正虹集团吸收合并湘城实业换股比例确定研究
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摘要
吸收合并按其支付方式可分为：换股合并和付现合并。由于付现合并需要支付大量现金，为此要承担融资风险，因此，换股合并越来越受到人们的青睐。分析换股合并，不难发现：换股合并的关键在于换股比例的确定。这是因为换股比例的高低直接影响着合并双方股东在合并之后的主体中所拥有的权益份额。本文以上市公司正虹集团换股合并非上市公司湘城实业为案例，来研究换股比例应如何加以确定。
加强换股比例确定研究，具有非常重要的意义。对于合并双方，可以帮助分析合并后双方的每股收益是否被稀释，并购在经济上是否合理等等；对于证券监管部门，鉴于被并方湘城实业是湖南省首批股份制试点企业，该公司上柜交易的社会公众股因国家清理整顿场外非法股票交易而停牌，因此加强此案例研究，对今后加强类似上市公司吸收合并已停止其股票上柜交易的非上市公司的操作的监管，依法取缔股票非法场外交易，保持社会稳定，促进证券市场健康有序地发展具有指导意义。同时，由于换股比例确定基础是公司价值，加强这方面的研究，无疑可为当今国有股减持定价思路的确立提供参考，并有助于我国企业准确估价公司的价值，以应对来势迅猛的外资并购。
本文首先简要介绍了合并的概念及类型、选择合并的理由或动因，回顾了国内外公司估价模型、换股比例确定方法的研究现状。其次，详细介绍了本次合并双方公司背景与合并动因；双方公司价值估价模型的采用与估价结果；确定换股比例方法的选择及换股比例的确定结果，在此基础上，对本次合并双方合并前后和存续公司的财务状况进行了对比分析。最后，对本次换股比例确定方法及结果从合法性、科学性、经济性等方面进行了评价与分析，同时还指出其存在的不足。
本文通过研究后，认为：本次换股比例所依据的公司价值的评估，采用账面价值和重置成本法等估价方法得出的每股净资产，不符合价值估价原理，其结果并不代表公司内在价值，但在确认换股比例时，对于影响公司内在价值的因素从获利能力、业务成长性、经营能力、偿债能力、融资能力、管理水平和商誉七个方面加以考虑，辅之以一个加成系数予以调整，即以每股净资产之比加成法来确定换股比例。这对于我国目前处在一种股本结构特殊，证券市场和公司价值评估市场尚不成熟的并购环境下，不失为一种折衷的解决方案，现阶段具有较强的可操作性与一定的创造性。与此同时，还针对本次换股比例评估确定过程中存在的
不足，提出了如下建议:1、尽量采用符合价值原理的估价方法估算公司价值，并
以此作为换股比例确定的基础。2、不要拘泥于一个统一的换股比例，建议可针对
不同的股权采用不同的换股比例。
According to pay ways,The absorption merger may be divided into: Exchange stock and pay cash to
merge. Because; of paying cash merger damand to pay a large quantity cash, and want to undertake the risk of raising of
funds, so that for this, exchange stock merger be elected by more atid more people. Analysis exchange stock merger, not
difficult discover: The key of exchange stock merger consist in exchange rate. This is because exchange rate high or low
to diteetly affect the rights of both parties' shareholder for owning the sura inside merger corpus. This paper is a case
study of exchange stock merger of the ijnlfeted company of XiangCheng industries and listed company of ZhengHong group, in
order to study that exchange rate should how to make sure.
Enhance exchange rate make sure research, and have very important meaning. To merger both parties, it can help to analyze
earning per-stock whether to be diluted, and buy on the economy whether reasonable etc; To take charge of the section,
because of XiangCheng industries is the first stock system af Hunan province to try to order the business enterprise, and
its s|oek eertifieates in social and public have been stopped bargaining for straightening outside illegal stock to bargain
in china, therefore enhance this case research, right from now an enhance similar listed company absorb merger to have been
stopped its stock bargain on the cabinet of the unlisted company's operation, crack ddwa the stock outside illegal bargain
according to the method easy, keep stability of thje society and prfwslote to stock market health contain preface ground to
develop to fcave the leading meaning. At the same time, because of the certain foundation of exchange rate is the worth of
company, and enhance the research of this
aspect, it is doubtless for establishment of thinking of the list price way of reducing holding of nation stock frovide
reference. And is beneficial on accurate quotation company of business enterprise of our country of stateowned, then reply
the fast and fierce fofejgt cajrital merger and acquisition.
