本文選題：戰(zhàn)略投資者　切入點(diǎn)：上市公司價(jià)值　出處：《上海交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)全球化和我國(guó)股權(quán)分置改革的深入發(fā)展,企業(yè)是否需要引入戰(zhàn)略投資者、如何引入戰(zhàn)略投資者已成為我國(guó)政府和企業(yè)共同關(guān)注和考慮的重大問題。不斷完善戰(zhàn)略投資者的引入制度對(duì)于實(shí)現(xiàn)資本市場(chǎng)的價(jià)值增值和保證經(jīng)濟(jì)社會(huì)的健康有序發(fā)展,具有十分重要的意義。本文以廣東威華股份有限公司成功引進(jìn)戰(zhàn)略投資者后上市的背景撰寫,探討其引進(jìn)的目的和意義;其次對(duì)戰(zhàn)略投資者的相關(guān)文獻(xiàn)進(jìn)行介紹和評(píng)述,總結(jié)相關(guān)文獻(xiàn)的探討方法和結(jié)論。理論研究方面,對(duì)其定義先有個(gè)明確的了解,分析自身發(fā)展?fàn)顩r選擇適合實(shí)際需要的合格戰(zhàn)略投資者,以確保公司快速、協(xié)調(diào)和可持續(xù)發(fā)展。本文以資本運(yùn)營(yíng)理論、公司治理理論、協(xié)同效應(yīng)理論、戰(zhàn)略管理理論等相關(guān)理論為指導(dǎo),從內(nèi)外部環(huán)境背景和上市公司與戰(zhàn)略投資者雙方的博弈動(dòng)機(jī)出發(fā),分析了如何防范投資者向投機(jī)者轉(zhuǎn)變,并進(jìn)一步探討了戰(zhàn)略投資者持股對(duì)被投資公司的影響以及造成這些影響的原因,為提出上市公司引入戰(zhàn)略投資者的具體對(duì)策打下基礎(chǔ)。產(chǎn)業(yè)投資基金的實(shí)踐,本文撰寫“威華股份”如何引進(jìn)產(chǎn)業(yè)投資基金之戰(zhàn)略投資者美國(guó)高盛公司,資本運(yùn)作的成功操作過(guò)程及注意事項(xiàng)。在引進(jìn)戰(zhàn)略投資者中的所見所聞、描述操作過(guò)程中的實(shí)施細(xì)則,確定為什么引入、何時(shí)引入、參股比例、參股價(jià)格、持股時(shí)間、對(duì)賭條款及申請(qǐng)報(bào)批過(guò)程中的注意事項(xiàng)。產(chǎn)業(yè)基金之戰(zhàn)略投資者的股權(quán)屬性以及持股特征決定了將其引入我國(guó)證券市場(chǎng),對(duì)完善公司治理機(jī)構(gòu)、提升上市公司技術(shù)水平和管理水平、提高公司自主創(chuàng)新能力等方面具有重要的意義。通過(guò)列舉滬深兩市引進(jìn)戰(zhàn)略投資者的上市公司案例分析,以浦發(fā)銀行、中國(guó)銀行引進(jìn)戰(zhàn)略投資者成功的為案例,并列舉滬深兩市24家上市公司引進(jìn)戰(zhàn)略投資者成功的資本運(yùn)作,充分說(shuō)明產(chǎn)業(yè)投資基金的作用,證實(shí)引進(jìn)戰(zhàn)略投資者給企業(yè)內(nèi)部管理、技術(shù)方面及融資方面的好處,以及提升公司價(jià)值的作用。但層出不窮的戰(zhàn)略投資者減持事件又給我們敲響了警鐘,防范投資者演變?yōu)橥稒C(jī)者是當(dāng)前規(guī)范戰(zhàn)略投資者投資行為的重中之重。同時(shí)也帶來(lái)些負(fù)面影響,投機(jī)動(dòng)機(jī)帶來(lái)的股價(jià)下跌風(fēng)險(xiǎn),上市公司關(guān)聯(lián)交易風(fēng)險(xiǎn),中小股東利益風(fēng)險(xiǎn)和持股時(shí)間帶來(lái)的影響。要引入合格、優(yōu)秀的戰(zhàn)略投資者,還需要政府監(jiān)管部門、行業(yè)以及上市公司的共同努力,制定出更有利于戰(zhàn)略投資者持股的約束條件,讓雙方走向雙贏的局面。因此,本文提出對(duì)戰(zhàn)略投資者退出的思考建議:怎樣采取措施,防止戰(zhàn)略投資者變成投機(jī)者,并保證股價(jià)的真實(shí)性、規(guī)避投機(jī)行為、增強(qiáng)投資者信心。主動(dòng)學(xué)習(xí)和溝通協(xié)調(diào)、建立信披制度、完善股權(quán)定價(jià)機(jī)制、尋求內(nèi)生性的發(fā)展道路。
[Abstract]:With the development of economic globalization and the reform of split share structure in China, whether enterprises need to introduce strategic investors, How to introduce strategic investors has become an important issue that our government and enterprises pay attention to and consider. It is necessary to improve the introduction system of strategic investors to realize the value increment of capital market and ensure the healthy and orderly development of economy and society. This paper is based on the background of the successful introduction of strategic investors in Guangdong Weihua Co., Ltd., and discusses the purpose and significance of the introduction. Secondly, it introduces and comments on the relevant documents of strategic investors. Summarize the discussion methods and conclusions of relevant literature. In theoretical research, we should first have a clear understanding of its definition, analyze its own development situation and select qualified strategic investors who are suitable for practical needs, so as to ensure the company's speed. Under the guidance of capital operation theory, corporate governance theory, synergistic effect theory, strategic management theory and so on, this paper starts from the background of internal and external environment and the motivation of game between listed companies and strategic investors. This paper analyzes on how to prevent investors from changing to speculators, and further discusses the influence of strategic investors' shareholding on invested companies and the causes of these effects. In order to lay a foundation for the introduction of strategic investors to listed companies, this paper writes how to introduce "Weihua shares" to the strategic investors of industrial investment funds, including Goldman Sachs Corporation of America, and the practice of industrial investment funds. The successful operation process of capital operation and matters needing attention. What we see and hear in the introduction of strategic investors, describe the detailed rules of implementation during the operation, determine why, when, when, share participation ratio, share price, holding time, The clauses of gambling and the matters needing attention in the process of applying for approval. The property of the strategic investors of the industry fund and the characteristics of the ownership decide to introduce it into the securities market of our country and perfect the corporate governance organization. It is of great significance to improve the technology level and management level of listed companies and to improve their independent innovation ability. The successful introduction of strategic investors by the Bank of China is a case study, and the successful capital operation of the 24 listed companies in Shanghai and Shenzhen stock markets is cited to fully illustrate the role of the Industrial Investment Fund, and to confirm the introduction of strategic investors to the internal management of the enterprise. The benefits of technology and financing, and the role of enhancing the value of the company. But the endless selling of strategic investors has given us a wake-up call. Preventing investors from turning into speculators is the most important thing in regulating the investment behavior of strategic investors at present. At the same time, it also brings some negative effects, the risk of stock price falling brought by speculative motives, the risk of related party transactions of listed companies. To introduce qualified and excellent strategic investors, we also need the joint efforts of government regulators, industry and listed companies. Therefore, this paper puts forward some suggestions for strategic investors to withdraw: how to take measures to prevent strategic investors from becoming speculators. To guarantee the authenticity of stock price, to avoid speculation, to enhance investor confidence, to actively study and communicate and coordinate, to establish a trust system, to improve the stock pricing mechanism, and to seek an endogenous way of development.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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