中海海盛股份有限公司混合所有制改革案例研究
發(fā)布時間：2018-11-28 14:06
【摘要】：黨的十八屆三中全會提出重點(diǎn)發(fā)展混合所有制經(jīng)濟(jì),并將其作為深化國企改革的重要方向,正是在這一背景下,中海(海南)海盛船務(wù)股份有限公司(以下簡稱“中海海盛”)開展了混合所有制改革。改革前中海海盛公司業(yè)務(wù)發(fā)展定位不清晰,同時受南海地區(qū)航運(yùn)業(yè)發(fā)展遲滯等因素的影響,已逐漸淪為航運(yùn)業(yè)的“末尾成員”,企業(yè)發(fā)展前景堪憂。中海海盛在利用混合所有制改革后,成功擺脫經(jīng)營困境。與此同時,中海海盛也是國家出臺相關(guān)國企改革方案后的第一家實(shí)施混合所有制改革的上市國企,因此其改革案例研究具有一定的實(shí)用價值和現(xiàn)實(shí)意義。本文首先對中海海盛混合所有制改革的研究背景與研究意義、國內(nèi)外研究現(xiàn)狀及評述進(jìn)行介紹。然后通過對中海海盛混合所有制改革過程中發(fā)生的股權(quán)轉(zhuǎn)讓、定向增發(fā)及資產(chǎn)剝離相關(guān)理論進(jìn)行闡述;其次,本文對中海海盛混合所有制改革案例進(jìn)行詳細(xì)介紹,并對其改革的原因、改革時機(jī)的確定、轉(zhuǎn)讓對象的選擇、股權(quán)改革方式的選擇與運(yùn)用、轉(zhuǎn)讓價格及轉(zhuǎn)讓比例的確定進(jìn)行深入研究;最后,通過案例分析得到了如下啟示:混合所有制改革可以為中小投資者提供超額收益的機(jī)會;股權(quán)轉(zhuǎn)讓結(jié)合定向增發(fā)是實(shí)現(xiàn)混合所有制改革的一種有效模式;控股權(quán)轉(zhuǎn)讓的溢價幅度可將50%的控股權(quán)溢價量作為參考;在混合所有制改革中進(jìn)行資產(chǎn)剝離有利于企業(yè)合理避稅。中海海盛通過混合所有制改革助其主營業(yè)務(wù)由航運(yùn)業(yè)向醫(yī)療、保險業(yè)轉(zhuǎn)變,實(shí)現(xiàn)業(yè)務(wù)轉(zhuǎn)型升級,并且在滿足國有資產(chǎn)持股比例需求的同時,也獲得了私有企業(yè)的資金注入,使其逐步扭虧為盈,可見中海海盛做出的一系列改革舉措是頗具成效的。本文對中海海盛混合所有制改革這一典型案例進(jìn)行深入剖析,總結(jié)其改革經(jīng)驗(yàn)及模式,以供國內(nèi)廣大企業(yè)參考借鑒。
[Abstract]:It was against this background that the third Plenary session of the 18th CPC Central Committee put forward the emphasis on developing the mixed ownership economy as an important direction for deepening the reform of state-owned enterprises. China Shipping (Hainan) Haisheng Shipping Co., Ltd. (hereinafter referred to as "Zhonghai Sheng") to carry out mixed ownership reform. Before the reform, the positioning of the business development of Zhonghai Haisheng Company was not clear, and influenced by the slow development of the shipping industry in the South China Sea, it was gradually reduced to the "last member" of the shipping industry, and the prospect of the development of the enterprise was worried. Zhonghai Sheng in the use of mixed ownership reform, successfully out of the business dilemma. At the same time, Zhonghai Haisheng is the first listed state-owned enterprise to implement the mixed ownership reform after the introduction of the relevant SOE reform plan, so the case study of its reform has certain practical value and practical significance. This paper first introduces the research background and significance of the mixed ownership reform of Zhonghai Sheng, as well as the current research situation and comments at home and abroad. Then through the process of the mixed ownership reform of Zhonghai Haisheng equity transfer, directional issuance and divestiture related theories are expounded. Secondly, this paper introduces the case of the mixed ownership reform of Zhonghai Haisheng in detail, and gives a detailed introduction to the reasons of the reform, the determination of the reform opportunity, the choice of the transfer object, the choice and application of the equity reform mode. (B) to conduct in-depth studies on the determination of transfer prices and transfer ratios; Finally, through the case analysis, the following revelations are obtained: the reform of mixed ownership can provide the opportunity of excess return for small and medium-sized investors, and the combination of equity transfer and directional issuance is an effective mode to realize the reform of mixed ownership; The premium range of controlling share transfer can take the 50 percent premium amount as reference; in the mixed ownership reform, the divestiture is beneficial to the enterprise to avoid tax reasonably. Through the mixed ownership reform, Zhonghai Haisheng has helped to transform its main business from shipping to medical and insurance, to achieve business transformation and upgrading, and to meet the needs of state-owned assets holding shares, and at the same time, it has also received capital injection from private enterprises. To gradually turn losses into profits, it can be seen that a series of reform measures made by China Sea Sheng is quite effective. This paper makes a thorough analysis of the typical case of the mixed ownership reform of Zhonghai Sheng, summarizes its reform experience and mode, and provides a reference for the domestic enterprises.
