步森股份重组失败案例研究

发布时间：2018-06-17 21:25

本文选题：资产重组 + 财务造假　；参考：《安徽工业大学》2017年硕士论文

【摘要】：上个世纪八十年代以来,伴随着经济全球化的趋势不断加强,我国不断加深对外开放水平、加速与世界市场的融合,我国经济发展状况与世界经济形势紧密联系,同样经济转型与产业结构调整这一重大经济变革对我国经济发展而言产生了巨大冲击同时也带来了前所未有的机遇。以企业兼并重组为代表的经济行为变得变得越来越常见,无论是兼并重组的资产规模还是案例数量均实现了高速增长。频繁的兼并重组意味着资产、债务、业务等重要经济事项大规模的调整与改变,其实质是一个以上的原有企业、独立法人或经济实体按照法律相关规定、根据自身所达成的兼并协议将其全部或部分资产、业务进行融合的经济过程。通过类似的兼并重组实现资源的合理配置与流通、实现企业战略规划、增强企业的自身实力。大体而言,兼并与重组是不同的经济学概念,前者主要反应多个经济实体进行整合,合并为一个统一整体的过程;而后者主要指企业从自身战略目标与战略规划出发,经过战略考量,对企业原有的资本、资产、债务等重要经济负荷进行重新调整的经济过程。经国家统计数据显示,近年来我国大陆上市公司进行资产重组的数量规模与所占比重持续上升,极大的刺激了我国经济发展活力与优质资源的充分利用,但是上市公司由于操作失误、违规违法等原因导致的重组失败屡见报端,如四川泸天化股份有限公司重组后股票大跌、海螺型材收购奇瑞新能源失败。资产重组是否能让公司焕然一新、提升经营效率、获得实质性收益,始终是资本市场各方非常关注的问题。本文以步森股份有限公司的资产重组案例作为切入点与研究实例,首先从企业经营治理模式、借壳方审查、民营企业重组和重组标的选择这样几方面深入研究分析发现,步森股份的重组动因、重组历程以及多次重组失败的根本原因在于企业目标定位混乱、重组对象选择失误、管理层运营偏差、政府对民营企业重组政策收紧这四个方面。其次针对以上四点原因提出改进意见:构建并完善公司治理机制、加强对借壳方审查、注重保护重组各方权益、发挥法律法规和中介机构作用增加重组机会。最后为正在筹备重组的上市公司提出了一些建议和注意事项,包括进一步优化资产配置、改进公司治理方式、保护中小股东权益;为政府监管部门在重组方面提出一些切实可行的参考建议。
[Abstract]:Since the eighties of the last century, with the increasing trend of economic globalization and the deepening of the level of opening to the outside world, China has accelerated its integration with the world market. The economic development of our country is closely linked to the world economic situation. At the same time, the economic transformation and the adjustment of industrial structure have had a great impact on the economic development of our country at the same time, and also brought unprecedented opportunities. The economic behavior represented by enterprise merger and reorganization has become more and more common, both the asset scale and the number of cases of merger and reorganization have achieved rapid growth. The frequent merger and reorganization means that assets, debts, business and other important economic matters are adjusted and changed on a large scale. In essence, they are more than one original enterprise, independent legal person or economic entity in accordance with the relevant provisions of the law. The economic process of merging all or part of its assets and businesses in accordance with its own merger agreement. Through the similar merger and reorganization to realize the rational allocation and circulation of resources, to realize the strategic planning of enterprises, and to enhance their own strength. Generally speaking, merger and reorganization are different economic concepts. The former mainly reflects the process of integrating multiple economic entities into a unified whole, while the latter mainly refers to the enterprise proceeding from its own strategic objectives and strategic planning. After strategic consideration, the economic process of readjusting the original capital, assets, debt and other important economic loads of the enterprise. According to national statistics, in recent years, the number and proportion of assets reorganization of listed companies in mainland China have continued to rise, which has greatly stimulated the vitality of our economic development and the full utilization of high-quality resources. However, the listed companies due to operational errors, illegal and other reasons caused by the restructuring failure frequently seen in the newspaper, such as Sichuan Lutianhua Co., Ltd. after the stock restructuring, conch profile acquisition of Chery new energy failure. Whether the reorganization of assets can make the company look new, improve the efficiency of operation, and achieve substantial income, is always a matter of great concern to all parties in the capital market. This paper takes the case of assets reorganization of Bousen Co., Ltd. as the starting point and research example. Firstly, from the aspects of enterprise management model, backside review, private enterprise reorganization and the selection of the target of reorganization, the paper finds out that, The reasons for the reorganization of Bugson shares, the course of reorganization and the failure of repeated reorganization lie in four aspects: the confusion of the target orientation of the enterprise, the wrong choice of the recombination object, the deviation of the management, and the tightening of the government's policy on the reorganization of the private enterprise. Secondly, some suggestions are put forward for the above four reasons: constructing and perfecting the corporate governance mechanism, strengthening the examination of the backdoor party, paying attention to the protection of the rights and interests of the parties, giving play to the role of laws and regulations and the role of intermediary organizations to increase the opportunities for reorganization. Finally, some suggestions and precautions are put forward for the listed companies that are preparing for reorganization, including further optimizing the allocation of assets, improving the way of corporate governance, and protecting the rights and interests of minority shareholders; For the government regulatory departments in the reorganization of some practical suggestions.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.86

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