安徽建工集团整体上市案例分析

发布时间：2018-01-16 07:25

本文关键词：安徽建工集团整体上市案例分析　出处：《安徽财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国资本市场发展初期,由于历史原因,部分国有企业选择了分拆上市,即将部分盈利能力较强、成长前景较好的优质资产分离出来单独上市。但是随着我国资本市场不断发展、完善,分拆上市这种上市模式的弊端显现得越来越明显,比如集团公司资产市场价值没有充分体现、控股股东与上市公司之间显失公正的关联交易、违规担保和非经营性资金占用等利益输送行为成为常态,同业竞争同样也没有办法避免,这些都严重损害了中小股东利益。随着股权分置改革基本完成,我国资本市场建设不断完善,整体上市逐渐成为解决分拆上市弊端的有效途径。2011年5月,按照安徽省国资委相关文件要求,安徽建工集团有限公司(以下简称“安徽建工集团”)和安徽省水利建筑工程总公司(以下简称“水建总公司”)开始了重组工作,其主要目标就是将安徽建工集团的主业资产注入上市公司安徽水利(以下简称“安徽水利”),从而实现安徽建工集团主业整体上市,促进国有资产的保值增值。2014年、2015年国家陆续出台了《关于进一步促进资本市场健康发展的若干意见》、《关于深化国有企业改革的指导意见》等文件,国有企业混合所有制改革再次成为人们关注的热点。根据国企改革相关政策,2015年下半年安徽建工集团顺势推出了其整体上市方案,即安徽水利吸收合并安徽建工集团并配套募集资金的方案。2016年12月,安徽水利吸收合并安徽建工集团并配套募集资金的整体上市方案获得中国证监会核准,标志着安徽建工集团整体上市工作取得决定性进展。这一整体上市方案在实施过程中有许多其他国有企业可以借鉴的地方,对推进我国国有企业特别是建筑类大型国企整体上市有一定的参考价值。本文以安徽建工集团整体上市为例,采用案例分析法和事件分析法对安徽建工集团整体上市效应、特色做法及不足进行分析和评价,并提出相关启示和建议。本文主要分为五个部分内容:第一部分为绪论,介绍了文章的选题背景和意义、研究内容与方法等内容;第二部分为文献综述和理论基础,梳理了整体上市相关文献综述和理论基础;第三部分为安徽建工集团整体上市案例概况,介绍了相关各方的基本情况、整体上市的背景及目的、具体方案和整体上市的过程;第四部分为案例分析,具体分析了安徽建工整体上市的效应、特色做法和不足;第五部分为安徽建工集团整体上市带来的启示和建议,通过研究安徽建工集团整体上市的案例,来说明此次整体上市案例的有关启示,为后续国有企业混合所有制改革提供一些建议。
[Abstract]:In the initial stage of capital market development in China, some state-owned enterprises have chosen to split up and go public because of historical reasons, that is to say, some of them have strong profitability. But with the development and perfection of the capital market in our country, the drawbacks of the listing mode of split listing have become more and more obvious. For example, the market value of assets of group companies is not fully reflected, controlling shareholders and listed companies appear to be unfair related party transactions, illegal guarantee and non-operating capital occupation and other interests transmission behavior has become the norm. There is also no way to avoid interbank competition, which seriously damages the interests of minority shareholders. With the completion of the split share structure reform, China's capital market construction is constantly improving. The whole listing has gradually become an effective way to solve the drawbacks of the split listing. In May 2011, according to the relevant documents of the Anhui State assets Supervision and Administration Commission (SASAC). Anhui Construction Engineering Group Co., Ltd. (hereinafter referred to as "Anhui Construction and Engineering Group") and Anhui Water Conservancy Construction Engineering Corporation (hereinafter referred to as "Water Construction Corporation") began the reorganization work. Its main goal is to inject the main assets of Anhui Construction Industry Group into the listed company Anhui Water Conservancy (hereinafter referred to as "Anhui Water Conservancy") so as to realize the overall listing of Anhui Construction Industry Group. In 2014, 2015, the state issued several opinions on further promoting the healthy development of the capital market. "guiding opinions on deepening the Reform of State-owned Enterprises" and other documents, the reform of mixed ownership of state-owned enterprises has once again become a hot topic of concern to people, according to the relevant policies on the reform of state-owned enterprises. In the second half of 2015, Anhui Construction Engineering Group put forward its overall listing plan, that is, Anhui Water Conservancy absorbed and merged Anhui Construction Engineering Group and raised funds. December 2016. Anhui water conservancy absorption and merger of Anhui Construction Industry Group and supporting the overall listing of funds approved by the China Securities Regulatory Commission. It marks a decisive progress in the overall listing of Anhui Construction Industry Group, which has many other state-owned enterprises to learn from in the process of implementation. It has certain reference value for promoting the whole listing of state-owned enterprises, especially large state-owned enterprises of construction type. This paper takes Anhui Construction Industry Group as an example. Case analysis and event analysis are used to analyze and evaluate the overall listing effect, characteristics and shortcomings of Anhui Construction Industry Group. This paper is divided into five parts: the first part is the introduction, which introduces the background and significance of the topic, research content and methods. The second part is literature review and theoretical basis, combing the whole listing related literature review and theoretical basis; The third part is the general situation of Anhui Construction Industry Group's overall listing case. It introduces the basic situation of relevant parties, the background and purpose of the whole listing, the specific scheme and the whole listing process; The 4th part is the case analysis, the concrete analysis Anhui construction industry overall listing effect, the characteristic method and the insufficiency; The 5th part is the enlightenment and suggestion of Anhui Construction Industry Group's whole listing. Through studying the case of Anhui Construction Industry Group's whole listing, this paper explains the enlightenment of the whole listing case. For the follow-up state-owned enterprises mixed ownership reform to provide some suggestions.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.92;F832.51

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