【作者】 张紫娟；

【导师】 王建新；

【作者基本信息】 财政部财政科学研究所 ， 会计， 2011， 硕士

【摘要】 企业并购重组是资产结构战略调整的有效手段,也是产权制度改革的必要步骤。随着我国经济的高速发展以及加入WTO后与全球经济并购进程的明显加速,行业内和行业间并购的需求非常之强烈,大型、特大型国有企业改革进入了实质阶段,国有大企业尤其是中央企业越来越成为参与并购的重要力量,新一轮的并购浪潮已经全面掀起,与此同时,中央有关管理机构也不断加强对我国企业并购重组活动的引导、规范与监管,出台了大量的管理办法与规定,如《上市公司收购管理办法》、《合格境外机构投资者境内证券投资管理办法》、《利用外资改组国有企业暂行规定》、《关于规范国有企业改制工作意见》、《关于加强中央企业收购活动监管有关事项的通知》等,这些办法和规定对于促进我国企业并购活动走向规范化、合理化发挥了重要作用。国有企业间的兼并重组有些成为了行业的典范,而有些却造成了严重的不良后果。因此,有必要将国有企业资产重组的成功经验和做法进行宣传推广,进一步推动我国国有企业的改革。我国水泥产业的集中度过低,产能严重过剩,水泥发展的基本趋势是提高产业集中度,这样才能促进行业稳定健康的发展,这也符合国家对水泥行业的政策引导。冀东水泥是水泥行业的龙头企业,也是我国北方规模效益最好的水泥企业,它有这个实力对其它的企业进行兼并重组。本文重点研究了冀东水泥成功收购吉林松江水泥厂的典型案例,冀东水泥在1999年金融危机的背景下,实施了“巩固华北,挺进东北,开拓西北”的三北战略,在综合考虑国企的社会责任的情况下,决定并购当时已经濒临破产的吉林松江水泥厂。吉林松江水泥厂包袱沉重,问题很多,冀东水泥收购吉林松江面临巨大的风险与挑战,冀东水泥的大股东渤海集团没有意向重组吉林公司,因为吉林松江水泥厂当时已经濒临破产,收购成功的可能性极低；而且在当时还没有形成国有企业改制浪潮,国有企业改制的政策文件也很少导致操作起来比较不得心应手,这时政府部门的参与协调可以发挥很大的作用；第三吉林松江水泥厂资产质量差,设备陈旧老化,管理机制落后,人员观念落后,债务负担与社会包袱沉重；第四,涉黑势力严重袭扰企业日常生产经营活动,黑势力把持这松江水泥厂的进货源头和部分销售渠道,所欠货款常年积压,致使企业资金周转困难,侵蚀着企业的利益,而且他们还经常对企业领导进行威胁,严重影响企业的正常运行秩序；最后,冀东水泥还面临着竞争对手的巨大威胁,冀东水泥的“盾石”品牌在东北没有得到广泛的认同,亚泰水泥的主要阵地就在东北,所以亚泰水泥是冀东水泥的主要竞争对手。面对巨大的挑战,并购方式的选择显得尤为重要,经过协商,最终确定采用“先租后售”分两步走的方式对吉林松江水泥厂的部分有效资产进行战略重组,最终兼并重组取得了巨大的胜利,吉林松江水泥厂终于起死回生。本文通过这个案例,总结出冀东水泥兼并收购的相关经验,国有企业在资产重组的过程中,要用企业战略指引收购兼并,合理确定兼并重组的目标；要做好并购重组的整合工作,选派优秀的带头人,领导这个资产重组过程；做好收购方与被收购方,企业与职业之间的利益协调；寻求政府的政策支持,创造良好的外部环境。希望国有企业资产重组的“冀东模式”对以后我国国有企业的资产重组具有一定的指导价值。更多还原

【Abstract】 Asset structure M & A is an effective means of strategic adjustment.It is also a necessary step for reform of property rights.With the rapid development and the entry of WTO,the M & A process has accelerated rapidly.The demand of acquisitions within the industry and between the industry is very strong.The large state-owned enterprise reform has entered a substantive stage. Large state-owned enterprises, especially the central enterprises have increasingly become a major force in mergers and acquisitions. A new round of mergers and acquisitions has been fully set off. At the same time, the relevant central authorities also continue to strengthen the guidance,standards and regulations of M & A activities,and Introduce a number of management practices and regulations.eg,<Acquisition Management Practices Of Listed Companies>;<Qualified Foreign Institutional Investors Securities Investment Management>;<Restructuring Of State-owned Enterprises Using Foreign Capital Interim Provisions;Suggestions On Regulating The State-owned Enterprise Reform>;<The Notice On Strengthening The Supervision Of The Acquisition Activities Of The Central Enterprises> and so on. These measures and regulations for the promotion of China’s merger and acquisition activity toward standardization and rationalization played an important role. The merger and reorganization of state-owned enterprises has become a model in the industry, but some have had serious adverse consequences. Therefore, it is necessary to propaganda the successful experience of the restructuring of state-owned enterprise,to further promote the reform of state-owned enterprises in China.The concentration of cement industry is too low,cement capacity is seriously excess.The basic tendency of cement industry is to raise industrial concentration,so as to promote the stable and healthy development of the industry,which is in line with the national policy guidance on the cement industry. JiDong Cement is not only a leading enterprise in the cement industry,but also has the best benefit in the north of China among the cement enterprises.It has the ability of merging and acquisitions.This paper focuses on the typical case of JiDong Cement ’s successfully merging Jilin SongJiang Cement.JiDong cement in 1999 under the context of the financial crisis carried out the strategy of ’consolidate North China,advance the Northeast,open up the Northwest’.Considering the social responsibility of the state-owned enterprises JiDong Cement made a decision to merge Jilin Songjiang Cement on the verge of bankruptcy.Jilin Songjiang Cement carried heavy burden with a lot of problems,which made the acquisition of Jidong Cement face enormous risk. The shareholder of JiDong Cement is BoHai company,it has no intention to restruct JiLin SongJiang company,because JiLin SongJiang was on the verge of bankruptcy,the possibility of successful acquisition was very low.The reform wave of state-owned enterprises had not formed.There was rarely policy paper about restruring state-owned enterprises,which leaded to operating the restructuring more difficult.The government palyed a significant role in the coordination. Thirdly,JiLin SongJiang Cement had poor assets, equipment obsolescene, management mechanism was behindhand, the concept of the staff was behindhand too, the company - carried heavy debt burden and social burden.Fourth,The dark forces made bad influence on the production and daily business activities. The dark forces control the purchase source and some distribution channels, and they did not return back money all the year round which resulted in cash flow difficulties and eroding the company’interests.At the same time,they often made threats to the leaders which seriously affected the normal operation of the company. Finally, JiDong Cement was facing a huge threat to competitors.The brand "StoneShield" in the Northeast had not been widely recognized,and the main positions of YaTai Cement was the northeast, so YaTai Cement was the major competitor. Facing huge challenge, the way of acquisitions was particularly important.After consultations JiDong Cement finalized a "rent-to-sell" approach to restruct part of effective asset. Mergers and acquisitions had made the final great victory,Jilin Songjiang Cement finally came back to life. Through this case,we summed up the relevant experience of JiDong Cement.state-owned enterpreses should guideline on corporate strategy in the process of asset restrcturing. Determining a reasonable goal to ensure the integration of M & A. Sending Outstanding leaders to lead the asset restructuring; The coordination between acquirer and acquiree,enterprises and profession;Searching for the support of the government policy,creat a favorable external environment. Hoping that "Jidong model" of state-owned enterprise assets restructuring has certain guiding value.更多还原