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MBA硕士论文_某城市水务项目股权投方案设计研究DOC

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文本描述
摘要
摘要
为深入贯彻落实科学发展观,加快经济发展方式转变和经济结构调整,提高
发展的质量和效益,加快调整优化产业结构,国务院国资委鼓励国有企业以股权
投资或兼并重组方式进行整合,以实现优势互补与发展共赢。随着国企改革的不
断深化和国有资产交易的日渐活跃,财政部和国务院国资委发布新修订的企业国
有资产交易监督管理办法,进一步严格了国有资产交易程序。在新的政策背景下,
如何设计投资方案才能协助国有企业快速实现投资目标,值得探索

在股权投资方面,己有的研究范围主要限于“企业兼并重组”、“企业价值评
估”或“私募股权投资”等,对国企间股权投资项目的投资方案设计层面的研究
较少。在城市水务领域,将“自来水项目”、“污水处理项目”或“污泥处置项目”
作为单一研宄对象的较多,且主要限于特许经营权商业模式研宄、风险研宄或经
济评价研宄,对将“自来水项目”和“污水处理项目”两个既相关又有区别的两
个项目整体打包研究的案例较少。本文选取A公司正在实施的某城市水务投资项
目为研宄对象,按照“提出问题”、“分析问题”及解决问题的研究思路逐步展开,
所要研宄的核心问题为.基于“目标公司”、“目标项目”的基本情况及合作双方
的发展诉求,在新的监管政策下,A公司有哪些投资方案可供选择可供选择的
投资方案各自都有哪些优点和不足 A公司应采取哪种投资方案才能把握机遇快
速实现投资目标在实施投资方案时,还有哪些潜在问题需要重点关注和解决
本文在文献综述和分析“目标公司”及“目标项目”的基础上,拟订了可供选择
的五种投资方案,并逐一分析每种投资方案的优劣,最终结合A公司基本情况、
发展诉求以及所面临的历史机遇,提出了投资方案,并围绕所选定的投资方案,
详细阐述方案实施过程需重点关注的问题,针对遗留问题提出解决方案建议

本文的主要创新点:(1)研宄对象新颖:以国有企业间股权投资合作项目为
研究对象,进行投资方案的全方位分析和全过程研究。(2)投资方案独创:选定
的投资方案不仅合法合规、便捷高效,而且能够巧妙绕开“进场交易”,合理规避
不可控因素。(3)治理结构与时俱进:草拟的治理结构方案紧跟中共中央和国务
院国资委党委相关精神,有利于充分发挥党组织在国有企业中的政治核心作用

本文的意义和贡献:论文立足于水务行业,但又跨越行业边界,从管理者的
视角,以资本运作的思维,创造性地提出了合法合规、便捷高效的投资方案,不
仅能够指引本项目顺利实施,而且还能够成为同类项目投资方案设计的参考

