美满“结姻”背后的不美满—平安集团入主家化集团的启示

发布时间：2018-05-25 19:05

本文选题：家化 + 平安　；参考：《上海交通大学》2013年硕士论文

【摘要】：“六神”、“佰草集”、“美加净”这一个个让国人耳熟能详品牌的缔造者家化集团和上海家化在2011年末被平安集团收购。作为上海国企改制成功的仅存案例，一度被外界视为是金融资本与产业资本的完美结合。但在一年多后的今天，这桩看似美满的“结姻”却传出了不和谐之音：葛文耀公开指责平安信托的不是，平安信托借“小金库”问题罢免葛文耀担任家化集团的职务，上海国资委居中强势调停，，平安信托迫使葛文耀不得不从上海家化“提前退休”…… 自2001年成功登陆国内资本市场后，在诸多国际日化业巨头环伺的夹缝中，上海家化在人称“家化教父”葛文耀的带领下取得了骄人的成绩，俨然成为了中国民族日化业的领头羊。但为彻底摆脱国有企业体制上的束缚以取得更快速的发展，家化集团启动了国企改制。在一番激烈的明争暗斗后，平安信托最终脱颖而出，在2011年末成功竞购取得家化集团100%的股权。原以为家化集团和上海家化会在平安信托入主后进入高速发展的全新快车道，但孰料到会在这么短的时间里双方会闹得如此“鸡飞狗跳”。家化集团是上海家化的控股股东，持有上市公司29.23%股权。上市公司的股权也是家化集团最具代表性的资产。本文以实际出发，将上海家化作为研究对象，在从发展方向、商业模式、杜邦财务分析、资本市场表现以及与同行业公司比较等方面全面剖析上海家化尤其是其上市后的十年间所取得成绩的同时，也着重分析上海家化在其发展道路上存在的问题和面临的困难，来推断家化集团和上海家化引进新的投资者的必要性和紧迫性。本文还通过对平安集团入主家化集团过程和之后双方交恶过程的回顾，进一步分析整件事的前因后果，并预测经历此事件之后上海家化的发展趋势。本文最后对平安集团与家化集团矛盾所引发的启示从公司治理、如何有效监督和管理国有股权转让、国有股权转让中采取措施提前规避矛盾等方面进行探索性的思考，同时也提出相应的结论和建议。
[Abstract]:"six gods", "Baicaoji", "Meijiajing", the creators of the brand familiar to the people of China, Qijiahua Group and Shanghai Jiahua Group were acquired by Ping an Group in late 2011. As the only surviving case of the success of SOE reform in Shanghai, it was once regarded as a perfect combination of financial capital and industrial capital. But now, more than a year later, the seemingly happy "marriage" has come out of disharmony: GE Wenyao publicly accused the Ping an Trust of not, and Ping an Trust dismissed GE Wenyao from his post as the Jiayuhua Group on the basis of the "small treasury" issue. Shanghai SASAC intervened strongly and Ping an Trust forced GE Wenyao to retire early from Shanghai. Since its successful landing on the domestic capital market in 2001, Shanghai Jiahua has made remarkable achievements under the leadership of GE Wenyao, known as the godfather of the international daily chemical industry, in the midst of many international daily chemical giants. Has become China's national daily chemical industry leader. But in order to get rid of the bondage of the state-owned enterprise system and get more rapid development, Jihua Group started the reform of the state-owned enterprise. After a fierce battle, Ping an Trust finally stood out, winning a 100 percent stake in CCH at the end of 2011. It was thought that Jiahua Group and Shanghai Jiahua Group would enter a new fast track of rapid development after Ping an Trust took over, but it was expected that in such a short period of time, the two sides would make such a "chicken fly dog jump." Jiahua Group is the controlling shareholder of Shanghai Jiahua, which owns 29.23% of the listed company. The equity of the listed company is also the most representative assets of the Home Chemical Group. This paper takes Shanghai Jiahua as the object of study from the perspective of development direction, business model and DuPont financial analysis. In terms of capital market performance and comparison with other companies of the same industry, this paper comprehensively analyzes the achievements of Shanghai Jiahua, especially in the 10 years since its listing, and at the same time, it also focuses on the problems and difficulties that Shanghai Jiahua faces on its development path. To infer the necessity and urgency of introducing new investors to Jiahua Group and Shanghai Jiahua Group. Through the review of the process of Ping an Group joining the Jiahua Group and the bad process of the two sides, this paper further analyzes the causes and consequences of the whole incident, and predicts the development trend of Shanghai Jiahua after this event. At the end of this paper, the enlightenment of the contradiction between Ping an Group and Jiahua Group is discussed from the aspects of corporate governance, how to effectively supervise and manage the transfer of state-owned equity, and how to take measures to avoid the contradiction in advance in the transfer of state-owned equity. At the same time, it also puts forward the corresponding conclusions and recommendations.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.3;F426.72

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