中海海盛股份有限公司混合所有制改革案例研究
发布时间：2018-11-28 14:06
【摘要】：党的十八届三中全会提出重点发展混合所有制经济,并将其作为深化国企改革的重要方向,正是在这一背景下,中海(海南)海盛船务股份有限公司(以下简称“中海海盛”)开展了混合所有制改革。改革前中海海盛公司业务发展定位不清晰,同时受南海地区航运业发展迟滞等因素的影响,已逐渐沦为航运业的“末尾成员”,企业发展前景堪忧。中海海盛在利用混合所有制改革后,成功摆脱经营困境。与此同时,中海海盛也是国家出台相关国企改革方案后的第一家实施混合所有制改革的上市国企,因此其改革案例研究具有一定的实用价值和现实意义。本文首先对中海海盛混合所有制改革的研究背景与研究意义、国内外研究现状及评述进行介绍。然后通过对中海海盛混合所有制改革过程中发生的股权转让、定向增发及资产剥离相关理论进行阐述;其次,本文对中海海盛混合所有制改革案例进行详细介绍,并对其改革的原因、改革时机的确定、转让对象的选择、股权改革方式的选择与运用、转让价格及转让比例的确定进行深入研究;最后,通过案例分析得到了如下启示:混合所有制改革可以为中小投资者提供超额收益的机会;股权转让结合定向增发是实现混合所有制改革的一种有效模式;控股权转让的溢价幅度可将50%的控股权溢价量作为参考;在混合所有制改革中进行资产剥离有利于企业合理避税。中海海盛通过混合所有制改革助其主营业务由航运业向医疗、保险业转变,实现业务转型升级,并且在满足国有资产持股比例需求的同时,也获得了私有企业的资金注入,使其逐步扭亏为盈,可见中海海盛做出的一系列改革举措是颇具成效的。本文对中海海盛混合所有制改革这一典型案例进行深入剖析,总结其改革经验及模式,以供国内广大企业参考借鉴。
[Abstract]:It was against this background that the third Plenary session of the 18th CPC Central Committee put forward the emphasis on developing the mixed ownership economy as an important direction for deepening the reform of state-owned enterprises. China Shipping (Hainan) Haisheng Shipping Co., Ltd. (hereinafter referred to as "Zhonghai Sheng") to carry out mixed ownership reform. Before the reform, the positioning of the business development of Zhonghai Haisheng Company was not clear, and influenced by the slow development of the shipping industry in the South China Sea, it was gradually reduced to the "last member" of the shipping industry, and the prospect of the development of the enterprise was worried. Zhonghai Sheng in the use of mixed ownership reform, successfully out of the business dilemma. At the same time, Zhonghai Haisheng is the first listed state-owned enterprise to implement the mixed ownership reform after the introduction of the relevant SOE reform plan, so the case study of its reform has certain practical value and practical significance. This paper first introduces the research background and significance of the mixed ownership reform of Zhonghai Sheng, as well as the current research situation and comments at home and abroad. Then through the process of the mixed ownership reform of Zhonghai Haisheng equity transfer, directional issuance and divestiture related theories are expounded. Secondly, this paper introduces the case of the mixed ownership reform of Zhonghai Haisheng in detail, and gives a detailed introduction to the reasons of the reform, the determination of the reform opportunity, the choice of the transfer object, the choice and application of the equity reform mode. (B) to conduct in-depth studies on the determination of transfer prices and transfer ratios; Finally, through the case analysis, the following revelations are obtained: the reform of mixed ownership can provide the opportunity of excess return for small and medium-sized investors, and the combination of equity transfer and directional issuance is an effective mode to realize the reform of mixed ownership; The premium range of controlling share transfer can take the 50 percent premium amount as reference; in the mixed ownership reform, the divestiture is beneficial to the enterprise to avoid tax reasonably. Through the mixed ownership reform, Zhonghai Haisheng has helped to transform its main business from shipping to medical and insurance, to achieve business transformation and upgrading, and to meet the needs of state-owned assets holding shares, and at the same time, it has also received capital injection from private enterprises. To gradually turn losses into profits, it can be seen that a series of reform measures made by China Sea Sheng is quite effective. This paper makes a thorough analysis of the typical case of the mixed ownership reform of Zhonghai Sheng, summarizes its reform experience and mode, and provides a reference for the domestic enterprises.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F552.6;F271
[Abstract]:It was against this background that the third Plenary session of the 18th CPC Central Committee put forward the emphasis on developing the mixed ownership economy as an important direction for deepening the reform of state-owned enterprises. China Shipping (Hainan) Haisheng Shipping Co., Ltd. (hereinafter referred to as "Zhonghai Sheng") to carry out mixed ownership reform. Before the reform, the positioning of the business development of Zhonghai Haisheng Company was not clear, and influenced by the slow development of the shipping industry in the South China Sea, it was gradually reduced to the "last member" of the shipping industry, and the prospect of the development of the enterprise was worried. Zhonghai Sheng in the use of mixed ownership reform, successfully out of the business dilemma. At the same time, Zhonghai Haisheng is the first listed state-owned enterprise to implement the mixed ownership reform after the introduction of the relevant SOE reform plan, so the case study of its reform has certain practical value and practical significance. This paper first introduces the research background and significance of the mixed ownership reform of Zhonghai Sheng, as well as the current research situation and comments at home and abroad. Then through the process of the mixed ownership reform of Zhonghai Haisheng equity transfer, directional issuance and divestiture related theories are expounded. Secondly, this paper introduces the case of the mixed ownership reform of Zhonghai Haisheng in detail, and gives a detailed introduction to the reasons of the reform, the determination of the reform opportunity, the choice of the transfer object, the choice and application of the equity reform mode. (B) to conduct in-depth studies on the determination of transfer prices and transfer ratios; Finally, through the case analysis, the following revelations are obtained: the reform of mixed ownership can provide the opportunity of excess return for small and medium-sized investors, and the combination of equity transfer and directional issuance is an effective mode to realize the reform of mixed ownership; The premium range of controlling share transfer can take the 50 percent premium amount as reference; in the mixed ownership reform, the divestiture is beneficial to the enterprise to avoid tax reasonably. Through the mixed ownership reform, Zhonghai Haisheng has helped to transform its main business from shipping to medical and insurance, to achieve business transformation and upgrading, and to meet the needs of state-owned assets holding shares, and at the same time, it has also received capital injection from private enterprises. To gradually turn losses into profits, it can be seen that a series of reform measures made by China Sea Sheng is quite effective. This paper makes a thorough analysis of the typical case of the mixed ownership reform of Zhonghai Sheng, summarizes its reform experience and mode, and provides a reference for the domestic enterprises.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F552.6;F271
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