关键词:城市水务;国有企业;股权投资;方案设计;公司重组

iii 北京交通大学硕士专业学位论文
ABSTRACT
ABSTRACT
In order to carry out the scientific concept of development, accelerate the
transformation of economic development mode and structural adjustment, improve the
benefit and quality of development, accelerate adjustment and optimize industrial
structure, SASAC encourages SOEs to integrate in the way of equity investment or
M&A in order to achieve the goal of complementary advantage and Win-Win. With the
deepening of SOEs reform and the increasing activity of state-owned assets transactions,
the SASAC and MFPRC jointly issued the State-owned assets transaction supervision
and management measures, further standardize the state-owned assets transaction
behavior. Under the new policy, how to design the investment scheme could effectively
and efficiently help the SOEs to achieve the established goal of investment, are worth
researching.
In the field of equity investment, the existing research scope is limited to
valuation of enterprises or PE, and few researches were focused on the design of
investment scheme of equity investment projects among SOEs. In the area of urban
water, researches singly on business model of the Tap Water Project, Sewage
Treatment Project or Sludge Disposal Project could easily be found, however, cases
of packaging “Tap Water Projects” and “Sewage Treatment Projects” as a whole are
very rare. This paper selects a real case of investment project of urban water which is
being implemented by firm A then gradually expand discussing the case according to
the research ideas of raising questions, analysing problems and solving problems, the
core issues of the paper are: Based on the analyses of basic situation of Target
company and Target Project, under the new supervision policy, what investment
scheme options are available for firm A What are the strengths and weaknesses of the
options available What kind of investment scheme should firm A take in order to grasp
the opportunity to achieve the investment goal What potential problems need to be
focused and resolved in the future implementation of the investment project
On the basis of literature review and analysis of Target Company and Target
Project1&39; five kinds of investment options are drafted, the merits and disadvantages of
which are analyzed. Finally, on the basis of the basic situation and development appeal
as well as the historical opportunity of firm A,the “customized” investment scheme was
proposed. The paper also elaborated the implementation process of the scheme as well
as the problems which should be focused in future, correspondent solutions are also
iv 北京交通大学硕士专业学位论文
ABSTRACT
drafted at the end.
The main innovations are: (1) The research object is novel: The research method is
the all-round analysis and the whole process research with the equity investment project
of the SOEs as the case. (2) The investment scheme is original: The investment scheme
selected is not only legally,convenient, efficient,but also can skillfully bypass the
entry transaction and avoid potential uncontrollable factors, which has no precedent in
firm A or in the urban water industry. (3) Corporate governance is with the times: The
drafting of the governance structure closely followed the requirements of Central
Committee of CPC and SASAC, which is advantageous to establish the party
organization as the political core in SOEs.
The significance and contribution of this paper are: The paper was based on the
urban water industry but across the boundaries of the industry, from the perspective of
senior managers, with the thinking of capital operation, creatively proposed legal,
convenient and efficient investment scheme, which could not only guide the project to
be smoothly implemented, but also could be reference of similar projects.
KEYWORDS: Urban water; SOEs; Equity investment; Scheme design; Corporate
restructuring.
V 北京交通大学硕士专业学位论文
目录
輕 III
ABSTRACT IV
1 引言 1
1.1选题背景与研究问题1.1.1 选题背景1.1.2 研究问题1.2研究思路与研究方法1.2.1 研究思路1.2.2 研究方法1.3研究创新与现实意义1.3.1 研究对象新颖1.3_2投资方案独创1.3.3 公司治理与时俱进1.4写作逻辑与结构安排2文献述评与理论基础2.1文献述评2.1.1国外相关文献述评2.1.2 国内相关文献述评2.2 理论基础2.2.1 SWOT分析理论2.2.2项目经济评价理论2.2.3 重组协同效应理论3投资项目基本情况3.1 A公司基本情况3.1.1 公司概况3.1.2 财务状况3.1.3 SWOT 分析3.2 B公司基本情况
22
Vi 北京交通大学硕士专业学位论文
|^_
3.2.1公司概况
22
3.2.2 财务状况
23
3.2.3 SWOT 分析
25
3.3 “目标项目”基本情况
28
3.3.1 “目标项目”现状
28
3.3.2 “目标项目1”基本情况
29
3.3.3 “目标项目2”基本情况
32
4投资方案设计研究
41
4.1投资合作的动因分析
41
4.1.1 A公司投资合作动因
41
4.1.2 B公司投资合作动因
41
4.2投资方案设计的原则
42
4.3投资方案设计
42
4.3.1方案一“新设自来水公司&污水公司股权收购”
43
4.3.2方案二“新设自来水公司&污水公司增资扩股”
45
4.3.3方案三“先俎建合资平台公司后控股污水公司”
48
4.3.4方案四“先组建合资平台公司后兼并污水公司”
51
4.3.5方案五“先增资污水公司后投资东郊自来水厂”
55
4.3.6投资方案比选
58
5投资方案实施安排
59
5.1实缴出资安排
60
5.1.1 出资方式
60
5.1.2 出资安排
60
5.2过渡期的安排
60
5.2.1 领导小组建立
61
5.2.2 重大事项决议
61
5.2.
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