应用定向增发进行ST公司重组的思考

2003年9月20日中国重汽集团与中信信托投资有限责任公司签订《股权转让协议》，以每股1．11元受让ST小、鸭16．30％的股份。9月22日中国重汽集团又与山东小鸭集团有限责任公司签订《股权转让协议》，以每股1．11元受让ST小鸭47．48％的股份。股权转让完成后中国重汽集团将持有ST小鸭1．62亿股，占公司总股本的63．78％，成为公司第一大股东。2003年11月29日，ST小鸭公告称，计划通过定向增发的方式来收购中国重汽所属的车桥厂、锻造厂、离合器厂、设备动力厂等经营性资产，以保证重组完成后中国重汽置入资产和业务的完整性和独立性。     

重组式股改须慎行

当前股权分置改革正热火朝天地进行着，根据有关管理办法规定，问题公司，绩差公司可以实行重组式股改，证监会有关人士更指出重组式股改不仅限于绩差公司。如今重组成为T类公司股改的首选，ST农化，*ST吉纸，ST中西相继推出重组对价方案，深圳机场与隧道股份也采用资产置换作为部分对价的股改方案。在股改进入中盘阶段后，“重组对价”渐成时尚。对此现象笔者深表担心，这种重组式股改会导致“坏孩子不走，好孩子也来不了”的不良后果。股市上经常发生非对价重组或者称赠与式重组，最典型的就是以优质资产置换劣质资产或购进优质资产，出售     

国有企业债务重组新构想

国有企业债务重组新构想肖金成国有企业负债率高的问题不仅使国有企业背上了沉重的包袱，影响了企业的正常经营，而且影响企业的发展和改革的深化。本文拟通过对国有企业资产结构的变化及体制缺陷的分析，试图寻找国有企业债务重组的可行之路。一、国有企业负债率的上升与...     

2010年工业地产高层峰会开幕

2010中国工业地产高层峰会于3月27日拉开帷幕,本次峰会首次引入对工业园的评选颁奖,通过工业地产网络营销推广平台阿招士招商网以及各种媒体和渠道,吸引50万企业参与评选投票,最终评选出＂2009年度最具品牌影响力工业园/2009年度最具投资价值工业园/2009年度最受企业好评工业园＂。本次峰会主要由四大环节组成：评选颁奖、成功园区经验分享、焦点讨论、标杆园区考察。     

光大银行（601818）重组与融资驱动未来扩张

根据光大集团重组改革方案,汇金公司将部分公司股权注入光大集团,实现光大集团对公司并表。光大银行是光大集团旗下的核心资产,集团对其的掌控力度有望大幅增强,将有助于公司与集团旗下的金融机构充分协同,从而拓展扩张和创新的大空间。     

会员制销售公司Gilt Groupe获得3500万美元

私募股权巨头KKR在5月13日发布了2010年第一季度报告,声称由于费用收入和投资产的价值上升,公司利润急剧增长。     

公司重组业务的会计及税务处理——分立业务

分立,是指一家企业（以下称为被分立企业）将部分或全部资产分离转让给现存或新设的企业（以下称为分立企业）,被分立企业股东换取分立企业的股权或非股权支付,实现企业的依法分立。     

新平台推动央企重组浪潮

2010年12月22日,国资委在北京召开中国国新控胺有限责任公司成立大会。至此,“国资委-国有资产管理运营公司-央企”三级国资体系框架逐渐清晰,与之前较早设立的国家开发投资公司、中国诚通公司相比,国新公司更能体现国资委国有资产出资人的身份,并将成为未来国资整合重组舞台的绝对核心,一方面充当央企集团整体上市的推进器,     

运用债务重组手段处置金融不良资产的实例研究

债务重组已成为我国的国有资产管理公司处置金融不良资产的重要手段.本文概述了债务重组的定义和方式,探讨了以债务重组手段处置金融不良资产的优势以及风险防控等值得注意的问题,并对一个处置实例进行了具体分析,总结了项目运作的经验,以供参考.     