At first, this paper summarily introduces about corporative concept and type,choice the reason of merger or move because of,
and look backed the domestic and international research present condition for company quotation model with assess
in
method of exchang rate. The next detailed introduces this corporative both parties' company background and move because of the merger, the both parties' company value quote model's adoption and quotation result, exchange rate assess method's choice and its result, on the foundation, and as to corporate both parties' and continuously company merging in front and back to proceed contrast analysis about financial circs. Finally, for this exchange rate method and its result from legitimacy, sciences, economics etc aspects proceeds evaluation and analyze, and still point out its esse of lack at the same time.
As researching, this paper think: this valuation of company's value for exchange rate's basis, adopt book value and replacement cost method etc to get each stock clean property, not consist with company's value quoting principle, its result is not representing the inside value of company, but at confirming exchange rate,for influence company's inside value is from accrual ability, business growth, operate ability, repay debt ability,margin ability, management level and creditworthiness etc to consider, to adjust with an add coefficient. This is now to be placed in our country's buy environment of a kind of special capital construction, stock market and company value valuation market is still not matures, and have creation that certainly in present stage. With this at the same time, still airri at this exchange rate of the certain process inside lack that exsits, bring upped following suggestion: 1. As far as possible adopt to this valuation method which consisting with value quoting principle, and combine th
en this be used as exchange rate's valuation foundation. 2.
加强换股比例确定研究，具有非常重要的意义。对于合并双方，可以帮助分析合并后双方的每股收益是否被稀释，并购在经济上是否合理等等；对于证券监管部门，鉴于被并方湘城实业是湖南省首批股份制试点企业，该公司上柜交易的社会公众股因国家清理整顿场外非法股票交易而停牌，因此加强此案例研究，对今后加强类似上市公司吸收合并已停止其股票上柜交易的非上市公司的操作的监管，依法取缔股票非法场外交易，保持社会稳定，促进证券市场健康有序地发展具有指导意义。同时，由于换股比例确定基础是公司价值，加强这方面的研究，无疑可为当今国有股减持定价思路的确立提供参考，并有助于我国企业准确估价公司的价值，以应对来势迅猛的外资并购。
本文首先简要介绍了合并的概念及类型、选择合并的理由或动因，回顾了国内外公司估价模型、换股比例确定方法的研究现状。其次，详细介绍了本次合并双方公司背景与合并动因；双方公司价值估价模型的采用与估价结果；确定换股比例方法的选择及换股比例的确定结果，在此基础上，对本次合并双方合并前后和存续公司的财务状况进行了对比分析。最后，对本次换股比例确定方法及结果从合法性、科学性、经济性等方面进行了评价与分析，同时还指出其存在的不足。
本文通过研究后，认为：本次换股比例所依据的公司价值的评估，采用账面价值和重置成本法等估价方法得出的每股净资产，不符合价值估价原理，其结果并不代表公司内在价值，但在确认换股比例时，对于影响公司内在价值的因素从获利能力、业务成长性、经营能力、偿债能力、融资能力、管理水平和商誉七个方面加以考虑，辅之以一个加成系数予以调整，即以每股净资产之比加成法来确定换股比例。这对于我国目前处在一种股本结构特殊，证券市场和公司价值评估市场尚不成熟的并购环境下，不失为一种折衷的解决方案，现阶段具有较强的可操作性与一定的创造性。与此同时，还针对本次换股比例评估确定过程中存在的
不足，提出了如下建议:1、尽量采用符合价值原理的估价方法估算公司价值，并
以此作为换股比例确定的基础。2、不要拘泥于一个统一的换股比例，建议可针对
不同的股权采用不同的换股比例。
According to pay ways,The absorption merger may be divided into: Exchange stock and pay cash to
merge. Because; of paying cash merger damand to pay a large quantity cash, and want to undertake the risk of raising of
funds, so that for this, exchange stock merger be elected by more atid more people. Analysis exchange stock merger, not
difficult discover: The key of exchange stock merger consist in exchange rate. This is because exchange rate high or low
to diteetly affect the rights of both parties' shareholder for owning the sura inside merger corpus. This paper is a case
study of exchange stock merger of the ijnlfeted company of XiangCheng industries and listed company of ZhengHong group, in
order to study that exchange rate should how to make sure.
