科学城涉矿资产重组案例研究

发布时间：2018-04-12 08:58

本文选题：资产重组 + 科学城　；参考：《西南财经大学》2013年硕士论文

【摘要】：资产重组的概念在中国包含了兼并收购、债务股权重组以及企业重组的各个方面,而上市公司资产重组是我国资本市场实现资源优化配置的重要手段,同时也是近年来上市公司实现规模扩张、业务转型、资本运作的最有效方式之一。涉矿重组作为一类特殊的资产重组类型,是我国资本市场上备受关注的热点,但是由于我国上市公司大量涉矿重组的现象出现时间尚短,目前关于涉矿重组的研究并不多。上市公司科学城于2012年进行的资产重组是一起典型的涉矿重组案例,主营酒店服务的科学城通过收购玉龙矿业成功转型成为一家矿产资源开发公司。本文以科学城这一重组案例作为研究对象,深入分析了科学城涉矿重组的背景、动因、方式、过程以及重组的成功和不足之处。并在案例研究的基础上,对我国涉矿重组现象进行了分析,得出经验性的结论。论文的主要内容分为五个部分,具体如下：第一章主要介绍了选题背景与意义,以及我国关于资产重组的一些基础理论,并简要提出了文章的思路结构；第二章重点分析科学城的涉矿重组方案的设计和实施过程,通过上市公司的公告和相关资料梳理出此次科学城涉矿重组的具体情况；第三章主要通过分析科学城此次重组的战略意义、财务价值、对二级市场的影响和出现的问题来对此次科学城的涉矿重组进行综合性的评价；第四章将科学城涉矿重组这一个案例推广到我国上市公司涉矿重组这一类现象,重点分析了我国上市公司涉矿重组的动因,特征,风险以及投资者如何把握涉矿股票；第五章是总结性的章节,对本文需要得出的结论进行了归纳总结。本文在案例研究和相关文献资料的基础上得出以下结论和建议：首先,科学城此次的涉矿重组是一次比较成功的重组案例,科学城通过巧妙的重组方案设计完成公司主营业务的转型,实现了控股集团的战略目标,同时很好的改善了企业的财务结构和盈利能力,公司股价的走势也证明方案获得市场的认同。其次,现阶段我国股票市场上存在炒作涉矿题材股票的现象,而普通投资者需要通过分析上市公司涉矿的原因、目的、方式和涉矿方案的可行性来判断涉矿股票的内在价值,尽量避免冲动投资。论文的不足和改进的方向体现在以下两方面：其一,科学城重组完成的时间较晚,无法通过公司重组转型后的经营成果来评价重组的绩效,论文采取了备查报表中的数据来代替重组后业绩,所得出的结论与实际有可能存在偏差;可以通过跟踪研究科学城的实际经营业绩,以公司的实际经营数据修正替代的数据。其二,论文主要采用定性的方式分析我国涉矿重组现象,所得出的大多是说服力不够的经验性结论；在以后的研究中,可以考虑使用定量和实证的方式来分析涉矿重组中出现的具体问题。
[Abstract]:The concept of asset restructuring in China includes all aspects of mergers and acquisitions, debt equity restructuring and enterprise restructuring. The asset restructuring of listed companies is an important means to achieve the optimal allocation of resources in China's capital market.It is also one of the most effective ways for listed companies to achieve scale expansion, business transformation and capital operation in recent years.As a special type of asset recombination, ore-related reorganization is a hot spot in the capital market of our country. However, due to the phenomenon of a large number of Ore-related reorganization of listed companies in our country, the phenomenon of Ore-related reorganization is still short, so there are few researches on Ore-related reorganization at present.The assets restructuring of Science City, a listed company, was a typical case of mining restructuring in 2012. The city, which specializes in hotel services, successfully transformed itself into a mineral resources development company through the acquisition of Yulong Mining.This paper takes the case of Science City as the research object, deeply analyzes the background, motivation, mode, process, success and deficiency of the reorganization.On the basis of case study, this paper analyzes the phenomenon of ore-related reorganization in China and draws empirical conclusions.The main content of the paper is divided into five parts, as follows:The first chapter mainly introduces the background and significance of the topic, as well as some basic theories about asset restructuring in China, and briefly puts forward the thinking structure of the article.The second chapter mainly analyzes the design and implementation process of the plan of ore-related reorganization of the science city, and combs out the concrete situation of the reorganization of the mine-related enterprise through the announcement of the listed company and the relevant data;The third chapter mainly through the analysis of the strategic significance of the reorganization of Science City, financial value, the impact of the secondary market and the emergence of problems to carry out a comprehensive evaluation of the reorganization of the Science City;In the fourth chapter, the author extends the case of ore related reorganization of Science City to the phenomenon of ore related reorganization of listed companies in China, focusing on the analysis of the causes, characteristics, risks and how investors grasp the ore related stocks of listed companies in China.The fifth chapter is the summative chapter, which summarizes the conclusions that need to be drawn in this paper.Based on the case study and related literature, this paper draws the following conclusions and suggestions: first, the reorganization of the Science City is a relatively successful case.The Science City completed the transformation of the company's main business through the ingenious reorganization scheme, realized the strategic goal of the holding group, and improved the financial structure and profitability of the enterprise.The trend of the company's share price also proves that the plan has been recognized by the market.Secondly, there is a phenomenon of speculation on ore related stocks in the stock market of our country at the present stage, and ordinary investors need to judge the intrinsic value of ore related stocks by analyzing the reasons, purposes, methods and feasibility of the plans of ore involvement of listed companies.Try to avoid impulsive investment.The deficiency and improvement direction of the thesis are reflected in the following two aspects: first, the time of completion of the reorganization of Science City is relatively late, and it is impossible to evaluate the performance of the reorganization through the management results of the restructuring and transformation of the company.The paper adopts the data in the future report form to replace the performance after the reorganization, and the conclusion can be deviated from the actual situation, and the data can be corrected by the actual operating data of the company by tracking and studying the actual operating performance of the science city.Second, the paper mainly uses qualitative analysis of the phenomenon of ore-related reorganization in China, and draws most of the empirical conclusions that are not convincing enough.Quantitative and empirical methods can be used to analyze the specific problems in ore-related reorganization.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F271

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