会计学院知识库

           企业上市除了能为企业提供融资渠道募集资金，还能帮助企业获得各种优势，包括规范企业治理结构，完善企业管理制度，提高企业资产流通性及企业知名度。企业上市不仅是企业扩张的一种手段，上市资质更是一种稀缺资源，然而自2011年起，企业受战略调整与治理优化、减缓上市成本压力、资本市场股价低迷、上市融资功能退化、国内在政策利好等因素影响选择私有化退市，私有化退市后，选择回归国内资本市场涉及多个因素的综合考量，如何选择回归路径对退市企业而言尤为重要。
　　　借助案例分析方法，以罗欣药业作为案例研究公司，通过对企业回归动因、上市路径以及企业回归效果相关内容的回顾，基于协同效应理论、信号传递理论以及寻租理论，梳理罗欣药业港股退市、上市中国资本市场的全过程，进一步挖掘其退市原因以及回归A股的路径选择，继而从财务角度总结罗欣药业回归A股经济效果的表现情况。最后通过研究发现罗欣药业借壳回归的经济效果可从以下三方面进行评价：从市场效应来就看，国内资本市场对罗欣药业的回归持认可态度，国内上市后其股价上升明显；从罗欣药业自身的纵向对比来看，罗欣药业在回归当年各项指标增长明显，但外部环境的变化使得罗欣药业的盈利能力、发展能力出现下降，营运能力虽无明显的提升，但其相对稳定，偿债能力指标呈现出上涨趋势，且保持稳定；通过比较行业内其他借壳上市的医药企业可发现，罗欣药业的各项能力强于行业内选择借壳上市路径的其他企业。最后，借壳上市的特殊事项，即重组的双方签订的业绩承诺及补偿协议，要求罗欣药业在未完成承诺业绩情况下进行巨额赔偿，罗欣药业经营压力进一步加大。
关键词：私有化退市 回归A股 借壳上市 罗欣药业　　　

　　　Listing of a company is not only provides financing channels to raise funds, but also helps them gain various advantages, like standardizing corporate governance structure, improving corporate management systems and asset liquidity, and increasing corporate visibility. Listing of a company is a means for companies expansion and a scarce resource for listing. However, since 2011, the phenomenon of companies delisting through privatization has emerged largely. The reasons of why is not only the low valuation of the capital market and favorable domestic policies, but also the cost savings of listing maintenance and the adjustment of corporate development strategies. Privatized delisted enterprises are eager to return to the domestic capital market, but diversified paths of returning have their own advantages and disadvantages. Choosing a path of return is crucial for delisted enterprises.
　　　Taking Luoxin Pharmaceutical as a case, this study reviews the reasons for privatization, listing paths, and corporate return effects. Based on rent-seeking theory, synergy theory, and signal theory, the entire process of Luoxin Pharmaceutical's privatization delisting to shell listing and return to A-shares is sorted out, the reasons for its listing on the Hong Kong Stock Exchange and privatization delisting, as well as the path selection for its return to A-shares are deeply analyzed, Then, summarize the performance of Luoxin Pharmaceutical's return to the A-share from both financial and non-financial perspectives. And we conduct specific evaluations from market effects, performance indicators, financing innovation capabilities, and completion of performance commitments. Finally, it can be concluded: Luoxin Pharmaceutical's return to the A-share market is an inevitable choice based on its own development, the path selection is based on the measurement of motives and its own capabilities, and the overall impact of returning to the A-share market on Luoxin Pharmaceutical shows that the advantages outweigh the disadvantages. Lastly, relevant suggestions are proposed for enterprises planning to use backdoor listing to return to the A-share market. Based on existing research findings in the academic community, we take Luoxin Pharmaceutical as the starting point for privatization and delisting, followed by a backdoor listing to return to the A-share market. We have delved into the path selection and economic effects of Luoxin Pharmaceutical's return to the A-share market, in order to supplement the case study literature of shell listing. Provide support for relevant theories from a practical perspective and provide certain guidance for companies planning to return to A-shares through shell listing after privatization and delisting.
Keywords：privatization and delisting;Returning A-shares;shell listing;Luoxin Pharmaceuticals