中国航空工业集团公司整体上市模式选择研究

发布时间：2018-07-03 00:45

本文选题：中航工业集团 + 整体上市　；参考：《西南财经大学》2013年硕士论文

【摘要】：航空航天工业是大国与大国之间竞争的需要,是国家和国家集团间的竞争,是创新型国家建设的标志。随着综合国力的提高,世界大国在航空航天领域寻求自主权、主动权的尝试一直没有停止过。然而航空航天等军工属于资金和技术密集型产业。对于资金密集型产业而言,最大的难题是筹资,技术密集意味着竞争风险最大。1999-2007年,中国航空工业两个集团公司通过完成“高新工程”、深化改革基本脱困,但是资产规模、销售收入、盈利能力、行业竞争力、经营效率及经营体制上与波音、EADS等世界航空业领先企业相比,依然存在较大的差距。现阶段,中国航空航天等军工企业进入资产证券化的转型阶段,行业的专业化整合不可避免。国际的经验也表明,航空航天等军工企业要想实现跨越式发展,做大做强,离不开资本市场。从未来企业发展的趋势看,国家政策支持及企业自身快速发展的需要,企业集团整体上市是大势所趋。2008年,中国航空工业实现了历史性的战略重组。战略重组后,中航工业一共建立十四个专业化子公司。当前,中航工业集团当务之急为寻找一种科学化的管理模式,提高资本运作效率和整合后资源利用率,以期整体上市,推动整个集团的快速发展壮大,其也是中航工业集团探索的重点方向。所以,在这一背景下,对整体上市进行从理论到实践的系统研究,结合中航工业近年来在资本化运作实践,为中航工业集团的整体上市具有积极的指导价值,属于现实意义非常突出的重点课题。现阶段,中国在整体上市方面研究成果较少,处于初级阶段,还未形成完整的理论框架。所以,可以基于对我国部分集团具有代表性的案例进行分析,系统归纳出我国企业集团整体上市的渠道和方式,这对于将来中航工业集团专业化整合和整体上市的规划和发展具有积极的指导作用。本文提出,随着国内金融市场的不断发展,企业集团整体上市在证券市场上受到广泛关注,相对于分拆上市是金融上的创新,是企业并购重组的新模式。政府要引导和鼓励企业集团整体上市,不断增强上市公司质量,为优质的资产企业整体上市提供帮助。不仅如此,政府部门要倡导具有上市公司的企业集团,通过上市公司平台开展多样化的经营活动,例如吸收资金,扩大股权等,不断的加快核心业务证券化的进程。中航工业通过整体上市：(1)、利于建立健全企业现代化制度和完善法人治理结构。(2)、加快航空工业改革创新,促进集团内部产业结构调整,规避和化解经营风险。(3)、最大限度盘活资产,实现资产证券化,引入更多资金用于航空科研生产,降低财务风险。(4)、提升科研自主创新能力,构建成寓军于民、军民融合、协调发展的新体系(5)、有助于中国航空工业加速做大做强和提升核心竞争力,与国际航空领先企业同台竞技。本文一共包含五个章节。下面将逐一介绍,第一章节为导论,重点阐述这篇文章研究的社会背景,价值,综合对比分析国内外研究理论,方法和内容等。第二章节为有关整体上市的基础理论分析。主要是从整体上市的内涵和六个相关理论进行阐述；第三章主要是整体上市模式的分析。第一节从动因上分析整体上市,第二节是探讨整体上市所需要的条件,第三节是结合国内典型的整体上市案例进行归纳总结,分析得出现行整体上市的四种主要模式；第四章是中航工业在现行政策下整体上市模式的选择研究。第一节主要介绍中航工业基本情况,第二节是从中航工业目前证券化发展状况和整体上市的运行系统研究整体上市当前发展状态,第三节为研究中航工业要实现整体上市现在面临的一些主要问题,第四节通过层次分析法,建立模型,结合国内现行主要整体上市模式和中航工业资本运作的实际情况,研究中航工业未来整体上市可能的模式,第五节是分析中航工业整体上市已具备的条件和还存在的障碍；第五章是中航工业整体上市的实施建议。本文的价值主要体现在以下几个方面：第一,基于理论层面论证整体上市的科学合理性；第二,对整体上市的四大主要模式进行分析；第三,采用规范分析的方法,通过对中航工业集团的整体研究,为未来中航工业专业化整合与整体上市具有积极的指导价值。当然,本文也存在一定的不足。整体上市作为一项非常复杂的项目,当前整体上市实践的发展已经明显快于理论研究,理论跟不上实践的步伐。不仅如此,整体上市属于新兴的研究课题,研究理论还不够丰富,本人学识和能力有限,研究理论还有待完善。(1)本文的研究采用规范研究,缺乏更多的关于整体上市案例分析以及企业集团整体上市公司财务,绩效等数据的分析。(2)受到笔者知识水平,能力的局限,获取的资料相对较少,研究理论还不足以概括整个中航工业整体上市模式选择,研究理论还需要进一步探索完善。
[Abstract]:Aeronautics and Astronautics industry is the need of competition between great powers and great powers. It is the competition between state and state group. It is the symbol of the construction of an innovative country. With the improvement of the comprehensive national strength, the world power has sought autonomy in the aerospace field. The attempt of the initiative has not ceased. However, the military and spaceflight industry belongs to the capital and technology. For capital intensive industries, the biggest problem for capital intensive industries is financing, and technology intensive means the maximum competitive risk in.1999-2007 years. The two groups of Chinese aviation industry groups, through the completion of "high and new engineering", deepen the basic relief of reform, but the scale of assets, sales income, profitability, industry competitiveness, operation efficiency and management. Compared with the world aviation leading enterprises such as Boeing and EADS, there is still a big gap in the system. At the present stage, China's aerospace and other military enterprises have entered the transition period of asset securitization, and the professional integration of the industry is inevitable. International experience also shows that the military enterprises such as Aerospace and other military enterprises want to achieve leapfrog development and become bigger and stronger. It is inseparable from the capital market. From the trend of future enterprise development, national policy support and the needs of rapid development of the enterprise itself, the overall listing of enterprise group is.2008 years, China's aviation industry has achieved a historic strategic reorganization. After the strategic reorganization, China aeronautical industry has established fourteen specialized subsidiaries. The urgent task of the group is to find a scientific management model, improve the efficiency of capital operation and the utilization of resources after integration, so as to make the whole listing and promote the rapid development of the whole group. It is also the key direction of the exploration of China aviation industry group. So, in this context, a systematic study of the whole listing from theory to practice is carried out in this context. Combined with the practice of capital operation in recent years, China aviation industry has a positive guiding value for the overall listing of China Airlines industrial group. It is a very important subject of great realistic significance. At this stage, the research results of China's overall listing are few, at the primary stage, and have not formed a complete theoretical framework. Therefore, it can be based on our country. Some representative cases are analyzed, and the channels and ways of the overall listing of Chinese enterprise groups are systematically summed up. This has a positive guiding role for the future planning and development of the professional integration and the overall listing of China aviation industry group.
