四川省有中央和地方县级（市、区）以上供电企业 181 个。 其 中代表中央电力的四川省电力公司拥有（大网）直供直管县电网企业 35 个，与地方电网（小网）交叉供电县 22 个，地方县级供电企业 130 余家。市场分割，各自为政现象突出，严重阻碍了电力市场的健康发 展。根据国务院〖1999〗2 号文精神，要求通过收购或其他形式，对 地方电网企业进行股份制改造，实现电网的统一规划、统一建设、统 一经营、统一管理，最终实现“同网同价”。目前，四川省电力公司 拥有电力资产约 450 亿元，资产负债率超过 70%，整合地方电网需要 的资本金超过 10 亿元，而每年的积累资金严重不足，资金缺口很大。 因此，只有盘活省公司的存量资产，实现电力资产特别是国有电网资 产的证券化，通过资本市场募集，才能缓解资金不足的压力。 本文将国有电网上市融资、国家关于电力体制改革的相关政策和 整合地方电网有机地结合起来，并在分析中央关于电力体制的有关政 策、四川电力公司经营环境、发展战略和地方电网经营情况的基础上， 研究探讨了国有电网实施借壳上市融资整合地方电网，实现四川电力 快速协调发展的可能性。分析认为（1）目前，尽管国有电网上市并 不违反国家的有关政策，但目前又无具体规定，也无先例，而采取发 起设立上市或募集设立上市，短期内难以实施。（2）四川省电力公 司自身发展和实现未来的经营战略均需要上市公司，也具备收购、重 组、管理上市公司的实力和能力。（3）本地有非常适合省电力公司 收购的优质资产。（4）收购能有效贯彻国务院关于加快县级供电企 业股份制改造的目标，能为实现川电外送创造良好条件。由此，本文 选择了综合实力较强的四川岷江水利电力股份有限公司作为探讨的 收购对象，对其资产、持续经营、市场份额、未来发展、政策及运作 风险等进行初步分析，也对收购方法、步骤、以及整合地方电网的策 略，国有电网上市后的经营战略，业绩预测进行了研究探讨。有理由 相信，如果该研究成果能具体应用于实践，将对全国其他地区电力企 业实施上市融资战略，整合地方电网有极大的参考意义。2 本文内容共分四部分，第一部分重点对四川省电力公司的资财情 况、收购实力和优势、目前面临的问题进行了研究分析，同时对省公 司的竞争对手即地方电力的经营环境进行了初步研究，阐述了省公司 收购地方电网，控制市场的必要性。第二部分重点阐述了目标公司的 选择，对目标公司的内部环境、外部环境、优势、劣势转让价款的确 定、支付等进行了相应的研究。第三部分重点分析了实施收购对四川 省电力公司扩大供区、避免恶性竞争，解决大、小网矛盾等的有利因 素及不利影响；以及被收购公司未来三年的运作方式、业绩预测、以 及四川省公司收购上市公司的经营风险关分析和建议采取的措施。 关键词 国有电网 上市 可行性研究3 Abstract There are 181 electricity distribution companies in Sichuan province. As the representative of the central government, Sichuan electric power corporation (SEPC) has 35 electricity distribution companies, which take, over the whole electricity sale market among which, and 22 companies share the local market with local companies. There are 150 companies completely occupying the electricity market under the support of local beaus of 130 counties. The local-owned and the state-owned companies stand in severe competition with each other for gaining more shares in the market in certain areas. This kind of situation has hampered the healthy development of whole electricity market. According to the principle of the NO. two document issued by state council in 1999, it is an urgent requirement that local electricity companies be reconstructed into limited companies or shareholding companies so as to realize the planning, construction, operation, management conducted by one department or organization and at last to make the policy of “the same grid, the same price” possible. At present SEPC has assets of 450 billion RMB liabilities to assets ratio is more then 70%, SEPC cannot meet the need 10 billion to purchase local companies per year. This thesis studies the feasibility whether the state-owned transmission and distribution grid companies can be shareholding companies, and taking into consideration financing from the capital market, merging the local companies, and the reform policy of the electricity industry. After having fully analyzed situations, the recent reform policy, strategy of development of SEPC, the detailed proposal has been finished in order to realize the rapid and homogeneous development of electricity industry by shareholding companies, it proved to be the best way for state-owned transmission and distribution grid companies to become into public companies through purchasing the existing public companies. And the study results show (1) at present it is4 not good for us to establish new shareholding companies even if there are not any policies, which restrict the work, there are no examples to follow. It takes a long time to do that successfully. (2) according to SEPC ， S current and future development strategy, SEPC has the conditions in its favor and ability to purchase , reconstruct, manage public companies and SEPC needs. (3) There are good-quality targets strategically, which are significant SEPC to implement the reconstruction. (4) It is useful to carry out the policy to speed up the process of reforming the county-level electricity companies and pave way for transmitting the electricity from Sichuan to the eastern region of our country. Based on the study above the paper takes the public company, that is, Sichuan Minjiang hydropower co., ltd be purchased by SEPC as an example to many analyses have been made and the purchasing manner, steps and the strategy have been illustrated, especially, the strategy of future running of the public company. It is no doubt that the result of this study will have good efforts on the state-owned electricity companies cooperating with the local ones through the merging all over the country. This thesis is made up of four parts: in the first part it analyzes the financing situation, the predominance and the