本文選題：中航工業(yè)集團(tuán) + 整體上市��； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：航空航天工業(yè)是大國(guó)與大國(guó)之間競(jìng)爭(zhēng)的需要,是國(guó)家和國(guó)家集團(tuán)間的競(jìng)爭(zhēng),是創(chuàng)新型國(guó)家建設(shè)的標(biāo)志。隨著綜合國(guó)力的提高,世界大國(guó)在航空航天領(lǐng)域?qū)で笞灾鳈?quán)、主動(dòng)權(quán)的嘗試一直沒(méi)有停止過(guò)。然而航空航天等軍工屬于資金和技術(shù)密集型產(chǎn)業(yè)。對(duì)于資金密集型產(chǎn)業(yè)而言,最大的難題是籌資,技術(shù)密集意味著競(jìng)爭(zhēng)風(fēng)險(xiǎn)最大。1999-2007年,中國(guó)航空工業(yè)兩個(gè)集團(tuán)公司通過(guò)完成“高新工程”、深化改革基本脫困,但是資產(chǎn)規(guī)模、銷(xiāo)售收入、盈利能力、行業(yè)競(jìng)爭(zhēng)力、經(jīng)營(yíng)效率及經(jīng)營(yíng)體制上與波音、EADS等世界航空業(yè)領(lǐng)先企業(yè)相比,依然存在較大的差距�，F(xiàn)階段,中國(guó)航空航天等軍工企業(yè)進(jìn)入資產(chǎn)證券化的轉(zhuǎn)型階段,行業(yè)的專(zhuān)業(yè)化整合不可避免。國(guó)際的經(jīng)驗(yàn)也表明,航空航天等軍工企業(yè)要想實(shí)現(xiàn)跨越式發(fā)展,做大做強(qiáng),離不開(kāi)資本市場(chǎng)。從未來(lái)企業(yè)發(fā)展的趨勢(shì)看,國(guó)家政策支持及企業(yè)自身快速發(fā)展的需要,企業(yè)集團(tuán)整體上市是大勢(shì)所趨。2008年,中國(guó)航空工業(yè)實(shí)現(xiàn)了歷史性的戰(zhàn)略重組。戰(zhàn)略重組后,中航工業(yè)一共建立十四個(gè)專(zhuān)業(yè)化子公司。當(dāng)前,中航工業(yè)集團(tuán)當(dāng)務(wù)之急為尋找一種科學(xué)化的管理模式,提高資本運(yùn)作效率和整合后資源利用率,以期整體上市,推動(dòng)整個(gè)集團(tuán)的快速發(fā)展壯大,其也是中航工業(yè)集團(tuán)探索的重點(diǎn)方向。所以,在這一背景下,對(duì)整體上市進(jìn)行從理論到實(shí)踐的系統(tǒng)研究,結(jié)合中航工業(yè)近年來(lái)在資本化運(yùn)作實(shí)踐,為中航工業(yè)集團(tuán)的整體上市具有積極的指導(dǎo)價(jià)值,屬于現(xiàn)實(shí)意義非常突出的重點(diǎn)課題�，F(xiàn)階段,中國(guó)在整體上市方面研究成果較少,處于初級(jí)階段,還未形成完整的理論框架。所以,可以基于對(duì)我國(guó)部分集團(tuán)具有代表性的案例進(jìn)行分析,系統(tǒng)歸納出我國(guó)企業(yè)集團(tuán)整體上市的渠道和方式,這對(duì)于將來(lái)中航工業(yè)集團(tuán)專(zhuān)業(yè)化整合和整體上市的規(guī)劃和發(fā)展具有積極的指導(dǎo)作用。 本文提出,隨著國(guó)內(nèi)金融市場(chǎng)的不斷發(fā)展,企業(yè)集團(tuán)整體上市在證券市場(chǎng)上受到廣泛關(guān)注,相對(duì)于分拆上市是金融上的創(chuàng)新,是企業(yè)并購(gòu)重組的新模式。政府要引導(dǎo)和鼓勵(lì)企業(yè)集團(tuán)整體上市,不斷增強(qiáng)上市公司質(zhì)量,為優(yōu)質(zhì)的資產(chǎn)企業(yè)整體上市提供幫助。不僅如此,政府部門(mén)要倡導(dǎo)具有上市公司的企業(yè)集團(tuán),通過(guò)上市公司平臺(tái)開(kāi)展多樣化的經(jīng)營(yíng)活動(dòng),例如吸收資金,擴(kuò)大股權(quán)等,不斷的加快核心業(yè)務(wù)證券化的進(jìn)程。中航工業(yè)通過(guò)整體上市：(1)、利于建立健全企業(yè)現(xiàn)代化制度和完善法人治理結(jié)構(gòu)。(2)、加快航空工業(yè)改革創(chuàng)新,促進(jìn)集團(tuán)內(nèi)部產(chǎn)業(yè)結(jié)構(gòu)調(diào)整,規(guī)避和化解經(jīng)營(yíng)風(fēng)險(xiǎn)。(3)、最大限度盤(pán)活資產(chǎn),實(shí)現(xiàn)資產(chǎn)證券化,引入更多資金用于航空科研生產(chǎn),降低財(cái)務(wù)風(fēng)險(xiǎn)。(4)、提升科研自主創(chuàng)新能力,構(gòu)建成寓軍于民、軍民融合、協(xié)調(diào)發(fā)展的新體系(5)、有助于中國(guó)航空工業(yè)加速做大做強(qiáng)和提升核心競(jìng)爭(zhēng)力,與國(guó)際航空領(lǐng)先企業(yè)同臺(tái)競(jìng)技。本文一共包含五個(gè)章節(jié)。下面將逐一介紹,第一章節(jié)為導(dǎo)論,重點(diǎn)闡述這篇文章研究的社會(huì)背景,價(jià)值,綜合對(duì)比分析國(guó)內(nèi)外研究理論,方法和內(nèi)容等。第二章節(jié)為有關(guān)整體上市的基礎(chǔ)理論分析。主要是從整體上市的內(nèi)涵和六個(gè)相關(guān)理論進(jìn)行闡述；第三章主要是整體上市模式的分析。第一節(jié)從動(dòng)因上分析整體上市,第二節(jié)是探討整體上市所需要的條件,第三節(jié)是結(jié)合國(guó)內(nèi)典型的整體上市案例進(jìn)行歸納總結(jié),分析得出現(xiàn)行整體上市的四種主要模式；第四章是中航工業(yè)在現(xiàn)行政策下整體上市模式的選擇研究。第一節(jié)主要介紹中航工業(yè)基本情況,第二節(jié)是從中航工業(yè)目前證券化發(fā)展?fàn)顩r和整體上市的運(yùn)行系統(tǒng)研究整體上市當(dāng)前發(fā)展?fàn)顟B(tài),第三節(jié)為研究中航工業(yè)要實(shí)現(xiàn)整體上市現(xiàn)在面臨的一些主要問(wèn)題,第四節(jié)通過(guò)層次分析法,建立模型,結(jié)合國(guó)內(nèi)現(xiàn)行主要整體上市模式和中航工業(yè)資本運(yùn)作的實(shí)際情況,研究中航工業(yè)未來(lái)整體上市可能的模式,第五節(jié)是分析中航工業(yè)整體上市已具備的條件和還存在的障礙；第五章是中航工業(yè)整體上市的實(shí)施建議。 本文的價(jià)值主要體現(xiàn)在以下幾個(gè)方面：第一,基于理論層面論證整體上市的科學(xué)合理性；第二,對(duì)整體上市的四大主要模式進(jìn)行分析；第三,采用規(guī)范分析的方法,通過(guò)對(duì)中航工業(yè)集團(tuán)的整體研究,為未來(lái)中航工業(yè)專(zhuān)業(yè)化整合與整體上市具有積極的指導(dǎo)價(jià)值。當(dāng)然,本文也存在一定的不足。整體上市作為一項(xiàng)非常復(fù)雜的項(xiàng)目,當(dāng)前整體上市實(shí)踐的發(fā)展已經(jīng)明顯快于理論研究,理論跟不上實(shí)踐的步伐。不僅如此,整體上市屬于新興的研究課題,研究理論還不夠豐富,本人學(xué)識(shí)和能力有限,研究理論還有待完善。(1)本文的研究采用規(guī)范研究,缺乏更多的關(guān)于整體上市案例分析以及企業(yè)集團(tuán)整體上市公司財(cái)務(wù),績(jī)效等數(shù)據(jù)的分析。(2)受到筆者知識(shí)水平,能力的局限,獲取的資料相對(duì)較少,研究理論還不足以概括整個(gè)中航工業(yè)整體上市模式選擇,研究理論還需要進(jìn)一步探索完善。
