会计学院知识库

     借壳上市，是目前较常见的一种企业上市方式。一般情况下，企业由于自身达不到IPO上市的条件,从而通过借壳，缩短上市的时间，减少交易成本，快速实现上市。借壳上市存在有一定的弊端，比如：稀释企业的股权，壳公司的质量不能确定，影响市场正常功能等。因此，为了防止企业随意借壳上市，国家制定了相关的规范上市的政策，随着新政策的颁布，对借壳上市的限制越来越严格，对想要通过“借壳”来实现上市的企业来讲，遇到的问题越来越多，难度越来越大。近年来，国家政策对基因行业投入了较多的关注，这对投资者来讲是一种新的机遇。毋庸置疑，机遇与挑战同时存在，主营基因的企业为了有效地应对挑战，把握好发展机遇，选择上市。贝瑞基因就是基于这样的背景下，通过天兴仪表公司，在2017年成功地实现了借壳上市。

   作为基因测序行业内的第一家成功借壳上市的企业，本文在相关理论的基础上，研究了案例企业借壳上市的动因、交易模式、借壳上市的效果影响和财务绩效等，分析了借壳上市对基因测序行业上市的利弊，以及对案例企业本身产生的影响。在具体的研究过程中，主要采用了事件研究法、财务绩效分析法、EVA分析法等，通过对案例企业借壳上市的市场效应、财务绩效，EVA等方面的分析，研究结论认为，贝瑞基因借壳上市是成功的，为企业可持续发展奠定了良好的基础。

        The shell listing is a common way to go public. Generally, because the enterprise can not meet the IPO listing conditions, it can shorten the listing time, reduce transaction cost and quickly realize listing. There are some disadvantages in the listing of the shell stock, such as diluting the equity of the enterprise, the quality of the shell company is uncertain, and affecting the normal function of the market. Therefore, in order to prevent enterprises from listing on the shell at will, the state has formulated relevant policies to regulate listing. With the promulgation of new policies, the restrictions on the listing of the shell borrowing are more and more strict. For enterprises who want to achieve listing through "borrowing shell", more and more problems are encountered and the difficulty is becoming bigger and bigger. In recent years, national policy has paid more attention to gene industry, which is a new opportunity for investors. Undoubtedly, opportunities and challenges exist at the same time. In order to effectively deal with the challenges, the main gene companies seize the development opportunities and choose to go public. Under such background, Berry Gene successfully listed in 2017 through Tianxing Instrument .

          As the first successful listed company in gene sequencing industry, this paper studies the motivation, transaction mode, effect and financial performance of case companies listed by borrowing case on the basis of relevant theories. The advantages and disadvantages of the shell listing on the listing of gene sequencing industry and the impact on the case enterprises themselves are analyzed. In the specific research process, the main use of event research, financial performance analysis, EVA analysis, etc. Through the case of the case of the market effect, financial performance, EVA and other aspects of the analysis, the research conclusion that the Berry Genomics shell listing is successful, for the sustainable development of enterprises laid a good foundation.