Enhance exchange rate make sure research, and have very important meaning. To merger both parties, it can help to analyze
earning per-stock whether to be diluted, and buy on the economy whether reasonable etc; To take charge of the section,
because of XiangCheng industries is the first stock system af Hunan province to try to order the business enterprise, and
its s|oek eertifieates in social and public have been stopped bargaining for straightening outside illegal stock to bargain
in china, therefore enhance this case research, right from now an enhance similar listed company absorb merger to have been
stopped its stock bargain on the cabinet of the unlisted company's operation, crack ddwa the stock outside illegal bargain
according to the method easy, keep stability of thje society and prfwslote to stock market health contain preface ground to
develop to fcave the leading meaning. At the same time, because of the certain foundation of exchange rate is the worth of
company, and enhance the research of this
aspect, it is doubtless for establishment of thinking of the list price way of reducing holding of nation stock frovide
reference. And is beneficial on accurate quotation company of business enterprise of our country of stateowned, then reply
the fast and fierce fofejgt cajrital merger and acquisition.
At first, this paper summarily introduces about corporative concept and type,choice the reason of merger or move because of,
and look backed the domestic and international research present condition for company quotation model with assess
in
method of exchang rate. The next detailed introduces this corporative both parties' company background and move because of the merger, the both parties' company value quote model's adoption and quotation result, exchange rate assess method's choice and its result, on the foundation, and as to corporate both parties' and continuously company merging in front and back to proceed contrast analysis about financial circs. Finally, for this exchange rate method and its result from legitimacy, sciences, economics etc aspects proceeds evaluation and analyze, and still point out its esse of lack at the same time.
As researching, this paper think: this valuation of company's value for exchange rate's basis, adopt book value and replacement cost method etc to get each stock clean property, not consist with company's value quoting principle, its result is not representing the inside value of company, but at confirming exchange rate,for influence company's inside value is from accrual ability, business growth, operate ability, repay debt ability,margin ability, management level and creditworthiness etc to consider, to adjust with an add coefficient. This is now to be placed in our country's buy environment of a kind of special capital construction, stock market and company value valuation market is still not matures, and have creation that certainly in present stage. With this at the same time, still airri at this exchange rate of the certain process inside lack that exsits, bring upped following suggestion: 1. As far as possible adopt to this valuation method which consisting with value quoting principle, and combine th
en this be used as exchange rate's valuation foundation. 2.
引文
[1] 郭德军，刘宏武等．哈佛模式．公司资本战略．中央民族出版社，2002
[2] 彭进军．股份制企业兼并与收购．中国人民大学出版社，1999
[3] [美]伯顿．G．马尔基尔著．漫步华尔街—股票投资指南．上海翻译出版社，1991
[4] 崔新健．波音—麦道合并案六大成因．国际经济评论，1997年5～6月第57页
[5] J.Tobin. "A General Equilibrium Approach to Monetary Theory". Journal of Money, Credit and Banking,I.1969.2, PP.15～29
[6] Donaldson, Gordon. Managing Corporate Wealth, Pareger. NewYork. 1984
[7] David Larcker. The Revolution in Corporate Finance. second edition.Edited by Joel M.Sterm and Donald H.Chew Jr, P.532.
