【作者】 尚和平；

【导师】 杨永辉；

【作者基本信息】 西安理工大学 ， 工商管理， 2006， 硕士

【摘要】 兰州兰石集团有限公司(简称兰石集团)是我国最大的石油钻机和炼油化工设备制造基地,隶属甘肃省国资委。兰石集团近几年进行了许多资本运作项目,无论是引进外资,还是引进民营资本:无论是组建中外合资企业,还是进行企业改制:无论是进行土地资源开发,还是做大做强主业,企业资本运营的力度逐年加大,兰石集团已发展成为以资本运营为核心业务的企业。因此,兰石集团资本运作研究具有重要的指导意义,对其它国有企业也有一定的借鉴意义。本研究主要对兰石集团近几年的资本运作情况进行分析,从企业实际出发,理论联系实际,运用企业资本运作的基本理论,结合资源重组,产品产业结构调整,母子公司管理,公司财务管理等相关理论知识,围绕追求企业价值最大化,以定性分析为主,定量分析为辅,对兰石集团资本运作状况进行实证分析,提出目前兰石集团资本运作中存在的主要问题是未建立现代企业制度或未规范运作,产品产业结构调整不彻底,母子公司管理的股权管理架构尚未建立,财务管理的基础性管理作用不强,人力资本激励不足,资本运作的成本意识有待加强,重塑企业文化等,总结经验教训,进而提出企业资本运作的方案改进设计,首先要明确企业发展定位,制定新的发展战略,然后在此战略指导下,进行股权回购和资产置换,支持主业做大做强,通过大力扶持改制公司,培育扶持新的经济增长点,通过做好企业最大资源一土地资源开发文章,开辟企业发展的“第二战场”,通过构建股权管理新模式,体现投资人利益,并要下大力气解决关系和影响企业长远发展的几个基础问题,付诸于实践。本文侧重于非上市公司的研究,从企业现有资源入手,探询企业价值最大化的实现途径;根据企业历史的发展,从企业自身的经营实践中寻找企业做大做强的可行方法。本文的主要特点是把企业作为一个有机的整体,系统分析资本运作,并将分析者的思想感隋融入企业发展的实际,以自身业务为主,结合理论阐述,更加有利于提高研究本身的实用性。更多还原

【Abstract】 Lanzhou LS Group Co. LTD. (brief name“LS Group”) is a large scale group company and belongs to the State-owned Assets Supervision and Administration Commission of Gansu Province Government, which is mainly the manufacture of oil drilling and producing, oil refining &chemical processing equipment and general purpose machinery as well as a combination with scientific research, manufacture and trade. The LS Group in the last few years has proceded many capital operation items. These items include introducing foreign capital or private capital, setting up a joint venture or changing the system itself, developing real estate or strengthening the main industry of the enterprise. The company strengthens capital operation step by step. Capital operation has already become the core business of LS Group. The research has not only the important leading meaning to LS Group, but also can be used for reference to the other state-owned business enterprises.This research proceeds from enterprise actual conditions, integrates theory with practice, and analyses capital operation of the LS Group in the last few years of. In order to pursue the company’s value maximization, the empirical analyzes of LS Group capital operation condition is proceeded by application the basic theories of operation capital, combination organization to give a new life, the resources reorganization, the restructure of products and industrials adjusting, the company management between the primarily and the subsidiary, company finance management etc. related theories knowledge, around with qualitative analysis for lord, quantitative analysis for assisting. The text puts forward the key problems of the LS Group capital operation are not to establish the modern business enterprise system or not norm operate, products and industrial structure adjusting unsuccessful, the parent and subsidiary companies’management structure not to be established yet, the foundation of finance management function not to be strong and resources of people encourages shortage either. When a company reforms, it shall be cut the cost of the capital operation and prepare and remolded the corporate culture etc. Tallying up the experience, then the text gives the capital operation improvement redesign, which is clearing and definition the development position firstly, establishing the new development strategy, then according to it, proceeding the share returning and with the property displacement, to support the main industry being bigger and stronger .By changing system of the companies, the new economy increase is brought up which is the Second Battlefield, and the new mode in management in ownership of share right is set up so as to benefit investors. A few foundation problemsshould be paid attention to strongly which will affect the enterprise farsighted.This research lays emphasis on research object which is based on an no-listed company, commences from the current resources in the company, and tries to find out the way of value maximize of realizing path, based on study the company historical development, in order to look for a method from the management fulfillment of the company itself that does a company bigger and stronger. The main characteristics is that this research uses the whole of business enterprises as an organic, systematically analyses capital operation aspect, and also melts the author’s thought and feeling into the business enterprise physically. This research regards itself business as principle, joins together the theories expatiation, so that this research has high practical value.更多还原