论投资银行在企业资产重组中的作用

【作者】 马金辉；

【导师】 李茂生；

【作者基本信息】 中国社会科学院研究生院 ， 金融学， 2002， 硕士

【摘要】 目前，我国的企业资产重组正如火如荼，而投资银行这一新的行业在企业的资产重组中正发挥着作用，而且这一作用正在不断地凸现。随着我国产业结构的调整，企业改革的不断深化，市场经济的逐步建立，企业资产重组行为更加频繁。本文对投资银行在我国企业资产重组中作用的浅析论述，意在通过专家学者的斧正后，为企业改革尽一点理论上的微薄之力。通过论述，认识对投资银行在企业资产重组中所起的作用，并能够借助投资银行这一新的金融概念在企业资产重组中进行广泛的应用和发挥作用。 全文共分七个部分。第一部分概论。首先企业的资产重组，在我国的市场经济运行中是一个较新的课题，而投资银行在企业资产重组的过程中，起着不可替代的作用。虽然社会主义市场经济体制已在我国初步建立，但我国的金融市场尚欠发达，融资工具单一，利率还未完全市场化，金融创新和市场融资还存在限制，投资银行起步较晚等。但是，投资银行已经开始在这个全新的领域逐渐显示出其应有的地位和作用。投资银行参与企业资产重组，任重而道远。 第二部分对投资银行的概念、功能及业务架构进行阐述。首先阐述了本文中的一个非常重要的概念即资产重组，通过对资产重组的剖析和对企业资产重组目的分析，弄清“企业重组”与“资产重组”是两个既有相同又有不同的概念，近而得出企业资产重组的含义。在对投资银行的概念叙述的同时，跟商业银行做了特征性的比较，从而得出投资银行所起的作用远比商业银行更为重要。对投资银行活动可以分成三个功能领域：基础业务、创意活动和辅助业务的列述，表明其在企业资产重组上的业务架构。同时对我国投资银行发展状况、作用做了简明的概述。 第三部分就资产重组的表现形式及投资银行参与方式做了分析。这一部分以资产重组中常见的表现形式即兼并、收购进行剖析，得出购并的三大类型：扩张型购并、调整型购并、控制权变更型购并。这三类组合而成不同的重组模式。在投资银行参与企业资产重组方式中，主要列举四个方面：1、股权转让方式2、资产置换方式3、整体收购和受让方式4、二级市场并购方式。最后对购并的意义做出阐述：改善企业财务状况、增强市场占有率、业务多元化、剥离不良资产、增强竞争力、产业结构调整、税务优惠等。 第四部分主要谈投资银行在企业资产重组中的作用。首先阐述总的作用中，投资银行在实施重组策略、资本市场上、建立现代企业制度上、债权债务的处理方面及发展大企业集团方面的作用。在具体的作用中，通过对非上市公司及上市公司所产生作用及相应案例分析，得出投资银行参与企业资产重组所发挥作用的重要性。着重提出资本市场是投资银行对企业资产重组发挥作用的重要依托。因为投资银行参与企业资产重组的方法之一即股权重组，就依赖于资本市场。 第五部分相关案例分析。以中国华源集团重组上市的操作过程为例，该案例从企业概念定位、架构设计到股票的发行，充分体现了投资银行在资产重组中的作刚。另一例以钢运股份资产重组的操作技巧，首次引入独立财务顾问的概念，发挥了投资银行的作用，充分体现了投资银行在融资、管理、财务利方案设计、债务处理、操作程序等方面的优势。 第六部分投资银行参与企业资产重组应注意的问题。在实践中虽然一些企业资产重组后经营状况得到了明显的改善。但我们不能因此忽视重组中存在的一些问题，从而进行了分析和探讨。主要表现在以下几个方面：重组时的目的不明确，舍本求末； 重组中政府角色定位不明确，会影响重组效果；重组后的整体整合如不彻底，将达不 到预期口的；重组应注重时效法则。从而更加强调投资银行作为“专业人士”，应当 帮助企业的经营管理者，明确资产重组的根本目的，以企业的盈利状况作为重组效果 的评价标准，并对重组后的企业进行资产、人力、文化等多方面的整合，达到最佳配 置，在资产重组中更好地体现时效法则。 第七部分展望投资银行在我国企业资产重组中所起作用的前景。经过20年的改 革开放与高速增长，中国经济已经具备了起飞的基本条件。发展投资银行业，引入国 际投资银行技术，不仅为中国改革起着椎动的作用，而巳也为中国加速经济建设步伐 提供了国际与国内的金融支持。中国的投资银行业面临着最巨大的市场需求。只要抓 住机遇，努力创新，投资银行业在中国的企业资产重组中，必将拥有辉煌的前景。更多还原

【Abstract】 This research focuses on the role investment bank plays in the asset restructuring in a transition economy.This paper consists of seven sections. The first section summarizes the background on investment bank. How to deal with the assets, which are not in good conditions, is a serious problem for all kinds of firms and government. From the experiences of developed countries, we know that some financial institutions are necessary to keep things going on smoothly. Among the financial instruments, investment bank is designed to solve the problems related to assets of firms, especially those bad ones. Unfortunately, the Chinese financial markets are still under developing. Government regulates the interest rates, and restricts the innovation of finance, therefore investment bank is still an infant in the economy. Because it can help firms to solve asset restructuring problems, investment bank has been enjoying a high growth since the middle of 1990s. We believe firmly that the future of investment bank will be brilliant.In the second section first I put forth the concept of investment bank, then describe its functions and its business framework. After discussing a very important concept in this paper-"assets restructuring", I analyze asset restructuring and enterprise restructuring, and conclude that they are two different but related concepts. In the end, I make it clear that what is the application of assets restructuring of enterprise. While discussing investment bank, we compare it with commercial banks, and conclude that investment bank has a more important role than commercial bank. The business activities of investment bank can be sorted into three categories: preliminary sanctions, innovation activities and auxiliary activities. At the end of this section I give some information about the status of investment bank in China.The third section of this paper focuses on the forms of assets restructuring and the ways in which investment bank involves. There are three ways for enterprise to asset restructuring: expanding merging, adjusting merging and merging for control rights. In general, there are four ways by which the investment bank making cooperation with the firms whose assets need to rearranged. They are: (1) transferring the shares of an enterprise; (2) assets exchanging; (3) corporation takeover and merging; (4) merger and acquisition in the second-market. At the end of this section I summarize the functions of merging, which include: improving firm’s financial situations; improving the market share; diversifying business; getting rid of bad assets; improving the competiveness of enterprise and reducing taxes, and so on.In the forth section, I discuss the roles of investment bank has played in the process of assets restructuring of enterprise. First I talk about the roles in general, such as what investment bank can do in carrying out strategies of rearrangement, functioning in capital markets, constructing modern institutions of firm, dealing with equity and debt, and in the constructing a group of enterprise. Then, I discuss the roles in detail. By comparing the roles played by Non-Listed company in stock exchange and Listed company in stock exchange, I realize the importance of investment bank on the assets rearrangement. Also, I point out that the capital market is the base on which investment bank carry out its business. The reason is simple. One of the ways in which investment bank rearranges the assets is to rearrange the stock shares of specific company, and to do so: the investment bank has to rely on the capital market.The fifth section is case study. First 1 analyze a case on China Huayuan Group. By describingthe process of China Huayuan Group becoming a public company, I discuss the process from the positioning of this group, business framework design till its stock shares issue, and demonstrate the roles of investment bank in asset rearrangement. Also, I introduce another case, about Gangyun Co., Lt. In this case I discuss the techniques of assets arrangement, and introduce更多还原