摘要
随着公用事业市场化进程的不断深入,特许经营项下的国有股权转让逐渐成为当前国内水务市场化的主要商务运作模式,由于这类股权转让既涉及到国有资产的大规模流动,又涉及到公共产品的特许经营,还常常伴随着国际资本的商业并购,特别是“水”作为一种民生产品涉及到公众利益和安全,操作起来非常复杂,目前国内尚无一个综合全面的引领大纲来指导,由此各地的项目各不相同,存在各种各样的问题,再加上法律法规及政策之间矛盾与制约,引起了业内人士的广泛担忧。特别是近来国外的水务运营商接连以大幅超出被并购水务企业净资产评估值的股权转让价格,获得了数个国内水务股权转让项目引起哗然并被称之为“高溢价”。
在对国内外水务市场化进程和当前国内相关法律法规及政策进行认真分析的基础上,针对业内长期担忧及以往水务项目上存在的问题,提出了水务国有股权转让要把握的若干个关键点,特别是在如何保障公共安全和公众利益、实现国有控制力、正确评估股权价值;转让收益流向、期满资产处置、规避关联交易、法律风险规避等方面提出了独立观点。
创建了国有股权转让股权价值计算模型,弥补了长期以来单纯依靠资本重置法评估结果定价国有股权价值方法的缺陷,成为国内首次站在国有企业角度用收益法,正确计算目标公司股权价值的先例,填补了国内以往操作项目在这方面的空白。
本文还通过对资产、产权、股权、企业价值、购并价格等不同概念的经济性分析,指出了人们当前在“高溢价”问题上认识的误区。
本研究还根据目前我国现行的法律、法规和政策,总结出水务企业国有股权转让操作流程,运作方法和策略,具有很强的操作性和指导性。
本文中研究成果已成功地指导了“天津市北水业有限公司49%国有股权转让”,该项目是上述研究理论、方法、模型的具体实践,日前该项目在国家各相关部委的审批中受到高度评价,被认为圆满地回答了业内担心的问题,并认为其将成为指导今后一个时段内水务市场进一步深化的典型范例。
With the continuous deep going of the marketization of public facilities, the transfer of state-owned stock right under franchise gradually becomes a main commercial operating mode in the marketization of domestic water supply. As such transfer of stock right involves both the large-scale flow of state-owned assets and the franchise of public products, and often is accompanied by the commercial merge by international capital; in particular,“water”as a kind of products involving the people’s livelihood, is related to public interests and security, leading to very complecated operation of such transfer . At present, there have been not yet a comprehensive and all-round guideline or mandatary critaria to follow in our country, thus, caused that projects in different locations are adopting different practice and various problems are existing. In addition, many professionals in the water industry showed their serious worries about such transferring, considering contradictions, discrepancies and ambiguities among laws, regulations and policies really existed and binding each orther sometimes. In particular, recently foreign water supply operators have obtained and merge-bought in succession number of water projects in our country at prices greatly exceeding the evaluated value of net assets of water supply enterprises. These projects were triggered with big surprise and were deemed as“high premium”.
The main purpose of this study is to provide operating and practical instructions to the process of the marketization of water supply in the future. On the basis of carefully analyzing the process of the marketization of domestic and foreign water supply as well as current relevant domestic laws, regulations and policies, aiming at resolving problems that have been worried about in the industry and that existed in previous water supply projects. This research suggests several key points that shall be grasped in the transfer of state-owned stock right of water supply; in particular, this Article brings forward independent ideas about how to guarantee public security and public interests, realize state-owned controlling power, directe flow of benefits from such transfer, disposal the assets when the term expires and avoid the associate transactions, etc. Such ideas have been applied into practice in the project of the transfer of 49% of stated-owned stock right of Tianjin Shibei Water Supply Co., Ltd.; This Article independently creates a computation model for stock right value in the transfer of state-owned stock right, became the first domestic example to correctly calculate the stock right value of target company by using a model from the state-owned enterprise’s perspective, and filled in the blank of previous domestic operating projects in such aspect. The successful model application to the project of the transfer of 49% of state-owned stock right of Tianjin Shibei Water Supply Co., Ltd., has laid a theory foundation for state-owned water supply enterprises to correctly recognize the stock right value.
Furthermore, this article also indicates mistakes and misunderstandings about the interpretation of“high premium”through economic analysis on different concepts like asset, property right, stock right, enterprise value, merger price, etc.
The project of the transfer of 49% of state-owned stock right of Tianjin Shibei Water Supply Co., Ltd. instructed by the research results mentioned in this Article has recently been highly praised in the examination and approval by the State’s relevant ministries and committees, and is considered as a typical example instructing the further deepening of the water supply market within a period of time in the future.
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