【作者】 刘阳；

【导师】 张力上；

【作者基本信息】 西南财经大学 ， 会计学， 2011， 硕士

【副题名】基于唐钢股份换股吸收合并邯郸钢铁和承德钒钛

【摘要】 19世纪末至今,西方国家经历了五次比较大的并购浪潮。在经济发展的推动作用下,企业的并购活动也获得了迅猛发展,并呈现出交易规模不断扩大、交易金额不断增加、交易工具不断创新以及交易形式不断多样化等新的特征。其中,换股合并指的是以股票作为企业并购的支付手段,从而达到控制或者影响其他企业的目的。换股合并能够产生避税作用,并购规模不受企业资金规模和融资能力等诸多因素的限制,被合并企业可以保留自己的所有者权益,能够继续分享公司未来的成长收益,取得股票的增长效应。这些优势使得换股合并在20世纪90年代以来,在国际金融环境的日渐宽松,尤其是金融服务业贸易自由化的发展的大背景下,风靡全球。同西方国家的换股合并发展历史相比,换股合并在我国的发展历程并不长,以换股的方式实施企业合并的案例也不多。1999年6月,上市公司清华同方换股合并非上市公司鲁颖电子拉开了我国换股合并的序幕；2002年9月,中国证监监督管理委员会颁布了《上市公司收购管理办法》和与之相配套的《上市公司股东持股变动信息披露管理办法》,为大规模的实施换股合并奠定了政策基础；2005年4月,中国证券监督管理委员会发布了《关于上市公司分置改革试点有关问题的通知》,启动了股权分置改革的工作,随着股权分置改革基本完成,证券市场全流通时代的到来,股权定价积弊的根除,使得换股合并有了更加广阔的施展空间。这些政策的实施都促进了换股合并在我国的发展运用,但是总体上我国的换股合并还处于总结探索阶段,在换股比例的确定、价值效应评价、信息披露和会计处理方法等方面都需要健全和完善。因此,在这个时期,研究换股合并,总结和评价已有案例的经验和不足,为政策制定提供政策建议,为上市公司的实务操作提供借鉴都显得尤为重要和迫切。本文共分七章,各章主要内容如下：第一章是导论部分,主要介绍论文的选题背景、选题意义、研究思路及框架、研究方法以及论文写作的相关问题说明。第二章是文献综述部分,主要阐述了国内外学者在换股合并相关方面的一些研究成果。第三章分析了换股合并的动因,首先介绍了传统的企业合并的动因,在此基础上重点介绍了采取换股合并的直接原因。第四章介绍了换股比例这一换股合并中的核心问题。因为换股比例的确定方法现在仍然存在争议,我们选取了四种比较常用的方法进行了依依介绍。第五章是对换股合并后企业价值效应评价方法的介绍。罗列了传统的财务指标分析法和股价分析法、EVA和MVA,主要介绍了几种方法的原理、产生背景、计算公式和各自的适用范围及优缺点。第六章是案例分析,也是论文的重点部分。本文选用了新近发生的唐钢股份换股吸收合并邯郸钢铁和承德钒钛的案例,首先分析了实施此次换股合并的动因；其次结合第四章中介绍的换股比例确定方法,对案例中的换股比例进行了试算,并与实际换股比例进行比较分析；最后利用第五章中的几种方法从不同角度衡量和评价了河北钢铁换股合并后企业的价值效应。第七章对案例进行总结,并结合前述的理论分析和我国的具体情况,对推动换股合并在我国发展提出了政策建议。本文的主要贡献在于将理论与实践相结合,避免了陷入单纯的理论分析,在案例中,通过运用已有的方法,在评价案例的基础上引出了一些推动换股合并在我国发展的政策建议和措施,对上市公司实施换股合并具有一定的借鉴意义。本文的不足在于会计处理方法、信息披露等换股合并研究中的重要问题没有涉及；一些数据处理的精准性不够；对涉及到的动因,换股比例和价值效应研究的也不够深入,需要进一步努力。更多还原

