当前环境下的某水电集团上市研究

【作者】 刘彬；

【导师】 罗珉；

【作者基本信息】 西南财经大学 ， 工商管理， 2007， 硕士

【摘要】 某水电集团于2004年12月底正式成立,代表省政府统一行使地方电力省级国有资产所有者职能,是地方电力省级国有资产的出资人代表,负责投资、经营、管理地方电力省级国有资产,是地方电力系统组织城乡电网建设与改造,电气化县建设、缺电县电力建设、小水电代燃料工程等省级投资的总业主,是全省农村水电建设的投资主体、融资载体和经营实体。公司首期注册资本24.4148亿元。某水电集团面临发展的良好机遇,也面临巨大的挑战。当前的经济环境是流动性泛滥,资本市场面临空前发展机会。国家政策鼓励国有大型企业上市,电力体制改革的方向对某水电集团的发展提供了极大的机会。利用资本市场来实现电力改革的突破对某水电集团有重要意义。新的公司法、证券法等法律、政策为某水电集团对上市公司并购提供了坚实的制度保障。股权分置改革纠正了扭曲的市场机制,发行体制改革的深化,大规模的上市公司清欠工作,机构投资者的发展实现了巨大的飞跃,证券行业逐步走出了低谷,迎来了良好的发展机遇。随着各上市公司陆续完成股改,证券市场的格局也将随之发生深刻变化,全流通市场将逐步发展成型,在此环境下上市的主要手段和形式有发行新股、借壳上市等方式,借壳上市是一种有效的资本运作形式,许多企业通过借壳上市达到了企业迅速扩张的目的。而通过股权划转或拍卖购买方式拥有公司股权来获得上市公司的控制权,是近年来我国资本市场资产重组过程中普遍采用的方式。新的环境下新发行上市的要求也发生了变化,有发行规章的变化,再融资方式的增加,再融资盈利门槛的降低。整体上市在新的环境下盛行起来,整体上市是指一家公司将其主要资产和业务整体改制为股份公司进行上市的做法。整体上市的主要模式有通过整体改制后首次公开发行上市的方式,借助其控股的上市公司,以吸收合并或资产重组的方式实现经营性资产的整体上市等。在当前环境下控制权争夺变得重要起来,公司控制权的争夺指的是各个不同的管理集团为夺取某个公司的决策控制权而采取的种种策略及行为。公司控制权争夺的主要方式有购并与代理权争夺两种。在当前环境下,并购和反并购斗争日益激烈,决策层务必保持对市场各构成因素的敏感性,谋划各种并购及反并购策略,为收购行为及反收购行为做好准备。对于某水电集团而言,要想上市,就必须深刻理解当前的环境,选取好并购对象,做好上市的安排,整合资产,做好控制权争夺和反并购的安排,最后还要有一系列的保证措施。更多还原

【Abstract】 Some hydropower group was set in 2004 Abstract formally by the end of December, representative’s provincial government unifies to exercise the place electric power province class stateowned property proprietor a working talent, is of the stateowned property of the place electric power province class property person representative, responsible for an investment, conduct and manage the place electric power province class a stateowned property, is electric power system in the place organization city country charged barbed wire net construction and reformation, electrification county construction, lack electricity county electric power to constuct, small hydropower generation fuel engineering etc. province class investment of total owner, is village water in the whole province gives or get an electric shock construction of the investment corpus, margin carry a body and conduct entity.The initial capital for this company was $2,441,480,000.The some hydropower group faces the good opportunity of development and also face a huge challenge.The current economic environment is a mobility deluge and the capital market faces an unprecedented development an opportunity.National stateowned large business enterprise of the policy encouragement appear on market, the direction of reform of the electric power system to some water give or get an electric shock group of the development provided a tremendous opportunity.Make use of a capital market to carry out the breakthrough of electric power reform to have important meaning to the some hydropower group.The new company law, stock certificate method etc. law, policy gave or get an electric shock group to provide solid system guarantee to the listed company merger for some water.The cent of the ownership of a share placed reform to rectify a twisted market mechanism, the deeply turn of the reform of the issue system, the large-scale listed company is pure to owe a work and the development of organization investor carried out to hugely leap and the stock certificate profession gradually came out a low valley and face to come to good development opportunity.Along with each listed company continuously completes to change, the structure and form of the stock market will also immediately have deep variety, all circulating a market will gradually develop model, main means and form which appear on market under this environment have already published a new and lend hull to appear on market an etc. method and lend hull to appear on market is a kind of valid capital operation form, many business enterprises pass to lend hull to appear on market to come to a the purpose that the business enterprise quickly extends.But row to turn or auction off to purchase a way to own a company an ownership of a share to acquire the control power of listed company through an ownership of a share, is the reorganization process of the market property of the our country capital in recent years in widespread adoption of way.The new environment was next to lately publish the request for appear on market to also take place variety, there is the variety of issue regulation, again the increment of margin method, again the lower of threshold of the margin earnings.Whole appear on market under the new environment to spread widely, whole appear on market to mean a company will it main property and business be whole to change the system the way of doing which carries on appear on market for the joint-stock company.Whole the main mode appear on market has already pass whole change the system to publicly publish the way for appear on market for the very first time behind, ask for help of the listed company that it controls to absorb merger or property reorganization of the way realization management property of whole appear on market etc..Control power to fight to become important under the current environment, what the company control fight of power point is each different management group for seize a certain company of decision control power but adopt of various strategies and behavior.The main way that the company control power fight includes a merger to fight with the agency 2 kinds.Under the current environment, the merger and anti- merger struggle vigorous day by day, decision layer the sensitivity that must keep each to market to constitute a factor, try to find solution various anti- merger strategy, in advance adopt some prevent°from sexual measure, avoid catching unprepared while procuring behavior to suddenly take place.For some hydropower group but speech, want to appear on market, have to be deep to comprehend current environment, select by examinations good merger object, the arrangement worked well to appear on market, integrate a property, work well control power to fight with the arrangement of anti- merger, finally have to also have the assurance measure of a series.更多还原