某城市水务项目股权投方案设计研究

发布时间：2018-04-16 01:09

本文选题：城市水务 + 国有企业　；参考：《北京交通大学》2017年硕士论文

【摘要】：为深入贯彻落实科学发展观,加快经济发展方式转变和经济结构调整,提高发展的质量和效益,加快调整优化产业结构,国务院国资委鼓励国有企业以股权投资或兼并重组方式进行整合,以实现优势互补与发展共赢。随着国企改革的不断深化和国有资产交易的日渐活跃,财政部和国务院国资委发布新修订的企业国有资产交易监督管理办法,进一步严格了国有资产交易程序。在新的政策背景下,如何设计投资方案才能协助国有企业快速实现投资目标,值得探索。在股权投资方面,已有的研究范围主要限于“企业兼并重组”、“企业价值评估”或“私募股权投资”等,对国企间股权投资项目的投资方案设计层面的研究较少。在城市水务领域,将“自来水项目”、“污水处理项目”或“污泥处置项目”作为单一研究对象的较多,且主要限于特许经营权商业模式研究、风险研究或经济评价研究,对将“自来水项目”和“污水处理项目”两个既相关又有区别的两个项目整体打包研究的案例较少。本文选取A公司正在实施的某城市水务投资项目为研究对象,按照“提出问题”、“分析问题”及解决问题的研究思路逐步展开,所要研究的核心问题为.基于“目标公司”、“目标项目”的基本情况及合作双方的发展诉求,在新的监管政策下,A公司有哪些投资方案可供选择?可供选择的投资方案各自都有哪些优点和不足?A公司应采取哪种投资方案才能把握机遇快速实现投资目标?在实施投资方案时,还有哪些潜在问题需要重点关注和解决?本文在文献综述和分析“目标公司”及“目标项目”的基础上,拟订了可供选择的五种投资方案,并逐一分析每种投资方案的优劣,最终结合A公司基本情况、发展诉求以及所面临的历史机遇,提出了投资方案,并围绕所选定的投资方案,详细阐述方案实施过程需重点关注的问题,针对遗留问题提出解决方案建议。本文的主要创新点:(1)研究对象新颖:以国有企业间股权投资合作项目为研究对象,进行投资方案的全方位分析和全过程研究。(2)投资方案独创:选定的投资方案不仅合法合规、便捷高效,而且能够巧妙绕开“进场交易”,合理规避不可控因素。(3)治理结构与时俱进:草拟的治理结构方案紧跟中共中央和国务院国资委党委相关精神,有利于充分发挥党组织在国有企业中的政治核心作用。本文的意义和贡献:论文立足于水务行业,但又跨越行业边界,从管理者的视角,以资本运作的思维,创造性地提出了合法合规、便捷高效的投资方案,不仅能够指引本项目顺利实施,而且还能够成为同类项目投资方案设计的参考。
[Abstract]:In order to implement the concept of scientific development in depth, accelerate the transformation of the mode of economic development and the adjustment of economic structure, improve the quality and efficiency of development, speed up the adjustment and optimization of industrial structure,The SASAC of the State Council encourages state-owned enterprises to integrate by equity investment or merger and reorganization in order to achieve complementary advantages and win-win development.With the deepening of the reform of state-owned enterprises and the increasing activity of state-owned assets trading, the Ministry of Finance and the SASAC of the State Council have issued new and revised methods for supervising and managing the transactions of state-owned assets of enterprises, which have further tightened the transaction procedures of state-owned assets.Under the new policy background, it is worth exploring how to design the investment plan to help the state-owned enterprises to realize the investment goal quickly.In the aspect of equity investment, the existing research scope is mainly limited to "enterprise merger and reorganization", "enterprise value evaluation" or "private equity investment" and so on.In the field of urban water affairs, "tap water project", "sewage treatment project" or "sludge disposal project" are regarded as single research objects, and are mainly limited to franchise business model research, risk research or economic evaluation research.There are few cases to study the whole package of "water project" and "sewage treatment project" which are related to and different from each other.In this paper, a city water investment project which is being implemented by Company A is selected as the research object, and the research ideas of "raising problems", "analyzing problems" and solving problems are gradually developed. The core problems to be studied are as follows.Based on the basic situation of the "target company" and "target project" and the development demands of both partners, what investment options are available to company A under the new regulatory policy?What are the advantages and disadvantages of each alternative investment scheme? what kind of investment plan should a company adopt in order to grasp the opportunity to achieve the investment goal quickly?What other potential issues need to be focused and addressed in the implementation of investment programmes?On the basis of literature review and analysis of "target company" and "target project", this paper draws up five investment schemes that can be selected, and analyzes the merits and demerits of each investment plan one by one, and finally combines with the basic situation of company A.The development appeal and the historical opportunity are presented, and the investment scheme is put forward, and the problems that need to be paid attention to in the implementation process of the scheme are elaborated in detail, and the solutions to the remaining problems are put forward.The main innovation of this paper is: 1) the research object is novel: take the equity investment cooperation project among state-owned enterprises as the research object, carry on the omni-directional analysis of the investment plan and the whole process research. 2) the investment plan is original: the selected investment plan is not only legal and compliant,Convenient and efficient, and can skilfully circumvent "enter the market transactions", reasonably avoid uncontrollable factors.) the governance structure keeps pace with the times: the draft governance structure plan closely follows the relevant spirit of the CPC Central Committee and the SASAC Party Committee of the State Council.In favor of giving full play to the political core role of party organizations in state-owned enterprises.The significance and contribution of this paper: based on the water industry, but across the industry boundaries, from the perspective of managers, with the thinking of capital operation, the paper creatively puts forward a legal, compliance, convenient and efficient investment plan.It can not only guide the successful implementation of the project, but also serve as a reference for the design of investment schemes of similar projects.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.24;F832.51

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