【Abstract】 Since the late 19th century, Western countries have experienced five large M & A waves. The economic development drives the development of mergers and acquisitions, and it shows the features of expanding trade, increasing amount of the transaction, innovating the trading tools and trading in various forms. Convertible merger is defined to achieve the control or influence of other enterprise by means of stock as payment of mergers and acquisitions. Convertible merger can produce tax avoidance effect, M&A is not restricted by the scale of enterprise funds and financing capacity, and the combined companies can retain their ownership interest, continue to share the future growth and income of the companies, and achieve the growth effect of stock. These advantages have made the convertible merger swept the globe in the increasingly liberal international financial environment, especially in the context of liberalization of financial services trade, since the 90s of the 20th century. Compared with the Western countries, history of convertible merger in our country is not long, nor is the case of business combination many. In June 1999, listed company Tsinghua tongfang and non-listed company Luying opened the prelude of convertible merger; In September 2002, China Securities Regulatory Commission Regulatory Commission promulgated the《Administrative Measures for Acquisition of Listed Companies》and with the support of the《change of Shareholdings in Listed Companies Information Disclosure》, which laid the foundation for the large-scale implementation of the convertible merger; In April 2005, the China Securities Regulatory Commission issued the notice of split on the reform of listed company issues, and started the work of split share structure reform. Along with the basic completion of the share reform and the coming of tradable securities market era, the eradication of equity pricing long-standing abuse make the convertible merger have more extensive room for development. Implementation of these policies promotes the development of convertible merge in China, but on the whole convertible merger is still in the exploratory and concluded stage. It needs to improve and perfect the determination of the conversion ratio, the evaluation of value effect and the information disclosure and accounting methods. Therefore, in this period, it is particularly important and urgent to study convertible merger, summarize and evaluate the experience and lack of the existing cases, and provide policy recommendations and reference for the practical operation of listed companiesThis article is divided into seven chapters, the contents of each chapter are as follows:Chapter 1 is the introduction part, it mainly introduces the background, significance of the topic, research ideas and frameworks, research methods and the problems of thesis writing.Chapter 2 is the literature review section, it mainly introduces the domestic and foreign scholars’research about the convertible merger.Chapter 3 analyzes the motives of convertible, it firstly introduces the motives of the combination of traditional corporate, on this basis, it also highlights the direct cause of the convertible merger.Chapter 4 describes the merger exchange ratio, which is the core issue of the convertible merger. Because the method of determining the exchange ratio is still controversial, we chose four common methods to introduce this.Chapter 5 introduces enterprise evaluation methods after convertible merger. Listing the traditional analysis of financial indicators and stock analysis, EVA and MVA, it mainly introduces the principle of the background, calculation formula and the scope of their respective advantages and disadvantages of these several methods.Chapter 6 is a case study, which is also the key part of the paper. This article selects the case that Tanggang combines and absorbs Handan Iron and Steel and Chengdefantai, it firstly analyzes the motivation of convertible merger; secondly it tries calculating the exchange ratio following with the fourth chapter which describes the conversion method for determining the proportion of cases, and compares with the actual exchange ratio; Finally, it uses the several ways in Chapter V to measure and evaluate the company value effect of Hebei Iron and Steel from different angles.Chapter 7 summarizes the case and combines with the aforementioned theoretical analysis and the specific situation of our country to provide policy recommendations for promoting development of convertible merger.The main contribution of this paper is to combine theory and practice to avoid falling into a simple theoretical analysis. In the case, it uses the existing methods to provide policy suggestions and measures to promote the development of convertible merger based on the evaluation of cases. Which have certain reference significance for convertible merger of listed companies.The drawback is that the accounting treatment and disclosure of convertible merger study don’t address the important issues; the accuracy of some data processing is not enough; the study of involved motives, exchange ratio and the value effect is not deep, so it needs further efforts to perfect it.更多还原