上市公司涉矿并购重组评估问题研究

发布时间：2018-06-04 03:33

本文选题：并购重组 + 矿业权评估　；参考：《上海交通大学》2015年硕士论文

【摘要】：矿产资源是国民经济发展的重要基础,并购重组是推进矿产资源节约与综合利用、淘汰落后产能的有效方式。上市公司涉及矿业权或矿山企业的并购重组是资本市场并购重组重要组成部分,基于评估结果确定的矿业权或矿山企业转让价格是否合理,不仅关乎并购重组的成败,更直接关系到上市公司及广大投资者的切身利益。进一步完善我国矿业权及矿山企业评估工作,提高上市公司涉矿并购重组定价的科学性和合理性,对矿山行业和资本市场的长远发展都有着十分重要的意义。矿山企业的主要资产是矿业权,矿山企业价值评估必然包括对矿业权的评估,而矿业权和企业价值评估准则在评估途径、评估参数选择等方面存在一定的差异,且矿业权评估专业性较强,两者在评估依据、评估参数等方面存在较多衔接问题。由于部分评估机构和评估人员对两套准则理解不到位和执业过程的不尽责导致这些衔接问题更加突出。本文以矿业权及矿山企业并购重组涉及的相关法律规定为依据,以上市公司涉及矿山企业重大资产重组为视角,以并购重组资产评估为蓝本,研究并购重组中矿业权评估和涉矿企业价值评估在标准体系衔接和实务中存在的相关执业问题,并在案例研究的基础上提出相应的政策建议。矿业权评估和矿业企业价值评估分属两个不同的部门和行业协会管理,相关准则和执业规范也由其各自制定,本文在研究矿业权评估的相关法律法规的基础上,以两套评估准则的差异性作为分析的起点,结合上市公司涉矿业并购重组的实例,重点分析评估实务中矿山企业价值评估在引用矿业权报告时易出现的问题,分别从标准层面、执业层面和监管层面提出解决的路径及方案。为做好上市公司涉矿并购重组评估工作,更好地保护交易各方的合法权益,相关主管部门和行业协会应加强理论研究,进一步强化矿业权评估与矿业企业价值评估在准则及技术规范方面的衔接;相关评估机构和评估人员应按照相关准则、技术规范及市场监管者的监管要求,客观公正,勤勉尽责,建立充分的质量控制体系,设定合适的评估假设,选取合理的评估参数,使评估方法更趋科学,评估结论更趋合理;监管机构应完善监管要求,明确监管标准,强化监督检查,严肃查处违法违规问题,促使评估机构不断提高评估执业质量。
[Abstract]:Mineral resources is an important foundation of national economic development. M & A is an effective way to promote the saving and comprehensive utilization of mineral resources and the elimination of backward production capacity. The M & A of listed companies involving mining rights or mining enterprises is an important part of capital market M & A and reorganization. Whether the mining rights or the transfer price of mining enterprises determined based on the evaluation results is reasonable or not is not only related to the success or failure of M & A and reorganization. More directly related to listed companies and the interests of investors. It is of great significance for the long-term development of mining industry and capital market to further improve the evaluation of mining rights and mining enterprises in China and to improve the scientific and reasonable pricing of M & A and reorganization of listed companies. The main assets of mining enterprises are mining rights. The value evaluation of mining enterprises must include the evaluation of mining rights. However, there are some differences between mining rights and enterprise value evaluation criteria in the way of evaluation, the selection of evaluation parameters, and so on. The evaluation of mining rights is professional, and there are many problems in the evaluation basis and evaluation parameters. The lack of understanding of the two sets of guidelines and the lack of due diligence on the part of evaluators and evaluators make these convergence problems even more prominent. This paper is based on mining rights and related laws and regulations related to the merger and acquisition of mining enterprises, taking listed companies involved in major assets reorganization of mining enterprises as the visual angle, and taking the assets evaluation of M & A and reorganization as the blueprint. This paper studies the related practice problems in the standard system and practice of mining right evaluation and mining enterprise value evaluation in M & A and reorganization, and puts forward corresponding policy suggestions on the basis of case study. Mining right evaluation and mining enterprise value evaluation are managed by two different departments and trade associations, and the relevant standards and practice norms are also formulated by them. This paper studies the relevant laws and regulations of mining rights evaluation. Taking the difference of two sets of evaluation criteria as the starting point of analysis, combined with the example of mining M & A and reorganization of listed companies, this paper focuses on the problems that arise when mining enterprise value evaluation is quoted in the evaluation practice, respectively from the standard level. Practice level and regulatory level to propose solutions and solutions. In order to do a good job in evaluating the merger and acquisition of listed companies, and to better protect the legitimate rights and interests of all parties to the transaction, the relevant competent departments and trade associations should strengthen theoretical research. To further strengthen the link between mining rights assessment and mining enterprise value assessment in terms of standards and technical specifications; relevant evaluation institutions and assessors should be objective and impartial in accordance with relevant standards, technical specifications and regulatory requirements of market regulators, Due diligence, establishing a sufficient quality control system, setting up appropriate evaluation assumptions, selecting reasonable evaluation parameters, making the evaluation method more scientific and the evaluation conclusion more reasonable. Strengthen supervision and inspection, strictly investigate and deal with illegal issues, and promote evaluation institutions to continuously improve the quality of evaluation practice.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F426.1

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