金融创新还是利益输送？焦作万方收购万吉能源的案例研究

发布时间：2018-04-04 00:09

本文选题：利益输送　切入点：信息不对称理论　出处：《河南工业大学》2017年硕士论文

【摘要】：企业收购是一种企业之间所有权的转让行为,也是市场经济体制下的一种必然现象。企业可以通过收购行为来达到自己壮大公司规模和提高经营能力的目的。收购行为的交易对象并非普通的货架商品,而是极其复杂的企业和方式,这也决定了收购行为是一项庞大而复杂的工程。很多企业在并购中并没有实现大小股东的“金融创新”效果,并购行为反而日渐成为大股东为掠夺小股东财富而进行“利益输送”的一种工具。因此,研究上市公司的利益输送和金融创新行为关系到股民的切身利益同时关系到国家经济的稳健发展和国家利益。本文试图通过对企业并购中的存在金融创新和利益输送行为进行研究,并得出可供借鉴的启示。本文选取焦作万方收购万吉能源这一具有争议的事件进行案例研究。在总结归纳以往学者对相关理论研究及其成果的基础上,结合信息不对称理论,资源观理论以及通过相关的财务分析,以整个收购项目发生之前和发生之后的两个时间段作为研究导向,并且通过对焦作万方收购资金来源、目标公司选择、万吉能源公司信息、焦作万方的业绩承诺与未来收益保证、油气测算审核、公司内部管理变化、股东变化和投资者变化、收购后主营业务、利益相关方以及财务数据变化这十个方面进行分析。将作者所学财务知识结合于案例研究之中,将经济学理论与财务数据相结合,以得出更具说服力的结论。本文研究分析表明:焦作万方收购万吉能源存在利益输送。表现为:(1)此项收购并没有给焦作万方带来公司盈利能力的提升。(2)在收购之前,焦作万方方面并没有做好基本的目标公司选择,且焦作万方的收购资金方面也存在遗漏,本次收购项目大部分是通过负债的形式收购。(3)在收购项目发生之后,公司内部的管理层、股权结构股东地位、小型投资者也发生变化。(4)被收购方并没有与收购资金相匹配的优质资源,被并购方的业绩承诺和未来收益保证存在较小的实现可能性。(5)本次收购最大的受益者为中国铝业、基金公司以及公司高管,而对公司的业绩并没有良好的促进作用,因而难以排除存在利益输送的嫌疑。
[Abstract]:Enterprise acquisition is a transfer of ownership between enterprises and an inevitable phenomenon under the market economy system.Enterprises can achieve the goal of expanding their size and improving their management ability through acquisition.The object of purchase is not ordinary shelf goods, but extremely complex enterprises and ways, which determines that acquisition is a huge and complex project.Many enterprises do not realize the "financial innovation" effect of large and small shareholders in M & A. Instead, M & A behavior is becoming a tool for large shareholders to "transport benefits" in order to plunder the wealth of minority shareholders.Therefore, the study of interest transmission and financial innovation behavior of listed companies is related to the vital interests of shareholders and the steady development of national economy and national interests.This paper attempts to study the existence of financial innovation and benefit transmission behavior in M & A, and draw lessons for reference.This paper chooses Jiaozuo Wanfang to buy Wanchi Energy as a case study.On the basis of summing up previous scholars' research on related theories and their achievements, combining information asymmetry theory, resource theory and related financial analysis,Take the two time periods before and after the entire acquisition project as the research direction, and through the acquisition of Jiaozuo Wanfang sources of funds, the target company chooses, Wanchi Energy Company Information,Jiaozuo Wanfang's performance commitment and future income guarantee, oil and gas audit, internal management changes, shareholder changes and investor changes, the main business after the acquisition, stakeholders and financial data changes are analyzed.The author combines the financial knowledge of the author with the case study and combines the economic theory with the financial data in order to draw a more convincing conclusion.This article research and analysis shows: Jiaozuo Wanfang buys Wanji energy to exist the benefit transportation.This acquisition did not improve the profitability of Jiaozuo Wanfang.) before the acquisition, Jiaozuo Wanfang did not make a good choice of the basic target company, and Jiaozuo Wanfang's acquisition funds were also missing.The majority of this acquisition project was acquired by way of debt. (3) after the acquisition project occurred, the internal management of the company, the shareholder status of the equity structure,Small investors have also changed. 4) the acquired party does not have the quality resources to match the acquisition funds, and there is a relatively small possibility of achieving the performance commitment and future income guarantee of the acquired party.) the biggest beneficiary of this acquisition is Chinalco.Fund companies and corporate executives, and the company's performance is not a good promotion, so it is difficult to remove the suspicion of transfer of interests.
【学位授予单位】：河南工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F406.7;F426

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