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国美电器的融资剖析的.ppt 41页

时间:2019-08-14 02:56来源:原创 作者:locoy 点击:
Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 4 配特

  Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 4 配特价而沽新股完成上市公司股票流动畅通 2004年9月28日,黄光裕拟以每股3.975嫡妻儿子特价而沽2.4亿股国美陈旧股,集儿子资9.54亿元,配股价较国美停牌前父亲幅折让15.4%。相当于国美早年市载比值的15.21倍,黄光裕整套即兴11.94亿港元。 2004年12月16日 ,黄光裕经度过荷银洛希尔配特价而沽2.2亿股股份,每股干价6.25港元,较停牌前折让4.58%,黄光裕套即兴13.75亿港元,持股比例将由此前的74.9%下投降到65.5%。依然处于对立控股位置。到此两次配特价而沽合共为黄光裕套即兴25.69亿港元。到此,鹏润为收买进而增发的新股整顿个上市流动畅通,真正完成了控股股东方黄光裕将国美电器65%的股权借壳上市流动畅通的目的。 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 国美上市操干特点: 低本钱得到壳公司把持权 a.巧妙使用股价摆荡度过火减持投降低收买进本钱 b.出产特价而沽资产套取上市公司即兴金流动 重组经过中充分使用规则投降低本钱 “蛇吞食象”式的反向收买进 a.成绕度过香港联提交所《反收买进》章 b.顶付方法设计巧妙 c.父亲胆官价架设建庞父亲的融资平台 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 对立市值估值法 分级靠档 片面比较 敏理性剖析 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 分级靠档 选择却比上市券商,当前国际但拥有中信、宏源两家,且同属于花样翻新类券商,本钱金主力邑较为公厚;但两家公司在规模上、内行业位置上、在事情花样上、在中心曲情市场占据比值上邑拥有壹定的差异,却以根据借壳方本身环境与哪壹家较为相近,就选择该公司干为却比上市券商,并假定却比券商即兴拥有市值是靠边的。 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 中信与宏源对比 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 定论 在规模上、在事情位置上、在事情花样上、在经纪情景上,中信证劵邑要优于宏源证劵,故此选择中信证劵干为却比参照物。 中信证劵本钱主力第壹,经济事情市上占据比值第壹,盈利尽和第壹。对立中信证劵,宏源在各种财政比比值及载利才干邑低于中信。 假定靠边性:假定中信证劵在国美电器估值时点的市值是公允的,2004年中信证劵市值条约为1453.07亿元。 Evaluation onl (责任编辑:admin)

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