[Abstract]:Aeronautics and Astronautics industry is the need of competition between great powers and great powers. It is the competition between state and state group. It is the symbol of the construction of an innovative country. With the improvement of the comprehensive national strength, the world power has sought autonomy in the aerospace field. The attempt of the initiative has not ceased. However, the military and spaceflight industry belongs to the capital and technology. For capital intensive industries, the biggest problem for capital intensive industries is financing, and technology intensive means the maximum competitive risk in.1999-2007 years. The two groups of Chinese aviation industry groups, through the completion of "high and new engineering", deepen the basic relief of reform, but the scale of assets, sales income, profitability, industry competitiveness, operation efficiency and management. Compared with the world aviation leading enterprises such as Boeing and EADS, there is still a big gap in the system. At the present stage, China's aerospace and other military enterprises have entered the transition period of asset securitization, and the professional integration of the industry is inevitable. International experience also shows that the military enterprises such as Aerospace and other military enterprises want to achieve leapfrog development and become bigger and stronger. It is inseparable from the capital market. From the trend of future enterprise development, national policy support and the needs of rapid development of the enterprise itself, the overall listing of enterprise group is.2008 years, China's aviation industry has achieved a historic strategic reorganization. After the strategic reorganization, China aeronautical industry has established fourteen specialized subsidiaries. The urgent task of the group is to find a scientific management model, improve the efficiency of capital operation and the utilization of resources after integration, so as to make the whole listing and promote the rapid development of the whole group. It is also the key direction of the exploration of China aviation industry group. So, in this context, a systematic study of the whole listing from theory to practice is carried out in this context. Combined with the practice of capital operation in recent years, China aviation industry has a positive guiding value for the overall listing of China Airlines industrial group. It is a very important subject of great realistic significance. At this stage, the research results of China's overall listing are few, at the primary stage, and have not formed a complete theoretical framework. Therefore, it can be based on our country. Some representative cases are analyzed, and the channels and ways of the overall listing of Chinese enterprise groups are systematically summed up. This has a positive guiding role for the future planning and development of the professional integration and the overall listing of China aviation industry group.
This paper suggests that with the continuous development of domestic financial market, the overall listing of enterprise groups is widely concerned in the securities market. Relative to the separation and listing is a financial innovation, it is a new mode of merger and reorganization of enterprises. The government should guide and encourage the overall listing of enterprise groups, improve the quality of the listed companies, and serve as a quality asset enterprise. Not only that, the government departments should advocate the enterprise groups with listed companies, carry out diversified business activities through the platform of listed companies, such as absorbing funds, expanding equity and so on, and constantly accelerate the process of core business securitization. China airlines industry through the overall listing: (1) to establish and improve the enterprise modernization system. Degree and perfect corporate governance structure. (2) to accelerate the reform and