新华股份股权分置改革及整体上市案例分析

分类号密级S001UDC学位论文题名新华股份股权分置改革及整体上市案例分析XinhuaShare-allocationReformAndListedAsAWholeCaseAnalysis作者姓名熊锐鹏指导教师姓名吴志军教授申请学位级别MBA专业名称工商管理论文提交日期2008.10论文答辩日期2008.12学位授予单位和日期江西财经大学答辩委员会主席鄢阳华评阅人胡宇辰陈明刘军善二OO八年十月1摘要我国股权分置作为历史遗留的一个制度性缺陷和我国资本市场上特有的股权结构问题，致使我国上市公司股权结构不合理，国有股权过度集中，严重影响到我国证券市场上资源配置效率和上市公司高效治理结构的建立。随着市场规模的不断扩大，这一问题对市场进一步发展的不利影响也越来越突出，在诸多方面制约着我国资本市场的规范发展和国有资产管理体制的根本性变革。股权分置改革的目的是改变流通股和非流通股相互隔离的状况，实现股票市场全流通。股权分置改革主要通过对价进行，其核心就是确定对价的原则，对价方案主要是在非流通股东与流通股股东博奕中产生，最终尽量实现最优均衡或者次优均衡。股改后期，分拆上市的问题开始突出起来，其固有的弊端和局限性越来越明显地暴露出来，如集团公司占用上市公司资金、利用关联交易进行利润输送、违规担保等现象，严重损害了中小股东的利益，最终给上市公司带来重大损失。因此，迫切需要重新调整企业边界，通过对企业的存量资源和增量资源的调整，优化企业业务结构，提升企业的核心竞争力，而重整上市公司资源实现集团整体上市则能使上市公司的质量、独立性和透明度得到显著提高。新华金属制品股份有限公司（以下简称“新华股份”）积极响应国家政策的要求，并适应市场发展的需要，在吸取第一次股权分置改革失败的教训后，最终以10股送3.3股顺利完成股改，为公司后续的整体上市提供了可能。借着国内上市公司整体上市热潮，特别是钢铁企业整体上市的优势，由新华股份非公开发行的A股，其控股股东——新余钢铁有限责任公司（以下简称“新钢公司”）以钢铁主业资产认购及其他投资者以现金认购相结合的方式，最终以“一次核准，二次发行”的方案成功的完成整体上市。论文对股权分置改革及整体上市的相关理论进行阐述，并对新华股份股改、整体上市的全过程做了详细介绍及分析。从案例企业的实际情况看，股权分置改革及整体上市的实施将有利于提升该企业的核心竞争力、消除关联交易、优化财务状况、拓宽融资渠道、提高产业优势、形成规模效应。通过这些阐述和分析，充分的体现了股权分置改革及整体上市对我国证券市场及公司治理的深远影响。关键词：股权分置对价方式整体上市钢铁企业2AbstractShare-allocationinChinaisahistoricalcarry-overinstitutionalflawandaproblemofthespecialsharestructureinChinacapitalmarket,resultthesharestructureofChinalistedcompanywasunreasonablewiththestate-ownedshareover-concerntrated,whichisaffectingtheefficiencyinthestockmarketresourceallocationandestablishmentofhighefficientmanagementsystemforthelistedcompany.Thisproblemhasbeenbecomingmoreandmoreobviouslyasthemarketvolumebeingenlargedanditwillrestrictthecapitalmarketdevelopmentandthebasicreformforstate-ownedassetmanagementsysteminChina.Thereformgoalforshare-allocationistochangetheseparationsituationofthecirculationandnon-circulationsharesandrealizethefullcirculationfortheallshares.Thereformforshare-allocationisprice-exchangeandhowtoestablishtheprincipleoftheprice-exchangeisthecore.Theplanforprice-exchangewillbefixedthroughthegamblingbetweenholdersofcirculationandnon-circulationsharessoastorealizetheoptimalbalanceorsub-optimalbalance.Duringthesecondhalfperiodofjoint-stocksystemreform,theproblemofpartialassetofacompanytobelistedhasbeenputonthetable,whichhasun-avoidedshortcomingandobviouslimitation,suchasthefundofthelistedcompanybeingoccupiedbythegroupcompany,theprofitbeingtransferredthroughinternaltrading,guaranteeinbeachofregulations,etc.allabovebehaviorsviolatetheinterestofthesmallandmediumsizedshareholdersseriouslyandbringtheheavylosstothecompanylisted.So,whatweneedtodourgentlyistoresettheboundaryoftheenterprise,tooptimizethebusinessstructureandthroughadjustmentoftheexistedandaddedresources,soastoimprovethecorecompetitionoftheenterpriseanditsindependencyandtransparency.XinhuaMetalProductsCo.,Ltd(XinhuaSharesforshort),inresponsetothecallfromthestatepoliciesandtomeettheneedofthemarketdevelopment,andafterthelessonofthefailureofthe1stShare-allocationreform,hadcompletedthejointstocksystemreforminthewayofsending3.3sharesbyeach10sharesfinally,whichhasprovidedthepossibilityforcompanyfollowinglistedasawhole.Duringtheboomperiodtobelistedasawholeindomesticstockmarket,especiallyforthesteelenterprises,XinhuaSharesfromnon-publicofferingofAshares,XinyuIron&SteelCo.,LtdasXinhuaShares’controlholder(XinyuSteelforshort)bythesteelandironprincipalworkpropertysubscriberandotherinvestorsthewaywhichunifiesbythe3cashsubscriber.Theultimateoneapprovedbythesecondaryofferingthesuccessfulcompletionoftheprogrammelistedasawhole.ThepaperhasdescribedthetheoryoftheShare-allocationReformandthetheorytobelistedasawhole,introducedandanalyzedindetailsthewholeprocessofjointstocksystemreformandbeinglistedasawholeoftheXinhuaShares.Fromtheactuallysituationofthecase,theshare-allocationandlistedasawholeimplementationwillbeadvantageousintheconclusionsofenterprisecorecompetitionbeingraised,internaltradingbeingeliminated,optimizationfinancialsituation,industryadvantageandthebig-sizedpositiveeffectbeingrealizedcanbereached.Throughtheseelaborationsandtheanalysis,theprofoundinfluencethattheshare-allocationandlistedasawholegoverntoourcountrystockmarketandthecompanyfullhavemanifested.Keywords:Share-allocationPrice-exchangeListedasawholeSteelenterpriseI目录1.导论····················································································································11.1选题背景、目的和意义··········································································11.2论文思路与框架······················································································21.3新华股份基本情况··················································································21.3.1新华股份基本情况介绍································································21.3.2新华股份历次股本变更情况························································31.3.3股改前新华股份非流通股控股股东情况介绍·····························52.股权分置改革及整体上市的相关理论综述······················································62.1股权分置改革的背景及其必然性、必要性分析····································62.1.1股权分置改革的背景····································································62.1.2股权分置改革的必然性及必要性分析···