HHJC重大资产重组案例研究

发布时间：2018-02-16 01:19

本文关键词： 重组并购借壳上市　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业做强做大的最重要和最主要的途径之一是通过资本市场进行资产重组,随着我国证券市场的飞速发展,资产重组项目越来越受到关注。近年来,上市公司通过资产重组这一重要手段,使公司的产业结构得到了积极的调整,极大地促进了资本市场的发展。然而,由于我国的市场经济内部存在缺陷和不足,致使上市公司在资产重组时出现很多问题,亟需解决。HHJT作为HHJC的实际控制人,为了确保公司的持续经营和发展,积极探索多元化发展的道路,陆续向关联方收购商场、酒店等资产,但上市公司整体经营情况尚未发生根本性改善。因此2015年HHJC进行了一次规模高达300亿元的重大资产重组,其目的在于完成上市公司的业务转型,将更有竞争力的优势资产注入上市公司完成借壳上市。本文通过对HHJC公司的重大资产重组的案例进行深入研究,在对公司的基本情况及历史沿革情况进行详细介绍的基础上,对HHJC公司资产重组的过程进行详细剖析,在发现本次重组的亮点同时也发现很多有关资产重组的共性问题,如企业在资产重组时能够选择合理的重组方式以最低的成本完成资产重组,如何规避资产重组过程中的财务风险以及关联交易带来的不利影响,如何应对资产重组后企业的资产整合问题,针对以上问题,建议上市公司在选择重组模式的时候能够参考HHJC公司多元化的重组模式,在面对重组过程中的财务问题时应该妥善选择评估方法、降低标的公司的资产负债率、发挥中介机构的监督优势。在应对资产重组过程中产生的关联交易定价难题时应参考国家标准、市场标准或成本加费用的标准来综合确定关联交易价格,力求做到关联交易价格的统一核算。资产重组后,企业应该注重内部资源的协调整合,加强管理,确保经营与管理的协调。
[Abstract]:One of the most important and important ways to make enterprises stronger and bigger is to restructure assets through the capital market. With the rapid development of China's securities market, asset restructuring projects have attracted more and more attention in recent years. Through the important means of asset reorganization, listed companies have made positive adjustments to their industrial structure and greatly promoted the development of the capital market. However, because of the defects and deficiencies in the market economy of our country, In order to ensure the company's continuous operation and development and actively explore the way of diversified development, it is urgent to solve the problem of "HHJT" as the actual controller of HHJC. In order to ensure the continuous operation and development of the company, it is necessary to purchase shopping malls from related parties one after another. Hotels and other assets, but the overall operating situation of listed companies has not yet been fundamentally improved. Therefore, in 2015, HHJC carried out a major asset restructuring of up to 30 billion yuan, the purpose of which was to complete the business transformation of listed companies. This paper makes a deep study on the case of major asset reorganization of HHJC Company, on the basis of a detailed introduction of the basic situation and historical evolution of the company, in order to complete the backdoor listing by injecting more competitive advantage assets into the listed company. This paper makes a detailed analysis of the process of asset restructuring of HHJC Company, finds out the bright spot of this reorganization and also finds many common problems related to asset restructuring. If the enterprise can choose a reasonable way to complete the asset reorganization at the lowest cost, how to avoid the financial risk in the process of asset restructuring and the adverse effects of related party transactions, How to deal with the problem of asset integration after the asset restructuring, in view of the above problems, it is suggested that the listed companies can refer to the diversified restructuring mode of HHJC company when choosing the reorganization mode. In the face of the financial problems in the process of restructuring, we should properly select evaluation methods to reduce the asset-liability ratio of the underlying company. When dealing with the problem of related party transaction pricing arising in the process of asset reorganization, we should refer to the national standard, market standard or cost plus expense standard to determine the related party transaction price synthetically. After the reorganization of assets, enterprises should pay attention to the coordination and integration of internal resources, strengthen management, and ensure the coordination of operation and management.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F279.26

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