 选题意义...........................................................................................................................................1 1.3 文献综述...........................................................................................................................................2 1.3.1 借壳上市的动因研究............................................................................................................2 1.3.2 借壳上市的绩效研究............................................................................................................4 1.3.3 国内外文献述评....................................................................................................................5 1.4 研究内容和方法...............................................................................................................................5 1.4.1 研究内容................................................................................................................................5 1.4.2 研究方法................................................................................................................................6 2.借壳上市的相关概述和理论......................................................................................................................7 2.1 借壳上市的相关概念.......................................................................................................................7 2.1.1 壳与壳公司............................................................................................................................7 2.1.2 借壳上市................................................................................................................................7 2.1.3 借壳上市的相关规定............................................................................................................7 2.1.4 借壳上市的优缺点................................................................................................................8 2.1.5 借壳上市的模式....................................................................................................................8 2.2 借壳上市的相关理论依据...............................................................................................................9 2.2.1 协同效应理论........................................................................................................................9 2.2.2 市场时机理论......................................................................................................................10 2.2.3 信息与信号理论..................................................................................................................10 2.2.4 政府干预理论......................................................................................................................11 2.3 借壳上市财务绩效评价.................................................................................................................11 3.天润乳业借壳新疆天宏上市的案例分析................................................................................................12 3.1 案例背景.........................................................................................................................................12 3.1.1 天润乳业概况......................................................................................................................12 3.1.2 新疆天宏概况......................................................................................................................13 3.2 借壳上市的过程及股权结构变化.................................................................................................16 3.2.1 借壳上市过程......................................................................................................................16 3.2.2 借壳上市后股权结构变化..................................................................................................17 3.3 天润乳业借壳上市的 SWOT 分析................................................................................................18IV 3.4 天润乳业借壳上市的特点.............................................................................................................19 3.4.1 采用多种借壳上市模式降低了借壳成本..........................................................................19 3.4.2 双方政府部门的推动降低了整合风险..............................................................................19 4.天润乳业借壳上市的动因及绩效分析....................................................................................................21 4.1 新疆天宏售壳动因.........................................................................................................................21 4.1.1 公司连年亏损已资不抵债面临退市风险..........................................................................21 4.1.2 提升公司盈利能力保护壳资源..........................................................................................21 4.2 天润乳业借壳动因.........................................................................................................................21 4.2.1 市场形势所迫......................................................................................................................21 4.2.2 提升产品知名度，为实现规模扩张奠定基础..................................................................23 4.2.3 借壳上市门槛相对较低，效率高......................................................................................23 4.2.4 政策优势..............................................................................................................................24 4.2.5 地方政府的支持..................................................................................................................24 4.3 天润乳业借壳上市绩效评价——基于财务分析评价法.............................................................25 4.3.1 盈利能力分析......................................................................................................................25 4.3.2 营运能力分析......................................................................................................................28 4.3.3 偿债能力分析......................................................................................................................31 4.3.4 成长能力分析......................................................................................................................34 4.3.5 现金流量分析......................................................................................................................36 4.3.6 财务绩效评价小结..............................................................................................................37 4.4 借壳上市后天润乳业的经营业绩提高.........................................................................................37 5.案例研究结论与启示................................................................................................................................39 5.1 研究结论.........................................................................................................................................39 5.1.1 借壳上市方案具备双赢效益..............................................................................................39 5.1.2 借壳上市交易可操作性强..................................................................................................40 5.1.3 地方政府的支持和政策驱动是重组交易成功的基础......................................................40 5.1.4 选择合适的壳资源和时机是借壳上市成功的前提..........................................................41 5.2 对企业借壳上市的启示.................................................................................................................42 5.2.1 借壳上市为非上市公司提供上市途径和额外的融资渠道 ..............................................42 5.2.2 借壳上市过程中要加强风险控制......................................................................................42 5.2.3 实现借壳上市离不开地方政府的支持和相关政策驱动..................................................43 5.2.4 根据自身的特点选择借壳上市模式..................................................................................43