I
摘要
国内A股市场的IPO节奏持续放缓，但由此却推动了上市公司并购重组热情
的飙升。有数据显示，在2018年1至2月份涉足资产重组领域的A股上市公司
较2017年同期激增了一倍有余。在目前国内经济增速相对较缓的背景下，资产
重组能使上市公司基本面发生较大的变化，上市公司的资产重组日趋活跃。随着
2008年《上市公司重大资产重组管理办法》的颁布和2008年5月18日的实施，
上市公司资产重组进入了崭新的阶段。以产业整合、升级转型为主的发展模式，
可以更好地发挥出企业间的协同效应，引领经济发展，显著提升上市公司业绩
文中的CD公司是沪市上市公司，经过20多年发展，已经从一个从事对外贸
易的小公司，成长为大型多元化集团公司，业务领域覆盖金融投资、医药流通、
国内外贸易、能源开发和医药制造，经济效益连续多年位居省属国有企业前列
CD公司虽在资本市场完成多次再融资事项，但在资产重组方案上仍然存在值得
探讨的地方。本文针对CD公司收购ZH控股公司部分股权的案例，结合公司现状，
对该收购方案进行分析，针对方案实施前后的对比情况，对其进行诊断，从而明
确CD公司收购ZH控股公司部分股权的案例实施后的影响和效应，明确本次收购
股权方案得以顺利实施的保障措施
本篇论文针对CD公司收购ZH控股公司部分股权的资产重组案例进行研究，
共分为六个部分。首先，阐述了本文的研究背景、研究目的和主要内容。其次，
简单介绍了CD公司收购ZH控股公司部分股权的案例情况，对CD公司和ZH控股
公司的公司情况做了介绍。再次，对本次CD公司收购ZH控股公司部分股权案例
涉及到的相关理论和制度作了分析，明确了本次收购案例涉及的理论依据。接着，
本文对CD公司收购ZH控股公司部分股权案例的实际操作过程进行了详细的分
析，分析方案产生的背景及目的、主要内容及股本变化情况。然后，综合理论和
实际，分析CD公司收购ZH控股公司部分股权案例实施完成后的财务效应、公司
治理结构，并给出方案得以顺利实施的保障措施。最后，基于以上对全文进行总
结
关键词：上市公司；资产重组；股权结构
II
Abstract
The IPO rhythm in the domestic a - share market has been slowing down, but this
has driven the enthusiasm of listed companies' merger and reorganization soaring. Data
show that a - share companies involved in asset restructuring more than doubled from
January to February 2018 compared with the same period in 2017. In the current
domestic economic growth is relatively slow background, asset restructuring can make
the fundamentals of listed companies have a greater change, listed companies
increasingly active asset restructuring. With the promulgation of the measures for the
administration of major asset restructuring of listed companies in 2008 and the
implementation of the measures on may 18, 2008, the asset restructuring of listed
companies has entered a new stage. Industrial integration, upgrading and
transformation of the development model, can better play the synergy between
enterprises, leading the economic development, significantly improve the performance
of listed companies.
CD company in this paper is a listed company in Shanghai, after more than 20
years of development, has been from a small state-owned foreign trade professional
company, unknown to develop into a set of trade circulation, biopharmaceutical,
energy development, financial services and other industries simultaneously,
coordinated development of large comprehensive listed companies, economic benefits
for many years in a row in the provincial state-owned enterprises. Although CD
company has completed many refinancing issues in the capital market, there is still
room for discussion on the asset restructuring plan. In this paper, based on the case of
CD company acquiring part of ZH holding company, this paper analyzes the purchase
plan, and makes a diagnosis on the comparison of the plan before and after the
implementation of the company, so as to clarify the effect and effect of the case of the
acquisition of part of the shares of the ZH holding company by CD company. The
safeguards for the successful implementation of the case.
This paper studies the case of CD company's acquisition of ZH holding
company's partial equity restructuring, which is divided into six parts. First of all, the
background, purpose and main contents of this paper are introduced. Secondly, it
briefly introduces the case of CD's acquisition of ZH holding company's share interest,
and introduces the company's situation of CD company and ZH holding company.
Thirdly, it analyzes the related theories and systems involved in the acquisition of
III
partial shares of ZH holding company by CD company, and clarifies the theoretical
basis of the acquisition case. Then, this paper makes a detailed analysis of the actual
operation process of the case of the acquisition of partial shares of ZH holding
company by CD company, and analyzes the background and purpose, the main
content and the change of capital stock. Then, based on the comprehensive theory and
practice, the financial effect and corporate governance structure of the case of CD
company's acquisition of partial shares of ZH holding company are analyzed, and the
guarantee measures for the successful implementation of the scheme are given.
Finally, the full text is summarized based on the above.
Keywords: listed companies; Asset restructuring; Ownership structure
IV
目录
摘要 ....... I
Abstract ...... II
1绪论 ........ 1
1.1研究背景与研究目标. 1
1.2案例研究设计....... 1
1.2.1调研对象的确定和调研设计. 1
1.2.2调研方法、时间安排及访谈过程......... 1
1.3案例内容结构与安排. 2
2CD公司收购ZH控股公司部分股权的案例简介 ......... 4
2.1案例简介........... 4
2.1.1收购背景..... 4
2.1.2收购目的..... 4
2.1.3收购方案简介. 5
2.1.4收购符合CD公司战略发展.. 5
2.2CD公司简介 ........ 5
2.2.1基本情况..... 5
2.2.2主营业务..... 6
2.2.3组织架构图... 7
2.2.4收购发生前主要会计数据和财务指标..... 9
2.3ZH控股公司简介 ... 13
2.3.1基本情况.... 14
2.3.2核心竞争力及行业地位.... 19
2.3.3财务状况分析 20
2.3.4盈利能力分析 22
3案例涉及的相关理论与制度分析 ....... 27
3.1理论依据.......... 27
3.1.1资产重组的含义.......... 27
3.1.2资产重组的主要方式...... 28
3.1.3资产重组的战略意义...... 28
3.1.4资产重组对公司治理机制的影响........ 29
3.2案例的合规性分析.. 29
3.2.1案例涉及的理论依据...... 29
3.2.2符合《重组办法》的要求.. 30
3.2.3符合国有资产管理办法的有关规定...... 32
4CD公司收购ZH控股公司部分股权案例的实际操作过程36
4.1案例的实施背景和战略意义...... 36
4.1.1案例的实施背景.......... 36。