摘要： 自2007年第一家P2P公司拍拍贷上线运营以来，互联网金融P2P网贷公司经历了大约两三年的野蛮发展，随着政府对互联网金融领域的监管措施从无到有，从松到紧，原先粗放的经营模式已经不符合相关标准，转型成为P2P行业急需思考的问题，P2P信贷企业也越来越多地参与到资本市场当中，收购、兼并、重组等资本活动日益活跃起来。自宜人贷在纽交所上市以来，在国内资本市场上市成为许多拥有雄厚资金的网贷平台的目标。而直接上市的准入门槛严、成本高，很多急于上市的企业瞄准了借壳上市这一并购方式。借壳上市相对于首次公开募股（IPO），有门槛低，成本小，审核周期短等特点，受到这些网贷公司的青睐。但是，由于企业上市缺少完善的法律规定，重大资产重组审批这一关难以通过且许多网贷公司实际上难以达到盈利要求，借壳上市在实际操作上也是困难重重。本文以红岭创投电子商务股份有限公司（简称“红岭创投”）并购福建三元达通讯股份有限公司（简称“三元达”），借壳上市失败的案例，对红岭创投借壳上市过程进行详细介绍，对借壳上市行为参与双方现实需求以及背后的动因、实际操作以及最后结果进行进一步分析，并提出相应地建议。 77942

毕业论文关键词： 互联网金融；P2P；红岭创投；并购重组；借壳上市

The Analysis of merger and acquisition of the Large-scale Private Internet Finance Enterprise

——Take Company Honglingchuangtou for Example

Abstract：Since year 2007, the first P2P lending company Paipaidai was founded, P2P lending in China has developed in extensive style about 2 or 3 years。 With the regulatory measures appear and more strict in the filed of P2P lending, the original business model has no longer match the practical needs。 Reformation has taken the priority of the transition in operation model。 P2P lending enterprises are increasingly involved in the capital market，meanwhile，

capital activities such as merger、acquisition and recombination has become increasingly active。 Since the Yirendai(YRD) is listed in New York Stock Exchange(NYSE), the listing of the domestic capital market has become the target of many well-funded P2P lending companies。 The entry of direct listings is tough and expensive, and many companies eager to list have targeted the acquisition approach of backdoor listings。 These are the companies that are favored by these companies, which have a low threshold, low cost and short audit cycle。 However, since P2P industry has not been clearly identified, examination and approval of the material assets reorganization is pretty hard and many platforms are hardly reaching the request of the profitability and backdoor listings in practice are also difficult。 The essay is based on the failure of Honglingchuangtou purchasing Sanyuanda, introduce the process in detail, explore in both sides of the motivation of the behavior, practical operation and final results for further analysis, and puts forward some suggestions accordingly。

Key Word:  ITFIN ,  P2P lending,  Merger and Recombination,  Back-door listing。

目  录

绪论 1

研究背景及意义 1

研究方法 1

一、相关概念界定 2

（一）大型民营互联网金融企业的概念 2

（二）互联网金融企业的并购行为—借壳上市 2

二、互联网金融企业并购现状分析 3

（一）各大平台以多轮融资作为主要引资和扩大规模的发展手段