This paper suggests that with the continuous development of domestic financial market, the overall listing of enterprise groups is widely concerned in the securities market. Relative to the separation and listing is a financial innovation, it is a new mode of merger and reorganization of enterprises. The government should guide and encourage the overall listing of enterprise groups, improve the quality of the listed companies, and serve as a quality asset enterprise. Not only that, the government departments should advocate the enterprise groups with listed companies, carry out diversified business activities through the platform of listed companies, such as absorbing funds, expanding equity and so on, and constantly accelerate the process of core business securitization. China airlines industry through the overall listing: (1) to establish and improve the enterprise modernization system. Degree and perfect corporate governance structure. (2) to accelerate the reform and innovation of the aviation industry, to promote the adjustment of the internal industrial structure of the group, to avoid and dissolve the operational risks. (3) to maximize the assets, to realize asset securitization, to introduce more funds to aviation research and production and to reduce financial risks. (4) to enhance the ability of independent innovation in scientific research and to build an army to become an army. The new system of people, military and civilian integration and coordinated development (5) will help China's aviation industry to accelerate, strengthen and enhance its core competitiveness and compete with international aviation leading enterprises. This article contains five chapters. The following will be introduced one by one. The first chapter is an introduction, focusing on the social background, value, and score of this article. The second chapter analyzes the basic theory of the overall listing, mainly from the connotation of the overall listing and six related theories, and the third chapter is mainly the analysis of the overall listing mode. The first section analyzes the overall listing from the motivation and the second section is the article to discuss the requirements of the overall listing. The third section is to sum up the typical domestic listing cases, and analyze the four main models of the overall listing. The fourth chapter is the choice of the overall listing mode of China Aviation Industry under the current policy. The first section mainly introduces the basic situation of China aviation industry, and the second section is the development of the current securitization of China aviation industry. The status and the overall listed operating system study the current development status of the overall listing, the third section is to study the main problems facing the China aviation industry to realize the overall listing. The fourth section, through the analytic hierarchy process, establishes the model, combined with the actual current main domestic market model and the actual situation of China aviation industry capital operation, research China Airlines The possible model for the future overall listing of industry, the fifth section is the analysis of the conditions of the China aviation industry as a whole and the obstacles that still exist, and the fifth chapter is a proposal for the implementation of the overall listing of China aviation industry.
The value of this article is mainly reflected in the following aspects: first, the scientific rationality of the overall listing is demonstrated on the basis of theory; second, the analysis of the four major models of the overall listing; third, through the method of normative analysis, through the overall study of China Airlines industrial group, the integration and integration of the future CIC industry specialization and overall The city has a positive guiding value. Of course, there are also some shortcomings in this article. As a very complex project, the overall listing of the listed companies has been developed faster than the theoretical research, and the theory can not keep up with the pace of practice. Knowledge and ability are limited, and the research theory still needs to be improved. (1) the study of this paper adopts normative research, lacks more analysis on the case of the whole listing, and the analysis of the financial and performance data of the whole listed company of the enterprise group. (2) the knowledge level of the author, the limitation of the ability, the relatively few data and the lack of the research theory are not enough. Including the whole listing mode of China aviation industry, research theory needs further exploration and improvement.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.5;F406.7

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