problem at present SEPC is faced with at in the same time, the paper investigates the management environment of SEPC’s competitors, namely, district electric power companies; and dissertates SEPC’s necessity of purchasing the district power grids and so as to control the market. In the second part, the thesis analyzes the feasibility of the state-owned grids turning into a public company, at meanwhile expounds the choice of target company and in detail analyzes the inner and outer surroundings, predominance and inferior positions of the target. On the basis of argumentation, the author designs a buying scheme, including price and payment; state-owned power grid entry into the buying company; buying local electric grids; conformity of assets and personnel. In the third part there is an a analysis5 good efforts buying the public company would bring about such as widening the SEPC’s power supply area, avoiding hostile competition and solving the conflict between the state-owned power grids and the local power grids, and so on. This part also investigates such bad efforts as buying cost. Moreover, this part analyzes the target company’s operation and achievement in the coming 3 years. In the fourth part, it discusses SEPC’s venture of buying and operating the public company, and puts forward the corresponding counter measures. Keyword state-owned grid public company feasibility study1 目 录 前 言 ......................................... 1 第一章 四川电力的内外部环境 ......................... 2 第一节 四川省电力公司的现状...........................2 第二节 四川省电力公司经营环境及优势 ..................2 一、省公司的经营环境 ...............................2 二、四川省电力公司的优势...........................3 三、 四川省电力公司面临的问题......................4 第三节 四川省地方电力情况及经营简介 ..................5 一、四川省地方电力情况简介.........................5 二、地方电力经营情况简介...........................6 第二章 国有电网上市的可行性分析 ..................... 7 第一节 电网新设上市政策环境和经营特点分析 ............7 一、政策环境分析 ...................................7 二、电网经营特点分析 ...............................7 第二节 借壳上市的环境分析 .............................8 一、宏观政策环境 ...................................8 二、法律环境 .......................................8 第三节 壳资源的选择标准探讨...........................8 一、行业相同或相近。 ...............................8 二、再融资的资格 ...................................9 三、公司应法经营 ...................................9 四、资产规模及员工情况.............................9 第四节 四川省内壳资源的情况...........................9 第五节 目标公司基本情况 ..............................11 一、 公司简介 .....................................11 二、股东情况 ......................................122 三、公司资产基本情况 ..............................14 四、三年的经营状况 ................................15 五、公司主要供区及客户............................16 六、公司人员基本情况 ..............................17 七、公司目前存在的问题............................18 第六节 收购方案的设想 ................................18 一、直接收购 ......................................18 二、 间接收购 .....................................20 第七节 资产整合及电网资产注入........................21 一、资产整合原则 ..................................21 二、资产负债与相应整合措施........................22 三、拟注入资产 ....................................27 第三章 收购对四川省电力公司的影响 ................... 31 第一节 收购的有利方面 ................................31 一、打通直接融资的渠道............................31 二、扩大供区促进销售，避免恶性竞争 ...............31 三、拥有一个具有电网资产的上市公司 ...............32 四、顺利解决县级电网改制过程中存在的问题 .........32 五、遏止竞争对手的发展势头........................32 六、人员安置负担小 ................................33 七、目标公司有稳定的市场，经营风险小 .............33 八、有利于利用阿坝州的优势，促进省公司持续发展...33 第二节 收购带来的不利方面 ............................35 一、不变更注册地 ..................................35 二、收购后十年内不得向第三方转让 .................35 三、优先对本地区加大投资..........................35 四、短期内不要提高电价............................35 五、需在枯水期对州内企业支持......................35 第三节 收购效益分析 ..................................36 一、现金分红产生的收益............................363 二、国家股、法人股上市增值的收益 .................36 三、融资的收益 ....................................36 四、出售优质资产的收益............................36 第四节 2001 年—2003 年经营战略及业绩预测 ............37 一、基本情况（以 2000 为基数）.....................37 二、近三年的经营状况 ..............................38 二、收购后的发展规划 ..............................41 三、2001 年经营战略及业绩预测 .....................41 五、2002 年经营战略及业绩预测 .....................45 六、2003 年经营战略及业绩预测 .....................49 七. 再融资计划 ....................................52 第五节 收购风险分析及措施 ............................53 一、目标公司自身的法律风险........................53 二、资产整合的风险 ................................54 三、操作风险 ......................................54 四、经营风险 ......................................54