摘 要
我国资本市场自 1997 年起开始出现了借壳上市的热潮，借壳上市作为一种
上市公司兼并收购的重要形式，通过一定途径获得对上市公司的控制权，再将优
质资产、业务注入上市公司，达到间接上市的目的，从而使得一些非上市公司能
利用资本市场来筹资，加快自身的发展。壳公司通过被借壳实现了业绩的提升，
避免了被停牌、摘牌的风险，和非上市公司实现了利益共赢。 随着资本市场不
断发展完善和企业对融资意识的不断加强，企业借壳上市得到多方面的关注和重
视，为了正确认识这一我国资本市场发展的必然产物，需要对其有深刻的认识和
研究。

本文对借壳上市做了较为全面的分析，首先介绍了借壳上市产背景、现行制
度和理论依据，接着对借壳上市行为的核心要点和不同模式进行阐述。由于借壳
时的成本和借壳后的收益是借壳方考虑的重要问题，本文也对借壳上市的成本和
收益进行了详细分析。并重点介绍了烽火集团借壳S*ST长岭的交易方案和原则。

本文最后对借壳上市各方提出了建议，并从证监会审核、企业借壳目的和上市后
的发展战略对借壳上市发展趋势做出全面的展望。

关键词：借壳上市；企业价值评估；资产置换；成本收益分析
ABSTRACT
Backdoor listing, as a way of merger and takeover, has greatly
increased in China Capital Market from 1997, by which unlisted
company can require asset from stock market. Firstly, it gains the control
right on one listed company, and then invests the high-quality assets to
the listed company, thus realizing the goal of indirect listing and fund
raising. Company listed can realize the raising of performance and avoid
the risk of pausing, even stopping to go public. Backdoor listing brings
about mutual benefits for companies both listed and unlisted. With the
advancement of capital market and improving consciousness of financing
for enterprises, it’s necessary to go deep into backdoor listing.
The paper analyzes backdoor listing from various perspectives.
Firstly it introduces the background of this behavior, current regulations
and theoretical basis, followed up with the statement of key points. Due
to the fact that cost and benefit are considered to be major problem,
detailed analysis is given to this issue. The paper also studies the case of
Shanxi Fenghuo acquisition for listing. Lastly, the paper draws the
conclusion, proposes suggestions and makes forecast of backdoor listing.
KEY WORDS: Backdoor Listing, Corporate Valuation, Asset
Replacement, Cost and Benefit Analysis.