基于估值分析的哈尔滨电气集团A股上市策略研究

发布时间：2018-06-27 12:28

本文选题：A股上市 + 公司估值　；参考：《哈尔滨工业大学》2017年硕士论文

【摘要】：A股市场发展二十余年,从最初寥寥的几家上市公司到现在沪深两市近三千家上市公司,发展迅速。企业在A股上市对实现自身的战略发展是一个最佳的选择。哈尔滨电气集团以下简称哈电集团,是国务院国资委直属的大型央企,历经60多年的发展,达到总资产600多亿的规模,是电力设备制造业的龙头企业,由于历史原因,哈电集团的主业资产哈电股份并未在A股上市而是选择了H股上市。伴随着中国经济的快速增长,A股市场迅猛发展,哈电集团没有分享到A股市场发展带给企业的红利,因此本文提出了哈电集团的上市的构想。本文首先是对国企改革的背景进行了总结性的探讨,在国企改革的大背景下哈尔滨电气集团公司想要快速发展A股上市是必要的,在查阅文献和上市公司的公开资料后对哈电集团的历史、发展现状等相关方面进行了概述研究,在公司发展研究的基础上应用公司估值方法对哈电集团的公司价值的进行了实证研究,研究中发现对应的投资者群体不同其在资本市场的市值明显偏低,对企业的融资、商誉等方面产生了很大影响,进而通过FCFF法,市盈率法,市净率法,EVA法对哈电集团的上市公司哈电股份重新估值,并对拟定的借壳公司哈电集团旗下亏损的A股上市公司——佳电股份,应用B-S期权定价法进行了估值。然后本文在对哈电集团公司合理估值的基础上结合上市的相关理论,对哈电集团A股上市的动因进行了分析,提出了IPO上市,借壳佳电股份上市和换股吸收合并东方电气的三种策略方案,三种策略方案的提出都是基于哈电集团企业价值最大化的构想,最后本文对上市策略在具体执行中可能遇到的注意事项:如要约收购的法律问题,信息的披露和资产注入的时点,企业社会责任和投资者关系,上市后的战略发展的可持续性等做了一一说明。
[Abstract]:The A share market has developed rapidly for more than 20 years, from the initial few listed companies to nearly 3,000 listed companies in the Shanghai and Shenzhen stock markets. A-share listing of enterprises to achieve their own strategic development is a best choice. Harbin Electric Group is a large central enterprise under the direct control of the State Administration and Administration Commission of the State Council. After more than 60 years of development, it has reached a total assets of more than 60 billion. It is the leading enterprise in the power equipment manufacturing industry. For historical reasons, Hadian Group's main business assets Hadian shares are not listed in A-shares but choose H-share listing. With the rapid growth of Chinese economy and the rapid development of A-share market, Harbin Power Group did not share the dividend brought to the enterprises by the development of A-share market. First of all, this paper discusses the background of state-owned enterprise reform. It is necessary for Harbin Electric Group Company to develop A share listing quickly under the background of state-owned enterprise reform. After consulting the literature and the public information of listed companies, the paper summarizes and studies the history, development status quo and other related aspects of Hadian Group. On the basis of the research on the development of the company, the paper makes an empirical study on the company value of Hadian Group by using the method of company valuation. The research finds that the corresponding investor groups are obviously lower in the market value of the capital market, and the financing of the enterprise is not the same. Goodwill and other aspects have a great impact, and then through the FCFF method, the price-earnings ratio method, the price-to-book ratio method and EVA method to the listed company of Hadian Group to revalue the shares. At the same time, B-S option pricing method is used to evaluate the A-share listed company, which is a loss-making company of Hadian Group, a backdoor company. Then, based on the reasonable valuation of Harbin Power Group Company, combined with the relevant theory of listing, this paper analyzes the motivation of A share listing of Harbin Power Group, and puts forward the IPO listing. The three strategic schemes of listed and merged Dongfang Electric through the stock exchange and stock exchange of Jiadian are all based on the idea of maximizing the enterprise value of Hadian Group. Finally, this paper discusses the issues that may be noticed in the implementation of the listing strategy, such as the legal issues of tender offer, the timing of information disclosure and asset injection, corporate social responsibility and investor relations. After listing, the sustainability of strategic development has been explained one by one.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.61

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