本文選題：少數(shù)股權　切入點：合資鐵路　出處：《北京交通大學》2013年碩士論文　論文類型：學位論文

【摘要】：合資鐵路的出現(xiàn)對我國鐵路建設投資主體的多元化起到了重要作用,其建設規(guī)模也在不斷擴大,吸引了眾多機構投資者和民營企業(yè)。合資鐵路公司是以經(jīng)營、管理合資鐵路而專門成立的企業(yè)法人,由國有股股東控股,地方政府、機構投資者以及民營公司等以各類形式參股。由于國有股股東對公司擁有控制權,合資鐵路公司并不是單純以經(jīng)濟效益為唯一追求目標,仍需兼顧社會效益。同時由于運力安排等其他問題,使得大部分合資鐵路公司在盈利方面不盡如人意。在這樣的前提下,很多期望在短期內(nèi)獲得回報的機構投資者或者民營企業(yè)就會想要退出投資。另一方面,隨著鐵路市場化進程加快,鐵路參與資本市場不活躍的局面將會逐步得到改觀,社會資本進入和退出鐵路行業(yè)的規(guī)模和頻率將會加大。因此,如果能夠?qū)腺Y鐵路公司中少數(shù)股權的轉(zhuǎn)讓價值有一個較為規(guī)范的評估流程,對于我國合資鐵路未來的建設發(fā)展將會有積極作用。 本文在一般評估方法的基礎上,根據(jù)合資鐵路公司的特點與未來發(fā)展趨勢,選擇更為適合的收益法對少數(shù)股權進行評估,并對其中重要參數(shù)的設定進行了說明,特別是對合資鐵路公司中少數(shù)股權折價率的確定進行了較為深入的研究。對于非上市公司的少數(shù)股權,一般認為存在兩種折價,一種是由于缺乏控制權的折價,另一種是相較于上市公司,非上市公司股份轉(zhuǎn)讓成本較高,由此導致的流動性折價。針對這第一種折價,本文通過借鑒Barclay and Holderness模型,在其基礎上根據(jù)我國證券市場的特殊特點進行了改進,并通過實證分析得到我國控制權協(xié)議轉(zhuǎn)讓的平均溢價率為36.24%,由此可以間接獲得少數(shù)股權的折價率為26.6%。對于第二種折價,國內(nèi)研究較少,本文通過研究國外相關的文獻,得出流動性折價的常用區(qū)間為20%-25%。本文還對少數(shù)股權在合資鐵路公司中利益缺失的原因進行了分析研究。最后,基于理論研究、模型建立以及實地調(diào)研結果,對我國某非上市合資鐵路客運專線中的少數(shù)股權進行了評估,為其在今后進行股份轉(zhuǎn)讓提供了一定的依據(jù)。
[Abstract]:The emergence of joint-venture railway has played an important role in the diversification of investment subjects in railway construction in China, and its construction scale has been expanding, attracting many institutional investors and private enterprises. The state-owned shareholders, local governments, institutional investors and private companies, etc., are involved in various forms of equity participation by specially established corporate legal persons who manage the joint venture railways. Since the state-owned shareholders have control over the company, The joint venture railway company is not only pursuing economic benefits, but also needs to take into account social benefits. At the same time, due to other problems, such as capacity arrangement, most of the joint venture railway companies are not satisfied with their profits. Under this premise, Many institutional investors or private enterprises who expect to receive returns in the short term will want to withdraw from their investments. On the other hand, as the process of railway marketization accelerates, the situation of railway participation in the capital market will gradually change. The scale and frequency of social capital entering and withdrawing from the railway industry will increase. Therefore, if there is a more standardized assessment process for the transfer value of minority stakes in the joint-venture railway companies, It will play a positive role in the construction and development of China's joint-venture railway in the future. On the basis of the general evaluation method, according to the characteristics of the joint venture railway company and the future development trend, this paper chooses a more suitable income method to evaluate minority equity, and explains the setting of important parameters. In particular, the determination of minority equity discount rate in joint-venture railway companies is deeply studied. For minority shares of non-listed companies, it is generally considered that there are two kinds of discounts, one is due to the lack of control rights. The other is the liquidity discount caused by the higher transfer cost of the shares of the non-listed companies compared with the listed companies. In view of this first discount, this paper uses the Barclay and Holderness model for reference. According to the special characteristics of China's securities market, the paper improves on this basis, and through empirical analysis, obtains that the average premium rate of the transfer of control rights agreement in China is 36.240.Therefore, the discount rate of minority equity can be obtained indirectly by 26.60.For the second kind of discount, The domestic research is relatively few, this article through the research foreign related literature, obtains the liquidity discount commonly used interval is 20-25. This article also has carried on the analysis research to the minority stock right in the joint venture railway company interest flaw reason. Finally, based on the theory research, the article has carried on the analysis to the minority stock right in the joint venture railway company, finally, based on the theory research, The establishment of the model and the results of field investigation are used to evaluate the minority equity in a joint-venture passenger dedicated railway line in China, which provides a basis for the transfer of shares in the future.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F532.6

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