發(fā)布時間：2018-06-17 21:25

  本文選題：資產(chǎn)重組 + 財務造假　； 參考：《安徽工業(yè)大學》2017年碩士論文

【摘要】：上個世紀八十年代以來,伴隨著經(jīng)濟全球化的趨勢不斷加強,我國不斷加深對外開放水平、加速與世界市場的融合,我國經(jīng)濟發(fā)展狀況與世界經(jīng)濟形勢緊密聯(lián)系,同樣經(jīng)濟轉型與產(chǎn)業(yè)結構調(diào)整這一重大經(jīng)濟變革對我國經(jīng)濟發(fā)展而言產(chǎn)生了巨大沖擊同時也帶來了前所未有的機遇。以企業(yè)兼并重組為代表的經(jīng)濟行為變得變得越來越常見,無論是兼并重組的資產(chǎn)規(guī)模還是案例數(shù)量均實現(xiàn)了高速增長。頻繁的兼并重組意味著資產(chǎn)、債務、業(yè)務等重要經(jīng)濟事項大規(guī)模的調(diào)整與改變,其實質(zhì)是一個以上的原有企業(yè)、獨立法人或經(jīng)濟實體按照法律相關規(guī)定、根據(jù)自身所達成的兼并協(xié)議將其全部或部分資產(chǎn)、業(yè)務進行融合的經(jīng)濟過程。通過類似的兼并重組實現(xiàn)資源的合理配置與流通、實現(xiàn)企業(yè)戰(zhàn)略規(guī)劃、增強企業(yè)的自身實力。大體而言,兼并與重組是不同的經(jīng)濟學概念,前者主要反應多個經(jīng)濟實體進行整合,合并為一個統(tǒng)一整體的過程;而后者主要指企業(yè)從自身戰(zhàn)略目標與戰(zhàn)略規(guī)劃出發(fā),經(jīng)過戰(zhàn)略考量,對企業(yè)原有的資本、資產(chǎn)、債務等重要經(jīng)濟負荷進行重新調(diào)整的經(jīng)濟過程。經(jīng)國家統(tǒng)計數(shù)據(jù)顯示,近年來我國大陸上市公司進行資產(chǎn)重組的數(shù)量規(guī)模與所占比重持續(xù)上升,極大的刺激了我國經(jīng)濟發(fā)展活力與優(yōu)質(zhì)資源的充分利用,但是上市公司由于操作失誤、違規(guī)違法等原因導致的重組失敗屢見報端,如四川瀘天化股份有限公司重組后股票大跌、海螺型材收購奇瑞新能源失敗。資產(chǎn)重組是否能讓公司煥然一新、提升經(jīng)營效率、獲得實質(zhì)性收益,始終是資本市場各方非常關注的問題。本文以步森股份有限公司的資產(chǎn)重組案例作為切入點與研究實例,首先從企業(yè)經(jīng)營治理模式、借殼方審查、民營企業(yè)重組和重組標的選擇這樣幾方面深入研究分析發(fā)現(xiàn),步森股份的重組動因、重組歷程以及多次重組失敗的根本原因在于企業(yè)目標定位混亂、重組對象選擇失誤、管理層運營偏差、政府對民營企業(yè)重組政策收緊這四個方面。其次針對以上四點原因提出改進意見:構建并完善公司治理機制、加強對借殼方審查、注重保護重組各方權益、發(fā)揮法律法規(guī)和中介機構作用增加重組機會。最后為正在籌備重組的上市公司提出了一些建議和注意事項,包括進一步優(yōu)化資產(chǎn)配置、改進公司治理方式、保護中小股東權益;為政府監(jiān)管部門在重組方面提出一些切實可行的參考建議。
[Abstract]:Since the eighties of the last century, with the increasing trend of economic globalization and the deepening of the level of opening to the outside world, China has accelerated its integration with the world market. The economic development of our country is closely linked to the world economic situation. At the same time, the economic transformation and the adjustment of industrial structure have had a great impact on the economic development of our country at the same time, and also brought unprecedented opportunities. The economic behavior represented by enterprise merger and reorganization has become more and more common, both the asset scale and the number of cases of merger and reorganization have achieved rapid growth. The frequent merger and reorganization means that assets, debts, business and other important economic matters are adjusted and changed on a large scale. In essence, they are more than one original enterprise, independent legal person or economic entity in accordance with the relevant provisions of the law. The economic process of merging all or part of its assets and businesses in accordance with its own merger agreement. Through the similar merger and reorganization to realize the rational allocation and circulation of resources, to realize the strategic planning of enterprises, and to enhance their own strength. Generally speaking, merger and reorganization are different economic concepts. The former mainly reflects the process of integrating multiple economic entities into a unified whole, while the latter mainly refers to the enterprise proceeding from its own strategic objectives and strategic planning. After strategic consideration, the economic process of readjusting the original capital, assets, debt and other important economic loads of the enterprise. According to national statistics, in recent years, the number and proportion of assets reorganization of listed companies in mainland China have continued to rise, which has greatly stimulated the vitality of our economic development and the full utilization of high-quality resources. However, the listed companies due to operational errors, illegal and other reasons caused by the restructuring failure frequently seen in the newspaper, such as Sichuan Lutianhua Co., Ltd. after the stock restructuring, conch profile acquisition of Chery new energy failure. Whether the reorganization of assets can make the company look new, improve the efficiency of operation, and achieve substantial income, is always a matter of great concern to all parties in the capital market. This paper takes the case of assets reorganization of Bousen Co., Ltd. as the starting point and research example. Firstly, from the aspects of enterprise management model, backside review, private enterprise reorganization and the selection of the target of reorganization, the paper finds out that, The reasons for the reorganization of Bugson shares, the course of reorganization and the failure of repeated reorganization lie in four aspects: the confusion of the target orientation of the enterprise, the wrong choice of the recombination object, the deviation of the management, and the tightening of the government's policy on the reorganization of the private enterprise. Secondly, some suggestions are put forward for the above four reasons: constructing and perfecting the corporate governance mechanism, strengthening the examination of the backdoor party, paying attention to the protection of the rights and interests of the parties, giving play to the role of laws and regulations and the role of intermediary organizations to increase the opportunities for reorganization. Finally, some suggestions and precautions are put forward for the listed companies that are preparing for reorganization, including further optimizing the allocation of assets, improving the way of corporate governance, and protecting the rights and interests of minority shareholders; For the government regulatory departments in the reorganization of some practical suggestions.
【學位授予單位】：安徽工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F426.86

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