内部资本市场、资产注入与企业价值——基于中国船舶的案例研究

Internal Capital Market,Assets Injection and Enterprise Value:A Case Study of China CSSC Holding Limited

本文以中国船舶为例,从内部资本市场的角度分析了集团公司对控股的上市公司实施资产注入的运作路径及其对上市公司企业价值的影响。研究发现,中船集团选择中国船舶作为资产注入对象,是内部资本市场优化资源配置功能的体现。股权分置改革完成后,通过定向增发式的资产注入较好地协调了控股股东与中小股东的利益,资产注入有利于实现企业集团整体上市,资产注入后的上市公司业绩显著增强,中小股东的利益也得到了切实保护。本文的研究结论为全流通时代有利于发挥内部资本市场优化资源配置功能提供了证据支持。

From the view of Internal Capital Market,the paper focuses on the way of assets injection conducted by Group Company on its holding listed corporation and analyzes the subsequent influence on the listed corporation's value.The results show that taking China CSSC Holding Limited as the target of assets injection is a good proof of the function of Internal Capital Market on optimizing capital reallocation.As the Non-tradable Shares Reform has completed,the interest conflict between controlling shareholders and minority shareholders will be alleviated,especially by the way of assets injection through controlling shareholders' share subscription of private placement.The evidence also indicates that the quality assets injection by controlling shareholders will accelerate the holistic listing of the Group,improve the performance of the listing corporation,and enhance the protection of minority shareholders.The paper proves that the Internal Capital Markets function well on optimizing capital reallocation in the post non-tradable share reform era.