[8] 张金良，李树华．证券市场财务与会计问题研究．上海财经大学出版社，1998
[9] 余绪缨主编．企业理财学．辽宁人民出版社，1995
[10] Shannon P.Pratt, Valuing A Business: The Analysis and Appraisal of Closely Held Companies. 2nd edition Richard, Irwin, INC.1989, PP.35～68
[11] Tom Copeland, Tim koller, Jack Murrin.Vatuation: Measuring and Managing The Value of Companies. 2nd editien, Mckinsoy & Company, Inc, P.83
[12] William D.Rifkin. Mergers, Acquisitions, and Leveraged Buyouts. Editor-in-chief: Robert Lawrence Kuhn, Richard D.Irwin,INC. 1990,P.40
[13] [美]R．L．瓦茨，J．L．齐默尔曼合著、黄世忠译．实证会计理论．中国商业出版社，1990
[14] 盛洪．证券市场的并购活动有着事半功倍效果．中华工商时报，1997-4-24
[15] Tom Copeland and West. Mergerstat Review 1990,1991, PP.100～101
[16] Gardon V.Smith. Corporate Valuation: A Business and Professional Gudie,John Wily & Sons,Inc, P.107
[17] Aswath Damodaran, Damodaran on Valuation, John Wily & Sons,Inc, P.20
[18] Luigi Guatri, The Valuation of Firms, Blackwell Publishers, PP.78～79
[19] Leslie livens. Share valuation handbook: Techiques for the valuation of shares
in private companies, published by Fourmat Publishing, P.40
[20][美]财务会计准则委员会．论财务会计概念．娄尔行译．中国财政经济出版社，1992
[21]陈信元，董华．企业合并的会计方法选择：一项案例研究．会计研究，2000(2)：16～25
[22]汪祥耀主编．最新国际会计准则．浙江人民出版社，1996
[23]Joseph M, Moric, Acquisitions, Divestitures, and Corporate Joint Ventures, John Wily & Sons,Inc.
[24]Shannon P.Pratt, Valuing Small Businesses and Professional Practics,second edition,RDI.Inc, P.212
[25]干春晖，刘祥生．企业并购：理论．实务．案例．上海：立信会计出版社，2002
[26]Kermit D.Larson and Nichohlas J.Gonedes, "Business Combinations: An Exchange Ratio Determination Model, "The Accountiong Review, October 1969, PP.720～729
[27][美]Aswath．Damodaran著，朱武祥译．投资估价．清华大学出版社，1999
[28]陈朝阳．上市公司资产股权交易价格的实证分析中华财会网，2002-1-31
[29]岳意定．投资银行理论与实务．湖南人民出版社，2001
[30]朱武祥，邓海峰．公司合并中的价值评估与换股比例估算．管理世界，1999(4)：182～200
[31]沈建明，程兴华，王向阳等．企业资本经营理论与实务上海：立信会计出版社，1997
[32][美]丁．弗雷德．威斯顿等著，唐旭译．兼并、重组与公司控制．北京经济出版社，1998
[33]高晨等．股东—管理者的利益冲突与公司价值．会计研究，1998(12)：37～42
[34]刘云中．企业财务合并的价值分析与政策含义．会计研究，1998(4)：20～25
[35]刘文通．公司兼并收购论．北京大学出版社，1997
[36]Willard, T.Carleton, David K.Guilkey, Robert.S.Harris, and John F.stewart,"An Empirical Analysis of the Role of the Medium of Exchange in Mergers" Journal of Friance, June 1983, PP.813～826
[37]Nicklas G.Travlous, "Corporate Tareover Bids,Method of Payment, and Bidding Firms 'stock Return,"Journal of Friance, september 1987, PP.942～962
[38]Rokert L.Conn and James F.Nieisen, "An Empirical Test of the Larson Gonedes
Exchange Ratio Determination Model, "Journal of Finance, June 1977, PP.749～759
[39]韩志国．国有股减持的净资产权数定价方案．中华财会网，2002-01-18
[40]陈信元，曾庆生，陈冬华等．我国上市公司换股合并的会计方法选择：案例分析与现实思考．会计研究，2001(5)：9～17
[41]王革菲著．欧洲MBA浓缩读本——我的MBA学习笔记．清华大学出版社，2001
[42]夏乐书、张冬梅．企业并购过程中换股比率的确定与分析．会计研究，2000(7)：37～38
[2] 彭进军．股份制企业兼并与收购．中国人民大学出版社，1999
[3] [美]伯顿．G．马尔基尔著．漫步华尔街—股票投资指南．上海翻译出版社，1991
[4] 崔新健．波音—麦道合并案六大成因．国际经济评论，1997年5～6月第57页
[5] J.Tobin. "A General Equilibrium Approach to Monetary Theory". Journal of Money, Credit and Banking,I.1969.2, PP.15～29
[6] Donaldson, Gordon. Managing Corporate Wealth, Pareger. NewYork. 1984
[7] David Larcker. The Revolution in Corporate Finance. second edition.Edited by Joel M.Sterm and Donald H.Chew Jr, P.532.