innovation of the aviation industry, to promote the adjustment of the internal industrial structure of the group, to avoid and dissolve the operational risks. (3) to maximize the assets, to realize asset securitization, to introduce more funds to aviation research and production and to reduce financial risks. (4) to enhance the ability of independent innovation in scientific research and to build an army to become an army. The new system of people, military and civilian integration and coordinated development (5) will help China's aviation industry to accelerate, strengthen and enhance its core competitiveness and compete with international aviation leading enterprises. This article contains five chapters. The following will be introduced one by one. The first chapter is an introduction, focusing on the social background, value, and score of this article. The second chapter analyzes the basic theory of the overall listing, mainly from the connotation of the overall listing and six related theories, and the third chapter is mainly the analysis of the overall listing mode. The first section analyzes the overall listing from the motivation and the second section is the article to discuss the requirements of the overall listing. The third section is to sum up the typical domestic listing cases, and analyze the four main models of the overall listing. The fourth chapter is the choice of the overall listing mode of China Aviation Industry under the current policy. The first section mainly introduces the basic situation of China aviation industry, and the second section is the development of the current securitization of China aviation industry. The status and the overall listed operating system study the current development status of the overall listing, the third section is to study the main problems facing the China aviation industry to realize the overall listing. The fourth section, through the analytic hierarchy process, establishes the model, combined with the actual current main domestic market model and the actual situation of China aviation industry capital operation, research China Airlines The possible model for the future overall listing of industry, the fifth section is the analysis of the conditions of the China aviation industry as a whole and the obstacles that still exist, and the fifth chapter is a proposal for the implementation of the overall listing of China aviation industry.
The value of this article is mainly reflected in the following aspects: first, the scientific rationality of the overall listing is demonstrated on the basis of theory; second, the analysis of the four major models of the overall listing; third, through the method of normative analysis, through the overall study of China Airlines industrial group, the integration and integration of the future CIC industry specialization and overall The city has a positive guiding value. Of course, there are also some shortcomings in this article. As a very complex project, the overall listing of the listed companies has been developed faster than the theoretical research, and the theory can not keep up with the pace of practice. Knowledge and ability are limited, and the research theory still needs to be improved. (1) the study of this paper adopts normative research, lacks more analysis on the case of the whole listing, and the analysis of the financial and performance data of the whole listed company of the enterprise group. (2) the knowledge level of the author, the limitation of the ability, the relatively few data and the lack of the research theory are not enough. Including the whole listing mode of China aviation industry, research theory needs further exploration and improvement.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F426.5;F406.7

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