地产基金的光荣与梦想——专访嘉富诚股权投资基金管理有限公司董事长郑锦桥

郑老师很忙：之所以称之为郑老师,是因为除了是嘉富诚股权投资基金管理有限公司（简称“嘉富诚”）董事长外,他的另一身份是北大汇丰商学院、清华大学等院校实务派客坐教授。     

Corporate Finance and Corporate Governance

A combined treatment of corporate finance and corporate governance is herein proposed. Debt and equity are treated not mainly as alternative financial instruments, but rather as alternative governance structures. Debt governance works mainly out of rules, while equity governance allows much greater discretion. A project-financing approach is adopted. I argue that whether a project should be financed by debt or by equity depends principally on the characteristics of the assets. Transaction-cost reasoning supports the use of debt (rules) to finance redeployable assets, while non-redeployable assets are financed by equity (discretion). Experiences with leasing and leveraged buyouts are used to illustrate the argument. The article also compares and contrasts the transaction-cost approach with the agency approach to the study of economic organization.     

外部融资与企业成长关系的实证研究

在金融发达国家，外部融资对行业成长有明显促进作用。实证分析显示，我国企业要想获得更快、更好的发展，一方面要充分利用各种融资渠道，以便提高外部融资在总资产中的比重，另一方面要注意各种融资方式的合理搭配，防止因债务融资与权益融资之比过高而给企业今后的总资产增长带来不利影响。     

论我国银行重组

本文从产权结构、组织结构、业务结构三个方面论述了国有商业银行重组的必要性和构想     

Emerging realities of local government reorganization

This article reviews ministerial claims about the financial benefits of the nine new unitary councils in England and finds them wanting. The new councils' own estimates for costs and savings use a variety of assumptions, some of which are plainly wrong. The resulting figures are not comparable between authorities and are difficult to reconcile with ministerial claims. The Department of Communities and Local Government (CLG) evidently does not apply rigorous evaluation standards and has a track record of refusing to divulge the evidence upon which decisions are taken and performance claims are made.     

公司治理和企业价值研究最新进展

中国证监会、国家经贸委于2002年1月发布了<上市公司治理准则>,旨在规范上市公司治理结构.据统计,到2003年6月30日,沪深证券交易所的1250家上市公司中共有1244家配备了独立董事,可见公司治理的重要性已经受到广泛认同.然而令人感兴趣的是,这种改善公司治理的举措是否奏效?在中国的制度环境下,公司治理和企业价值之间到底存在着怎样的关系?     

Financial Systems, Corporate Finance and Corporate Governance

Financial systems of industrialised countries are usually classified as being either capital market- or bank-dominated. This paper tries to shed some light on the validity of this distinction. In order to do this, it analyses two specific roles of the financial sector vis-à-vis the enterprise sector: the role of financing or funding business and the role of capital markets and banks, respectively, in the context of corporate governance. Our analysis of the relevant findings in the literature shows that financing patterns are quite similar between countries, while corporate governance systems are quite dissimilar. The paper discusses how these divergent findings could be made compatible with existing theories and what implications they may have for the question of whether there is a tendency for corporate governance systems in different countries to become as similar as corporate financing patterns seem to be.     

The dynamics of default and debt reorganization

This article documents the fact that when debtors decide todefault on their obligations too early, it is in the creditors'collective interest, as residual claimants, to make concessionsprior to forcing a costly liquidation. Symmetrically, when debtorsprefer to default at an inefficiently late stage, it is in thecreditors' interest to propose a departure from the absolutepriority rule. This article develops a continuous time pricingmodel of dynamic debt restructuring that reflects the crucialinfluence of the two counterparties' relative bargaining power.Simple and intuitive path-dependent pricing formulae are derivedfor equity and debt. The debt capacity as well as the evolutionof the firm's capital structure throughout its existence isprovided.