基于债权人视角的 A 公司重组可行性研究 酒精工业是基础的原料工业，其产品主要用于食品、化工、军工、医药等 领域。近年来，在原油价格持续高位运行的刺激下，燃料乙醇的旺盛需求推动 了全球酒精产量强劲增长。与此同时，白酒市场形势看好，特别是中高端白酒 市场销量增长较快，为食用酒精生产奠定了良好的市场基础。 目前，国家限制新建玉米深加工项目，其他企业只有通过重组并购等方式 才能取得行业准入资格。酒精行业作为国民经济的重要产业，近年来发展迅速， 规模不断扩大，产品结构渐趋合理，行业集中度不断提高。大型酒精企业在市 场中已经占据主导地位，部分落后产能在市场竞争中被陆续淘汰。中小型酒精 生产企业正在积极寻求产业联合，实现规模发展。A 公司作为利用可再生资源 玉米生产化工产品的新型生物化工企业之一，其某市规模较大、投资较多的民 营企业，然而在集团公司的财务控制下，以资不抵债。A 公司旨在通过重组方 式盘活公司资产，重新启动生产，逐步解决自身债务问题。 本文在对 A 公司情况进行充分调查研究的基础上，重点分析 A 公司目前的 经营现状和资产债务情况，综合分析重组各方 L 集团公司、江苏 S 公司、上海 R 公司和 X 公司联合重组 A 公司的优势以及劣势、重组面临的困难和需要解决 的问题，科学研判公司重组可行性。通过对拟采取的方式进行论证比较，基于 债权人视角最大限度化解公司债务，得出采取股权重组方式是最好选择，并进 行相应的重组方案设计，并对重组之后的公司进行了经营规划，分析给出了今 后将要面临的风险以及应对措施。 本文认为对于与本案例类似的资产重组行为，首先要考虑国家的产业政策 和重组方的总体战略的需要；其次要基于企业资产、债务总体情况，重点研究 重组企业能够按照预期计划重新启动生产；再其次，选择具体的重组方时要准II 确评估重组方实力；最后要科学研判适合企业重组的方式方法并对后期实施进 行监督和控制。报告研究成果为类似的重组提供了借鉴价值，有较好的参考指 导作用。 关键词， 兼并重组，可行性研究，风险控制III Abstract The Feasibility Study of A Company Reorganization Based on the Creditor's Perspective The alcohol industry is the basic raw material industry. Its products are mainly used in the food, chemical, military, medicine, and other fields. In recent years, under the stimulus of the price of crude oil continued to run high, the demand of fuel ethanol promotes strong growth in global ethanol production. At the same time, the liquor market situation was considered to be optimistic, especially the sales in high-end liquor market grew rapidly, and which has laid a good foundation in market for the production of edible alcohol. Currently, the national restrictions on the project of new corn deep processing, other companies only get the industry access qualifications through the reorganization and acquisition and other ways. As an important industry of the national economy in recent years, alcohol industry has been developing rapidly. The scale has been expanded quickly and product structure has become more rational. Industry continuously has improved concentration. Large alcohol companies have occupied the dominant position in market. Some of the companies which have the backward production capacity have been phased out in the competition of market. Small and medium-sized alcohol production industry companies are seeking joint which can achieve economies of scale development. As one of the new bio-renewable resource corn to produce chemical products chemical company, A company is a private enterprise which has a greater investment in a city. While, under the financial control of the Group Company, A company aims to make an inventory of the assets of the company through the restructuring and to restartIV production, gradually solve its own debt problems. Based on the full investigation and study, we analyze the current operating status of the Company A and its asset debt situation. The author also analyze the advantages and disadvantages of the parties of restructuring: the L Group Corporation, Jiangsu S, Shanghai R and X Company .The difficulties and problems of restructuring must be solved and company should make scientific judgments on feasibility corporate restructuring. Demonstrate comparisons to be taken based on the creditor perspective to maximize defuse company debt, equity restructuring, is the best choice to be taken. Company A should design a great restructuring plan and do it after business planning. The essay indicates the risk and response measures that will be faced in the future. This article concludes: For asset reorganization behavior similar to this case, we must first consider the needs of the overall strategy of the country's industrial policy and the restructuring side; Second, we should focus on restructuring enterprises in accordance with the expected plan to restart production based on the corporate assets and debt overall situation; Thirdly, assess the strength of the re-side is important when choosing the specific recombination party accurately; final, scientific judgments ways and means for corporate restructuring and post-implementation monitoring and control. The research results provide similar restructuring the reference value which will play a better guiding role. Keywords: Mergers and Reorganizations, Feasibility Study, Risk ControlV 目 录 第 1 章 绪论........................................................................................... 1 1.1 研究背景 ..................................................................................... 1 1.2 研究目的与研究意义 ................................................................. 2 1.3 研究内容与结构安排 ................................................................. 4 1.4 研究方法与报告框架 ................................................................. 4 第 2 章 A 公司经营现状及债权债务分析........................................... 6 2.1 A 公司基本情况简介 ................................................................. 6 2.2 A 公司经营现状分析 ................................................................. 6 2.3 A 公司目前资产负债情况分析 ................................................. 7 第 3 章 基于债权人视角的 A 公司重组目标与重组方案设计.......... 9 3.1 A 公司重组可行性分析 ............................................................. 9 3.2 A 公司重组方式比较分析 ....................................................... 11 3.3 重组目标与重组方选择 ........................................................... 14 3.4 重组后公司经营规划 ............................................................... 20 第 4 章 基于债权人视角的重组风险分析与应对措施..................... 29 4.1 重组后风险识别与风险评估 ................................................... 29 4.2 重组后风险应对措施 ............................................................... 32 结 论 ................................................................................................. 36