产业投资基金在企业资本运用中的作用初探

发布时间：2018-03-15 12:54

本文选题：战略投资者　切入点：上市公司价值　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化和我国股权分置改革的深入发展,企业是否需要引入战略投资者、如何引入战略投资者已成为我国政府和企业共同关注和考虑的重大问题。不断完善战略投资者的引入制度对于实现资本市场的价值增值和保证经济社会的健康有序发展,具有十分重要的意义。本文以广东威华股份有限公司成功引进战略投资者后上市的背景撰写,探讨其引进的目的和意义;其次对战略投资者的相关文献进行介绍和评述,总结相关文献的探讨方法和结论。理论研究方面,对其定义先有个明确的了解,分析自身发展状况选择适合实际需要的合格战略投资者,以确保公司快速、协调和可持续发展。本文以资本运营理论、公司治理理论、协同效应理论、战略管理理论等相关理论为指导,从内外部环境背景和上市公司与战略投资者双方的博弈动机出发,分析了如何防范投资者向投机者转变,并进一步探讨了战略投资者持股对被投资公司的影响以及造成这些影响的原因,为提出上市公司引入战略投资者的具体对策打下基础。产业投资基金的实践,本文撰写“威华股份”如何引进产业投资基金之战略投资者美国高盛公司,资本运作的成功操作过程及注意事项。在引进战略投资者中的所见所闻、描述操作过程中的实施细则,确定为什么引入、何时引入、参股比例、参股价格、持股时间、对赌条款及申请报批过程中的注意事项。产业基金之战略投资者的股权属性以及持股特征决定了将其引入我国证券市场,对完善公司治理机构、提升上市公司技术水平和管理水平、提高公司自主创新能力等方面具有重要的意义。通过列举沪深两市引进战略投资者的上市公司案例分析,以浦发银行、中国银行引进战略投资者成功的为案例,并列举沪深两市24家上市公司引进战略投资者成功的资本运作,充分说明产业投资基金的作用,证实引进战略投资者给企业内部管理、技术方面及融资方面的好处,以及提升公司价值的作用。但层出不穷的战略投资者减持事件又给我们敲响了警钟,防范投资者演变为投机者是当前规范战略投资者投资行为的重中之重。同时也带来些负面影响,投机动机带来的股价下跌风险,上市公司关联交易风险,中小股东利益风险和持股时间带来的影响。要引入合格、优秀的战略投资者,还需要政府监管部门、行业以及上市公司的共同努力,制定出更有利于战略投资者持股的约束条件,让双方走向双赢的局面。因此,本文提出对战略投资者退出的思考建议:怎样采取措施,防止战略投资者变成投机者,并保证股价的真实性、规避投机行为、增强投资者信心。主动学习和沟通协调、建立信披制度、完善股权定价机制、寻求内生性的发展道路。
[Abstract]:With the development of economic globalization and the reform of split share structure in China, whether enterprises need to introduce strategic investors, How to introduce strategic investors has become an important issue that our government and enterprises pay attention to and consider. It is necessary to improve the introduction system of strategic investors to realize the value increment of capital market and ensure the healthy and orderly development of economy and society. This paper is based on the background of the successful introduction of strategic investors in Guangdong Weihua Co., Ltd., and discusses the purpose and significance of the introduction. Secondly, it introduces and comments on the relevant documents of strategic investors. Summarize the discussion methods and conclusions of relevant literature. In theoretical research, we should first have a clear understanding of its definition, analyze its own development situation and select qualified strategic investors who are suitable for practical needs, so as to ensure the company's speed. Under the guidance of capital operation theory, corporate governance theory, synergistic effect theory, strategic management theory and so on, this paper starts from the background of internal and external environment and the motivation of game between listed companies and strategic investors. This paper analyzes on how to prevent investors from changing to speculators, and further discusses the influence of strategic investors' shareholding on invested companies and the causes of these effects. In order to lay a foundation for the introduction of strategic investors to listed companies, this paper writes how to introduce "Weihua shares" to the strategic investors of industrial investment funds, including Goldman Sachs Corporation of America, and the practice of industrial investment funds. The successful operation process of capital operation and matters needing attention. What we see and hear in the introduction of strategic investors, describe the detailed rules of implementation during the operation, determine why, when, when, share participation ratio, share price, holding time, The clauses of gambling and the matters needing attention in the process of applying for approval. The property of the strategic investors of the industry fund and the characteristics of the ownership decide to introduce it into the securities market of our country and perfect the corporate governance organization. It is of great significance to improve the technology level and management level of listed companies and to improve their independent innovation ability. The successful introduction of strategic investors by the Bank of China is a case study, and the successful capital operation of the 24 listed companies in Shanghai and Shenzhen stock markets is cited to fully illustrate the role of the Industrial Investment Fund, and to confirm the introduction of strategic investors to the internal management of the enterprise. The benefits of technology and financing, and the role of enhancing the value of the company. But the endless selling of strategic investors has given us a wake-up call. Preventing investors from turning into speculators is the most important thing in regulating the investment behavior of strategic investors at present. At the same time, it also brings some negative effects, the risk of stock price falling brought by speculative motives, the risk of related party transactions of listed companies. To introduce qualified and excellent strategic investors, we also need the joint efforts of government regulators, industry and listed companies. Therefore, this paper puts forward some suggestions for strategic investors to withdraw: how to take measures to prevent strategic investors from becoming speculators. To guarantee the authenticity of stock price, to avoid speculation, to enhance investor confidence, to actively study and communicate and coordinate, to establish a trust system, to improve the stock pricing mechanism, and to seek an endogenous way of development.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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