本文選題：A股上市 + 公司估值��； 參考：《哈爾濱工業(yè)大學》2017年碩士論文

【摘要】：A股市場發(fā)展二十余年,從最初寥寥的幾家上市公司到現(xiàn)在滬深兩市近三千家上市公司,發(fā)展迅速。企業(yè)在A股上市對實現(xiàn)自身的戰(zhàn)略發(fā)展是一個最佳的選擇。哈爾濱電氣集團以下簡稱哈電集團,是國務院國資委直屬的大型央企,歷經(jīng)60多年的發(fā)展,達到總資產(chǎn)600多億的規(guī)模,是電力設備制造業(yè)的龍頭企業(yè),由于歷史原因,哈電集團的主業(yè)資產(chǎn)哈電股份并未在A股上市而是選擇了H股上市。伴隨著中國經(jīng)濟的快速增長,A股市場迅猛發(fā)展,哈電集團沒有分享到A股市場發(fā)展帶給企業(yè)的紅利,因此本文提出了哈電集團的上市的構(gòu)想。本文首先是對國企改革的背景進行了總結(jié)性的探討,在國企改革的大背景下哈爾濱電氣集團公司想要快速發(fā)展A股上市是必要的,在查閱文獻和上市公司的公開資料后對哈電集團的歷史、發(fā)展現(xiàn)狀等相關(guān)方面進行了概述研究,在公司發(fā)展研究的基礎上應用公司估值方法對哈電集團的公司價值的進行了實證研究,研究中發(fā)現(xiàn)對應的投資者群體不同其在資本市場的市值明顯偏低,對企業(yè)的融資、商譽等方面產(chǎn)生了很大影響,進而通過FCFF法,市盈率法,市凈率法,EVA法對哈電集團的上市公司哈電股份重新估值,并對擬定的借殼公司哈電集團旗下虧損的A股上市公司——佳電股份,應用B-S期權(quán)定價法進行了估值。然后本文在對哈電集團公司合理估值的基礎上結(jié)合上市的相關(guān)理論,對哈電集團A股上市的動因進行了分析,提出了IPO上市,借殼佳電股份上市和換股吸收合并東方電氣的三種策略方案,三種策略方案的提出都是基于哈電集團企業(yè)價值最大化的構(gòu)想,最后本文對上市策略在具體執(zhí)行中可能遇到的注意事項:如要約收購的法律問題,信息的披露和資產(chǎn)注入的時點,企業(yè)社會責任和投資者關(guān)系,上市后的戰(zhàn)略發(fā)展的可持續(xù)性等做了一一說明。
[Abstract]:The A share market has developed rapidly for more than 20 years, from the initial few listed companies to nearly 3,000 listed companies in the Shanghai and Shenzhen stock markets. A-share listing of enterprises to achieve their own strategic development is a best choice. Harbin Electric Group is a large central enterprise under the direct control of the State Administration and Administration Commission of the State Council. After more than 60 years of development, it has reached a total assets of more than 60 billion. It is the leading enterprise in the power equipment manufacturing industry. For historical reasons, Hadian Group's main business assets Hadian shares are not listed in A-shares but choose H-share listing. With the rapid growth of Chinese economy and the rapid development of A-share market, Harbin Power Group did not share the dividend brought to the enterprises by the development of A-share market. First of all, this paper discusses the background of state-owned enterprise reform. It is necessary for Harbin Electric Group Company to develop A share listing quickly under the background of state-owned enterprise reform. After consulting the literature and the public information of listed companies, the paper summarizes and studies the history, development status quo and other related aspects of Hadian Group. On the basis of the research on the development of the company, the paper makes an empirical study on the company value of Hadian Group by using the method of company valuation. The research finds that the corresponding investor groups are obviously lower in the market value of the capital market, and the financing of the enterprise is not the same. Goodwill and other aspects have a great impact, and then through the FCFF method, the price-earnings ratio method, the price-to-book ratio method and EVA method to the listed company of Hadian Group to revalue the shares. At the same time, B-S option pricing method is used to evaluate the A-share listed company, which is a loss-making company of Hadian Group, a backdoor company. Then, based on the reasonable valuation of Harbin Power Group Company, combined with the relevant theory of listing, this paper analyzes the motivation of A share listing of Harbin Power Group, and puts forward the IPO listing. The three strategic schemes of listed and merged Dongfang Electric through the stock exchange and stock exchange of Jiadian are all based on the idea of maximizing the enterprise value of Hadian Group. Finally, this paper discusses the issues that may be noticed in the implementation of the listing strategy, such as the legal issues of tender offer, the timing of information disclosure and asset injection, corporate social responsibility and investor relations. After listing, the sustainability of strategic development has been explained one by one.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F426.61

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