某城市水務(wù)項目股權(quán)投方案設(shè)計研究
本文選題:城市水務(wù) + 國有企業(yè); 參考:《北京交通大學(xué)》2017年碩士論文
【摘要】:為深入貫徹落實科學(xué)發(fā)展觀,加快經(jīng)濟發(fā)展方式轉(zhuǎn)變和經(jīng)濟結(jié)構(gòu)調(diào)整,提高發(fā)展的質(zhì)量和效益,加快調(diào)整優(yōu)化產(chǎn)業(yè)結(jié)構(gòu),國務(wù)院國資委鼓勵國有企業(yè)以股權(quán)投資或兼并重組方式進行整合,以實現(xiàn)優(yōu)勢互補與發(fā)展共贏。隨著國企改革的不斷深化和國有資產(chǎn)交易的日漸活躍,財政部和國務(wù)院國資委發(fā)布新修訂的企業(yè)國有資產(chǎn)交易監(jiān)督管理辦法,進一步嚴格了國有資產(chǎn)交易程序。在新的政策背景下,如何設(shè)計投資方案才能協(xié)助國有企業(yè)快速實現(xiàn)投資目標,值得探索。在股權(quán)投資方面,已有的研究范圍主要限于“企業(yè)兼并重組”、“企業(yè)價值評估”或“私募股權(quán)投資”等,對國企間股權(quán)投資項目的投資方案設(shè)計層面的研究較少。在城市水務(wù)領(lǐng)域,將“自來水項目”、“污水處理項目”或“污泥處置項目”作為單一研究對象的較多,且主要限于特許經(jīng)營權(quán)商業(yè)模式研究、風險研究或經(jīng)濟評價研究,對將“自來水項目”和“污水處理項目”兩個既相關(guān)又有區(qū)別的兩個項目整體打包研究的案例較少。本文選取A公司正在實施的某城市水務(wù)投資項目為研究對象,按照“提出問題”、“分析問題”及解決問題的研究思路逐步展開,所要研究的核心問題為.基于“目標公司”、“目標項目”的基本情況及合作雙方的發(fā)展訴求,在新的監(jiān)管政策下,A公司有哪些投資方案可供選擇?可供選擇的投資方案各自都有哪些優(yōu)點和不足?A公司應(yīng)采取哪種投資方案才能把握機遇快速實現(xiàn)投資目標?在實施投資方案時,還有哪些潛在問題需要重點關(guān)注和解決?本文在文獻綜述和分析“目標公司”及“目標項目”的基礎(chǔ)上,擬訂了可供選擇的五種投資方案,并逐一分析每種投資方案的優(yōu)劣,最終結(jié)合A公司基本情況、發(fā)展訴求以及所面臨的歷史機遇,提出了投資方案,并圍繞所選定的投資方案,詳細闡述方案實施過程需重點關(guān)注的問題,針對遺留問題提出解決方案建議。本文的主要創(chuàng)新點:(1)研究對象新穎:以國有企業(yè)間股權(quán)投資合作項目為研究對象,進行投資方案的全方位分析和全過程研究。(2)投資方案獨創(chuàng):選定的投資方案不僅合法合規(guī)、便捷高效,而且能夠巧妙繞開“進場交易”,合理規(guī)避不可控因素。(3)治理結(jié)構(gòu)與時俱進:草擬的治理結(jié)構(gòu)方案緊跟中共中央和國務(wù)院國資委黨委相關(guān)精神,有利于充分發(fā)揮黨組織在國有企業(yè)中的政治核心作用。本文的意義和貢獻:論文立足于水務(wù)行業(yè),但又跨越行業(yè)邊界,從管理者的視角,以資本運作的思維,創(chuàng)造性地提出了合法合規(guī)、便捷高效的投資方案,不僅能夠指引本項目順利實施,而且還能夠成為同類項目投資方案設(shè)計的參考。
[Abstract]:In order to implement the concept of scientific development in depth, accelerate the transformation of the mode of economic development and the adjustment of economic structure, improve the quality and efficiency of development, speed up the adjustment and optimization of industrial structure,The SASAC of the State Council encourages state-owned enterprises to integrate by equity investment or merger and reorganization in order to achieve complementary advantages and win-win development.With the deepening of the reform of state-owned enterprises and the increasing activity of state-owned assets trading, the Ministry of Finance and the SASAC of the State Council have issued new and revised methods for supervising and managing the transactions of state-owned assets of enterprises, which have further tightened the transaction procedures of state-owned assets.Under the new policy background, it is worth exploring how to design the investment plan to help the state-owned enterprises to realize the investment goal quickly.In the aspect of equity investment, the existing research scope is mainly limited to "enterprise merger and reorganization", "enterprise value evaluation" or "private equity investment" and so on.In the field of urban water affairs, "tap water project", "sewage treatment project" or "sludge disposal project" are regarded as single research objects, and are mainly limited to franchise business model research, risk research or economic evaluation research.There are few cases to study the whole package of "water project" and "sewage treatment project" which are related to and different from each other.In this paper, a city water investment project which is being implemented by Company A is selected as the research object, and the research ideas of "raising problems", "analyzing problems" and solving problems are gradually developed. The core problems to be studied are as follows.Based on the basic situation of the "target company" and "target project" and the development demands of both partners, what investment options are available to company A under the new regulatory policy?What are the advantages and disadvantages of each alternative investment scheme? what kind of investment plan should a company adopt in order to grasp the opportunity to achieve the investment goal quickly?What other potential issues need to be focused and addressed in the implementation of investment programmes?On the basis of literature review and analysis of "target company" and "target project", this paper draws up five investment schemes that can be selected, and analyzes the merits and demerits of each investment plan one by one, and finally combines with the basic situation of company A.The development appeal and the historical opportunity are presented, and the investment scheme is put forward, and the problems that need to be paid attention to in the implementation process of the scheme are elaborated in detail, and the solutions to the remaining problems are put forward.The main innovation of this paper is: 1) the research object is novel: take the equity investment cooperation project among state-owned enterprises as the research object, carry on the omni-directional analysis of the investment plan and the whole process research. 2) the investment plan is original: the selected investment plan is not only legal and compliant,Convenient and efficient, and can skilfully circumvent "enter the market transactions", reasonably avoid uncontrollable factors.) the governance structure keeps pace with the times: the draft governance structure plan closely follows the relevant spirit of the CPC Central Committee and the SASAC Party Committee of the State Council.In favor of giving full play to the political core role of party organizations in state-owned enterprises.The significance and contribution of this paper: based on the water industry, but across the industry boundaries, from the perspective of managers, with the thinking of capital operation, the paper creatively puts forward a legal, compliance, convenient and efficient investment plan.It can not only guide the successful implementation of the project, but also serve as a reference for the design of investment schemes of similar projects.
【學(xué)位授予單位】:北京交通大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2017
【分類號】:F299.24;F832.51
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