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國有企業的分拆重組上市簡述
 
發布時間: 2014-07-07 [特大 ]

Brief Description of the Split and Reorganization before Listing of State-owned Company

    分拆重組上市是國有企業重組上市的一種模式,包括:包括“一分為二”重組上市和主體重組上市。

Split-reorganization listing is a mode for state-owned company to be listed, including ‘One divides into two’ and ‘main part reorganization’.

(一)“一分為二”重組上市 ‘One divides into two’ reorganization and listing

指將被改組企業的主要生產經營管理系統與原企業的其它部門分離。上海石化是這類分拆重組“造殼”上市的典型。按“一分為二”重組上市模式,原上海石油化工總廠重組為上海石油化工股份有限公司和中石化上海金山實業公司。

It means to split the main production and operation management system from the other departments of original reorganized enterprise. Shanghai Petrochemical Factory is this kind of split-reorganization and listing with shell. According to the "one divides into two" mode, the former Shanghai Petrochemical Factory was separated to be Shanghai Petrochemical co., LTD. and Sinopec Shanghai Jin Shan Industrial Company. 

分上市的弊端在于:比較和判斷哪些部門是否剝離需要協調工作,重組的難度加大,時間拉長,上市公司與非上市部分之間存在產品、服務等多方面的關聯交易,這些關聯交易處理比較復雜,可能會影響其它股東權益以及上市公司的信息披露。

The shortcoming of “one divides into two” mode lies in: to compare and judge whether which branch stripping needs coordination work, which increase the difficulty of the reorganization, and prolong the period. There exist complex related party transactions about products, services, and other aspects between listed companies and private part, which may affect other shareholders' equity and the information disclosure of listed companies.

(二)主體重組上市 Main part re-organization and listing

    主體重組模式是指將被改組企業的專業生產經營系統改組為股份有限公司并增資擴股上市,原企業變成控股公司,原企業專業生產經營系統改組為控股公司的全資子公司(或其它形式)的重組模式。這一模式與“一分為二”重組上市關鍵的區別就在于原企業保留法人地位,成為控股公司。

    除具有“一分為二”重組上市的基本優點外,主體重組上市模式由于將原企業作為集團控股公司,有利于企業以整個集團利益為出發點,上市公司與非上市公司的部分矛盾可以在集團內部得以協調處理, 有利于上市公司進行債務重整,將一定數量負債轉移到控股公司,或與控股公司實行資產轉換,以獲得良好的贏利能力,保持配股資格,獲取較高的配股價。我國的大型國有企業絕大多數都是以企業集團的形式存在,因此主動體重組上市這一“造殼”模式在實踐中應用較為普遍。

   ‘Main part re-organization’ mode is to reorganize the professional production and operation of the system to joint stock limited company and increase capital to be listed. The original enterprise change to be a holding company and the original professional production management system becomes a wholly owned subsidiary of a holding company (or other forms). This mode differs from "one divides into two" mode, that the original enterprise keeps legal status, become a holding company. Besides the basic advantages of "one divides into two",  as the original enterprise group is a holding company, it will be conducive to the enterprise with the whole group interests as a starting point, and the contradiction between private and public companies can be coordinated in the group's internal processing. It is beneficial for listed company’s debt restructuring, by transferring a certain amount of liabilities to the holding company, or assets exchange with holding company, in order to get good profit ability, keep match qualification, and obtain higher share price. Most of the large state-owned enterprises in China are in the form of enterprise group, so the “main part re-organization and listing with shell" mode is widely used in practice.

                                     

   內容參考:MBA智庫百科 http://www.mbalib.com/

 
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