基于整体上市动机的ABC汽车企业集团重组改制研究

发布时间：2018-10-09 16:36

【摘要】：整体上市是指一家公司将其主要资产和业务整体改制为股份有限公司进行上市的做法。随着证监会对上市公司业务独立性的要求越来越高，整体上市越来越成为大型企业集团首次公开发行上市的主要模式。国务院国资委近年来多次表示，将继续加大国有大型企业公司制股份制改革力度，具备条件的要积极引进战略投资者，推进主营业务整体上市。这意味着大型国有企业或企业集团或迎来整体上市高峰。2011年，国资委强调，"现在的方向是整体上市，至少要做到主营业务整体上市。主营业务整体上市的集团公司，逐步将存续企业消化之后再实现整体上市，依托的资本市场，其市场选择是境外加境内，就是A+H的模式。"竞争性国有大企业最终的体制模式很可能就是一个干干净净的上市公司，没有集团公司、不背存续企业，，完全按照资本市场的要求运营。这种状态彻底实现国有资产的资本化，流动性非常好，随时可以调整、也很容易调整。受全球金融危机影响停滞一年多之后，汽车企业集团整体上市的步伐再一次加快。2012年，奇瑞汽车集团选择直接IPO上市,上市方案已上报中国证监会。一汽集团、北京汽车集团等企业的整体上市计划也都在紧锣密鼓推进中，然而进程却相对缓慢，内部庞大的资产结构使资产整合和分割具有较大难度，间接整体上市必须依靠的“壳资源”也很难寻觅。因此，尽管各大汽车企业集团对整体上市都抱有极大热情，但前路仍然困难重重。尽管很多大型汽车企业集团都充满了对整体上市的渴望，也为之付出不少人力和财力，但能够较快实现整体上市的企业仍是少数，原因之一就是集团资产整合难。整体上市必须将旗下各类资产进行整合或剥离，其中包括对三类资产等“辅业”的剥离以及附属机构的社会化改革，这都是摆在汽车企业集团集团面前的大难题。本论文紧紧围绕着这个时代背景，研究了上海汽车集团、东风汽车集团整体上市的情况及意义、中国汽车企业集团整体上市的状况，分析了ABC汽车企业集团公司面临的困境，阐述了ABC汽车企业集团公司在基于整体上市目的进行的重组改制过程中遇到的资本结构、有形及无形资产选择、税收筹化和中介机构选聘等问题，并就其中的土地使用权、房屋所有权、知识产权、银行间债券市场债券债务转移、税收减免、股权出资以及中介机构选聘等具体问题进行了研究，探索了解决上述问题的方案或建议。本论文为大型企业集团实施主营业务重组改制，顺利实现后续的整体上市，具有积极、有效的参考和帮助意义。
[Abstract]:Holistic listing refers to the practice of a company transforming its main assets and business into a limited company. With the increasing demands of the CSRC on the business independence of listed companies, the overall listing has become the main mode of IPO of large enterprise groups. The SASAC of the State Council has repeatedly indicated in recent years that it will continue to strengthen the reform of the corporate system of large state-owned enterprises, and that qualified enterprises should actively introduce strategic investors and promote the overall listing of the main business. In 2011, SASAC stressed that "the direction now is to go public as a whole, at least for the main business as a whole." The group companies whose main business is listed as a whole will gradually realize the overall listing after the existing enterprises have been digested. Relying on the capital market, the market choice is overseas plus domestic, that is, the mode of A H. " The final institutional model of competitive large state-owned enterprises is likely to be a clean and clean listed company, with no group companies, no existing enterprises, and fully operating in accordance with the requirements of the capital market. This state of complete capitalization of state-owned assets, liquidity is very good, can be adjusted at any time, but also easy to adjust. After more than a year of stagnation from the global financial crisis, the pace of the overall listing of auto conglomerates has picked up again. In 2012, Chery Motor Group opted for a direct IPO listing, which has been reported to the China Securities Regulatory Commission (CSRC). The overall listing plans of FAW Group, Beijing Automotive Group and other enterprises are also in full swing. However, the process is relatively slow, and the huge internal asset structure makes the integration and division of assets more difficult. Indirect overall listing must rely on "shell resources" is also very difficult to find. As a result, while the major automotive groups have great enthusiasm for the overall listing, but the road ahead is still a lot of difficulties. Although many large automotive groups are full of the desire for the overall listing, but also pay a lot of human and financial resources, but the relatively rapid realization of the overall listing is still a minority, one of the reasons is that the group assets integration is difficult. The whole listing must integrate or divest all kinds of assets, including the divestiture of the three kinds of assets and the socialized reform of subsidiary organizations, which are the big problems in front of the automobile enterprise groups. This paper closely revolves around this time background, has studied the Shanghai automobile group, the Dongfeng automobile group overall listing situation and the significance, the Chinese automobile enterprise group overall listing condition, has analyzed the ABC automobile enterprise group company to face the predicament, This paper expounds the capital structure, the choice of tangible and intangible assets, the tax raising and the selection and employment of intermediary organizations in the process of reorganization and restructuring of ABC Automobile Enterprise Group Company based on the purpose of overall listing, and discusses the land use right among them. Housing ownership, intellectual property rights, bond and debt transfer in the interbank bond market, tax relief, equity contribution and the selection and employment of intermediary agencies are studied, and the solutions or suggestions to solve these problems are explored. This paper is a positive and effective reference and help for large enterprise groups to implement the restructuring of the main business and realize the subsequent overall listing smoothly.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.471;F832.51

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