【學(xué)位授予單位】：沈陽工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F552.6;F271
[Abstract]:It was against this background that the third Plenary session of the 18th CPC Central Committee put forward the emphasis on developing the mixed ownership economy as an important direction for deepening the reform of state-owned enterprises. China Shipping (Hainan) Haisheng Shipping Co., Ltd. (hereinafter referred to as "Zhonghai Sheng") to carry out mixed ownership reform. Before the reform, the positioning of the business development of Zhonghai Haisheng Company was not clear, and influenced by the slow development of the shipping industry in the South China Sea, it was gradually reduced to the "last member" of the shipping industry, and the prospect of the development of the enterprise was worried. Zhonghai Sheng in the use of mixed ownership reform, successfully out of the business dilemma. At the same time, Zhonghai Haisheng is the first listed state-owned enterprise to implement the mixed ownership reform after the introduction of the relevant SOE reform plan, so the case study of its reform has certain practical value and practical significance. This paper first introduces the research background and significance of the mixed ownership reform of Zhonghai Sheng, as well as the current research situation and comments at home and abroad. Then through the process of the mixed ownership reform of Zhonghai Haisheng equity transfer, directional issuance and divestiture related theories are expounded. Secondly, this paper introduces the case of the mixed ownership reform of Zhonghai Haisheng in detail, and gives a detailed introduction to the reasons of the reform, the determination of the reform opportunity, the choice of the transfer object, the choice and application of the equity reform mode. (B) to conduct in-depth studies on the determination of transfer prices and transfer ratios; Finally, through the case analysis, the following revelations are obtained: the reform of mixed ownership can provide the opportunity of excess return for small and medium-sized investors, and the combination of equity transfer and directional issuance is an effective mode to realize the reform of mixed ownership; The premium range of controlling share transfer can take the 50 percent premium amount as reference; in the mixed ownership reform, the divestiture is beneficial to the enterprise to avoid tax reasonably. Through the mixed ownership reform, Zhonghai Haisheng has helped to transform its main business from shipping to medical and insurance, to achieve business transformation and upgrading, and to meet the needs of state-owned assets holding shares, and at the same time, it has also received capital injection from private enterprises. To gradually turn losses into profits, it can be seen that a series of reform measures made by China Sea Sheng is quite effective. This paper makes a thorough analysis of the typical case of the mixed ownership reform of Zhonghai Sheng, summarizes its reform experience and mode, and provides a reference for the domestic enterprises.
【學(xué)位授予單位】：沈陽工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F552.6;F271
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