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论文编号：	1623
作者编号：	2120082165
上传时间：	2010/6/10 15:48:26
中文题目：	阳煤集团煤炭主业整体上市模式选择与实施研究
英文题目：	The overall listing method selection and mplement research on the coal indusstry Of Yang Quan Coal Industry Group
指导老师：	刘志远
中文关键字：	分拆上市 整体上市 阳煤集团
英文关键字：	carve-outs; listed-company as a whole; Yangquan Coal Group
中文摘要：	近年来，随着我国证券市场的快速发展，为上市公司提供了有力的资金支持。特别是股权分置改革以来，国有企业成功整体上市的案例不断出现，呈现出方兴未艾之势。但是，阳煤集团控股的上市公司国阳新能自分拆上市以来，虽然逐步收购了一些煤矿资产，但是，整体上市的进程缓慢，作为阳煤集团资本市场融资平台的作用不明显。随着国家13个亿吨级煤炭基地建设的实施和山西省煤炭资源整合的推进，阳煤集团遇到了千载难逢的发展机遇。结合省政府资本办关于五大煤业集团2015年基本完成整体上市规划要求，阳煤集团如何通过证券市场，筹集大量资金满足煤炭资源整合的需求，最终实现煤炭产业的整体上市，显得尤为重要。 本文针对阳煤集团所属上市公司不能有效的通过再融资，实现产业资本和金融资本的有效配置，为集团公司提供充足的发展资金的问题。以及分拆上市严重制约上市公司规范、科学发展，关联交易多、大股东占用资金、企业规模小、竞争力差等问题。笔者根据在国阳新能上市公司多年的工作经验，通过分析当前阳煤集团煤炭主业上市的现状和存在的问题，选择了阳煤集团煤炭主业整体上市的模式，并设计了该模式实施方案。最后通过定性和定量分析验证了整体上市方案的可行性。 本文通过分析研究提出了一些针对性的结论，整体上市是一个复杂的系统工程，选择适合的模式至关重要，在选择整体上市的模式时，必须全面分析上市公司方面和控股集团公司方面以及整体上市动因等因素的影响。才能选择出切合实际的可操作的整体上市模式。
英文摘要：	In recent years, with the fast development of the stock market in our country, listed companies are offered powerful capital support. Especially since the tradable shares reform, the successful cases of listed state-owned enterprises as a whole are emerging continuously and ever growing. However, the process of being listed as a whole of the listed company of Guoneng Energy, held by Yangquan Coal Group, is still slow and doesn’t play an effective role as a market financing platform for the capital market of Yangquan Coal Group, although it has purchase some coal mine assets. With the implementation of the national 1.3 billion-ton-scale coal base construction and the development of Shanxi coal resources integration, Yangquan Coal Group meets with cherished development opportunities. In accordance with the requirement of the five-big coal group basically finishing the plan of being listed as a whole in 2015 by the Capital Office of Shanxi province, it is important for Yangquan Coal Group to gather great amount of capital through the stock market to meet the needs of coal resources integration and in the end, to realize the goal of being listed as whole. The thesis points out the fact that the listed companies owned by Yangquan Coal Group cannot realize effective allocation of assets capital and finance capital through re-financing so as to offer adequate developmental capital for the group. It also analyzes the problems that carve-outs severely affect the regulation of listed companies 、the scientific development and also the problems of more related transactions、occupation of capital by big share-holders、small scale of enterprises and low competitive force. Based on the experiences of working in the listed company of Guoyang New Energy, the author analyzes the current situation and existed problems of the listed mainstream coal industry of Yangquan Coal Group so as to choose the mode of the listed mainstream coal industry of Yangquan Coal Group as a whole、design the implementation scheme of the mode and in the end test the feasibility of the scheme through qualitative and quantitative analysis. The thesis proposes some corresponding conclusion according to analyses. Being listed as a whole is a complicated system and the choice of the appropriate mode is of vital importance. In order to choose the mode, we have to analyze, as a whole, the listed company、the corporation of the holding side and the influence of the factors like the motives of being listed as a whole so as to choose the practical and operational mode of being listed as a whole.
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