本文選題：資產重組 + 科學城��； 參考：《西南財經大學》2013年碩士論文

【摘要】：資產重組的概念在中國包含了兼并收購、債務股權重組以及企業(yè)重組的各個方面,而上市公司資產重組是我國資本市場實現(xiàn)資源優(yōu)化配置的重要手段,同時也是近年來上市公司實現(xiàn)規(guī)模擴張、業(yè)務轉型、資本運作的最有效方式之一。涉礦重組作為一類特殊的資產重組類型,是我國資本市場上備受關注的熱點,但是由于我國上市公司大量涉礦重組的現(xiàn)象出現(xiàn)時間尚短,目前關于涉礦重組的研究并不多。 上市公司科學城于2012年進行的資產重組是一起典型的涉礦重組案例,主營酒店服務的科學城通過收購玉龍礦業(yè)成功轉型成為一家礦產資源開發(fā)公司。本文以科學城這一重組案例作為研究對象,深入分析了科學城涉礦重組的背景、動因、方式、過程以及重組的成功和不足之處。并在案例研究的基礎上,對我國涉礦重組現(xiàn)象進行了分析,得出經驗性的結論。論文的主要內容分為五個部分,具體如下： 第一章主要介紹了選題背景與意義,以及我國關于資產重組的一些基礎理論,并簡要提出了文章的思路結構； 第二章重點分析科學城的涉礦重組方案的設計和實施過程,通過上市公司的公告和相關資料梳理出此次科學城涉礦重組的具體情況； 第三章主要通過分析科學城此次重組的戰(zhàn)略意義、財務價值、對二級市場的影響和出現(xiàn)的問題來對此次科學城的涉礦重組進行綜合性的評價； 第四章將科學城涉礦重組這一個案例推廣到我國上市公司涉礦重組這一類現(xiàn)象,重點分析了我國上市公司涉礦重組的動因,特征,風險以及投資者如何把握涉礦股票； 第五章是總結性的章節(jié),對本文需要得出的結論進行了歸納總結。 本文在案例研究和相關文獻資料的基礎上得出以下結論和建議：首先,科學城此次的涉礦重組是一次比較成功的重組案例,科學城通過巧妙的重組方案設計完成公司主營業(yè)務的轉型,實現(xiàn)了控股集團的戰(zhàn)略目標,同時很好的改善了企業(yè)的財務結構和盈利能力,公司股價的走勢也證明方案獲得市場的認同。其次,現(xiàn)階段我國股票市場上存在炒作涉礦題材股票的現(xiàn)象,而普通投資者需要通過分析上市公司涉礦的原因、目的、方式和涉礦方案的可行性來判斷涉礦股票的內在價值,盡量避免沖動投資。 論文的不足和改進的方向體現(xiàn)在以下兩方面：其一,科學城重組完成的時間較晚,無法通過公司重組轉型后的經營成果來評價重組的績效,論文采取了備查報表中的數(shù)據來代替重組后業(yè)績,所得出的結論與實際有可能存在偏差;可以通過跟蹤研究科學城的實際經營業(yè)績,以公司的實際經營數(shù)據修正替代的數(shù)據。其二,論文主要采用定性的方式分析我國涉礦重組現(xiàn)象,所得出的大多是說服力不夠的經驗性結論；在以后的研究中,可以考慮使用定量和實證的方式來分析涉礦重組中出現(xiàn)的具體問題。
[Abstract]:The concept of asset restructuring in China includes all aspects of mergers and acquisitions, debt equity restructuring and enterprise restructuring. The asset restructuring of listed companies is an important means to achieve the optimal allocation of resources in China's capital market.It is also one of the most effective ways for listed companies to achieve scale expansion, business transformation and capital operation in recent years.As a special type of asset recombination, ore-related reorganization is a hot spot in the capital market of our country. However, due to the phenomenon of a large number of Ore-related reorganization of listed companies in our country, the phenomenon of Ore-related reorganization is still short, so there are few researches on Ore-related reorganization at present.The assets restructuring of Science City, a listed company, was a typical case of mining restructuring in 2012. The city, which specializes in hotel services, successfully transformed itself into a mineral resources development company through the acquisition of Yulong Mining.This paper takes the case of Science City as the research object, deeply analyzes the background, motivation, mode, process, success and deficiency of the reorganization.On the basis of case study, this paper analyzes the phenomenon of ore-related reorganization in China and draws empirical conclusions.The main content of the paper is divided into five parts, as follows:The first chapter mainly introduces the background and significance of the topic, as well as some basic theories about asset restructuring in China, and briefly puts forward the thinking structure of the article.The second chapter mainly analyzes the design and implementation process of the plan of ore-related reorganization of the science city, and combs out the concrete situation of the reorganization of the mine-related enterprise through the announcement of the listed company and the relevant data;The third chapter mainly through the analysis of the strategic significance of the reorganization of Science City, financial value, the impact of the secondary market and the emergence of problems to carry out a comprehensive evaluation of the reorganization of the Science City;In the fourth chapter, the author extends the case of ore related reorganization of Science City to the phenomenon of ore related reorganization of listed companies in China, focusing on the analysis of the causes, characteristics, risks and how investors grasp the ore related stocks of listed companies in China.The fifth chapter is the summative chapter, which summarizes the conclusions that need to be drawn in this paper.Based on the case study and related literature, this paper draws the following conclusions and suggestions: first, the reorganization of the Science City is a relatively successful case.The Science City completed the transformation of the company's main business through the ingenious reorganization scheme, realized the strategic goal of the holding group, and improved the financial structure and profitability of the enterprise.The trend of the company's share price also proves that the plan has been recognized by the market.Secondly, there is a phenomenon of speculation on ore related stocks in the stock market of our country at the present stage, and ordinary investors need to judge the intrinsic value of ore related stocks by analyzing the reasons, purposes, methods and feasibility of the plans of ore involvement of listed companies.Try to avoid impulsive investment.The deficiency and improvement direction of the thesis are reflected in the following two aspects: first, the time of completion of the reorganization of Science City is relatively late, and it is impossible to evaluate the performance of the reorganization through the management results of the restructuring and transformation of the company.The paper adopts the data in the future report form to replace the performance after the reorganization, and the conclusion can be deviated from the actual situation, and the data can be corrected by the actual operating data of the company by tracking and studying the actual operating performance of the science city.Second, the paper mainly uses qualitative analysis of the phenomenon of ore-related reorganization in China, and draws most of the empirical conclusions that are not convincing enough.Quantitative and empirical methods can be used to analyze the specific problems in ore-related reorganization.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.5;F271

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