[8] 张金良，李树华．证券市场财务与会计问题研究．上海财经大学出版社，1998
[9] 余绪缨主编．企业理财学．辽宁人民出版社，1995
[10] Shannon P.Pratt, Valuing A Business: The Analysis and Appraisal of Closely Held Companies. 2nd edition Richard, Irwin, INC.1989, PP.35～68
[11] Tom Copeland, Tim koller, Jack Murrin.Vatuation: Measuring and Managing The Value of Companies. 2nd editien, Mckinsoy & Company, Inc, P.83
[12] William D.Rifkin. Mergers, Acquisitions, and Leveraged Buyouts. Editor-in-chief: Robert Lawrence Kuhn, Richard D.Irwin,INC. 1990,P.40
[13] [美]R．L．瓦茨，J．L．齐默尔曼合著、黄世忠译．实证会计理论．中国商业出版社，1990
[14] 盛洪．证券市场的并购活动有着事半功倍效果．中华工商时报，1997-4-24
[15] Tom Copeland and West. Mergerstat Review 1990,1991, PP.100～101
[16] Gardon V.Smith. Corporate Valuation: A Business and Professional Gudie,John Wily & Sons,Inc, P.107
[17] Aswath Damodaran, Damodaran on Valuation, John Wily & Sons,Inc, P.20
[18] Luigi Guatri, The Valuation of Firms, Blackwell Publishers, PP.78～79
[19] Leslie livens. Share valuation handbook: Techiques for the valuation of shares
in private companies, published by Fourmat Publishing, P.40
[20][美]财务会计准则委员会．论财务会计概念．娄尔行译．中国财政经济出版社，1992
[21]陈信元，董华．企业合并的会计方法选择：一项案例研究．会计研究，2000(2)：16～25
[22]汪祥耀主编．最新国际会计准则．浙江人民出版社，1996
[23]Joseph M, Moric, Acquisitions, Divestitures, and Corporate Joint Ventures, John Wily & Sons,Inc.
[24]Shannon P.Pratt, Valuing Small Businesses and Professional Practics,second edition,RDI.Inc, P.212
[25]干春晖，刘祥生．企业并购：理论．实务．案例．上海：立信会计出版社，2002
[26]Kermit D.Larson and Nichohlas J.Gonedes, "Business Combinations: An Exchange Ratio Determination Model, "The Accountiong Review, October 1969, PP.720～729
[27][美]Aswath．Damodaran著，朱武祥译．投资估价．清华大学出版社，1999
[28]陈朝阳．上市公司资产股权交易价格的实证分析中华财会网，2002-1-31
[29]岳意定．投资银行理论与实务．湖南人民出版社，2001
[30]朱武祥，邓海峰．公司合并中的价值评估与换股比例估算．管理世界，1999(4)：182～200
[31]沈建明，程兴华，王向阳等．企业资本经营理论与实务上海：立信会计出版社，1997
[32][美]丁．弗雷德．威斯顿等著，唐旭译．兼并、重组与公司控制．北京经济出版社，1998
[33]高晨等．股东—管理者的利益冲突与公司价值．会计研究，1998(12)：37～42
[34]刘云中．企业财务合并的价值分析与政策含义．会计研究，1998(4)：20～25
[35]刘文通．公司兼并收购论．北京大学出版社，1997
[36]Willard, T.Carleton, David K.Guilkey, Robert.S.Harris, and John F.stewart,"An Empirical Analysis of the Role of the Medium of Exchange in Mergers" Journal of Friance, June 1983, PP.813～826
[37]Nicklas G.Travlous, "Corporate Tareover Bids,Method of Payment, and Bidding Firms 'stock Return,"Journal of Friance, september 1987, PP.942～962
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