上市公司並購重組存在的問題及對策研究 —以利歐股份為例

Abstract

目前，我國正值產業結構轉型及經濟增長方式轉變的關鍵時期，一方面經濟突飛猛進，另一方面經濟結構與產業模式面臨嚴峻考驗，機遇與挑戰同在。面對這樣的形勢，應該如何抓住機遇、克服困難，成為了上市公司極其關注的問題。而並購重組，正是這樣一種絕佳方式。近年來，我國上市公司的並購規模與數量都在不斷增長，幾乎所有大型企業都在思考和探索，通過並購發揮其優化資源配置、提高核心競爭力，實現1+1＞2的效果。然而，具體操作起來人們會發現，中國上市公司的並購重組仍然存在許多問題，並不完全像預期所想像的那麼美好。 本論文以筆者所熟悉的利歐股份為例，分析上市公司並購重組的意義及存在的問題。第一章是緒論部分，主要探討本論文研究課題的背景、目的及意義，研究方法及思路。第二章是文獻綜述，通過對文獻的整理、分析和總結剖析並購重組的基本含義、模式、風險。第三章是案例研究，主要是分析利歐股份的概況及並購重組的歷程，包括了利歐股份在並購重組中的策略、模式、實施、效果及意義，第四章針對企業並購重組存在的問題進行一一分析。第五章則對企業並購重組存在的問題提出相對應的策略。 研究發現，上市公司並購重組可分為三個層面的意義，具體如下：企業層面的意義：擴大企業生產規模，增強發展動力活力；提高企業經營規模，規範內部治理結構；跨入新行業，實施多元化戰略。產業層面的意義：推動產業結構優化升級。國家與社會的意義；促進國家市場經濟深化發展；實現社會資源利用最大化；提高國民經濟的整體競爭力。 然而，當前我國上市公司並購重組還存在一些問題，主要如下：高溢價並購成常態，重組失敗風險高；陷入“習慣性重組”旋渦，存在關聯交易；跨界並購動作較多，存在被收購方“另立山頭”現象；並購重組成二級市場炒作工具，中小投資者利益受損；人力資源與技術整合不足，低估合併經營難度。 針對這些問題，本論文也提出了相對應的策略：外部問題解決對策：政府行政干預行為要做到“有的放矢”；監管部門完善相關法律法規體系；嚴厲打擊二級市場股價操控行為系。內部問題解決對策：合理對被收購方進行估價，降低並購重組失敗風險；以實現企業戰略目標為指導，切忌盲目“習慣性重組”；對被收購方加大約束力度，控制其“另立山頭”現象出現；切忌將並購重組當作二級市場炒作話題，保障投資者利益；綜合評估各方面因素，準確預估合併經營難度。

At present, China is in the critical period of industrial restructuring and economic growth mode transformation. On the one hand, the economy is advancing rapidly, on the other hand, the economic structure and industrial model are facing severe challenges, opportunities and challenges are at the same time. Faced with such a situation, how to seize the opportunity and overcome the difficulties has become an issue of great concern to listed companies. Mergers and acquisitions is a wonderful way. In recent years, the merger and acquisition scale and number of Listed Companies in China are constantly increasing, almost all large enterprises are thinking and exploring, through mergers and acquisitions to optimize the allocation of resources, improve core competitiveness, to achieve the effect of 1 + 1 > 2. However, people will find that there are still many problems in the merger and reorganization of Chinese listed companies, which are not as good as expected. This paper takes Leo shares as an example to analyze the significance and problems of M&A and reorganization of listed companies. The first chapter is the introduction part, mainly discusses the research topic’s purpose, background and significance, research methods and ideas. The third chapter is the theoretical basis and case background, analyzes the basic meaning, mode, risk of M&A and the current situation of M&A and restructuring of Listed Companies in China; case background mainly analyzes the general situation of Leo shares and the course of M&A and restructuring. The fourth chapter mainly elaborates the significance of mergers and acquisitions to enterprises, and the fifth chapter analyzes the existing problems of mergers and acquisitions. The study finds that the M&A and reorganization of listed companies can be divided into three levels of significance, specifically as follows: the significance of the enterprise level: expanding the scale of enterprise production, enhancing the vitality of development; improving the scale of enterprise operation, standardizing the internal governance structure; entering new industries, implementing diversification strategy. The significance of the industrial level is to promote the optimization and upgrading of the industrial structure. The significance of the state and society: to promote the deepening development of the national market economy; to maximize the use of social resources; to improve the overall competitiveness of the national economy. However, there are still some problems in the mergers and acquisitions of Listed Companies in China, mainly as follows: high premium mergers and acquisitions become normal, the risk of reorganization failure is high; fall into the 'habitual reorganization' vortex, there are related transactions; cross-border mergers and acquisitions more action, there is the phenomenon of 'another mountain' by the acquired party; mergers and acquisitions reorganization into the secondary market speculation. Tools, the interests of small and medium investors are damaged; human resources and technology integration is insufficient, underestimating the difficulty of merger. In view of these problems, this paper also puts forward corresponding strategies: external problems to solve countermeasures: government administrative intervention should be 'targeted'; regulatory departments to improve the relevant laws and regulations; crack down on secondary market share price manipulation behavior. Solutions to internal problems: reasonable valuation of the acquired party to reduce the risk of failure in M&A reorganization; to achieve the strategic objectives of the enterprise as a guide, avoid blindly 'habitual reorganization'; to increase the restraint on the acquired party, control its 'another hilltop' phenomenon; avoid the M&A reorganization as a secondary market hype; to protect investors' interests, and comprehensively evaluate all factors, so as to accurately predict the difficulty of merger operation.