_ST华科公司重组案例研究.pdf

摘 要 本文主要内容是介绍宏达矿业2011年重组*ST华科的案例。华阳科技公司连续三年亏损 被证监会特别处理变为*ST股，宏达矿业作为民营企业有良好的盈利能力、巨大的发展潜力， 希望获得上市融资资格扩大公司规模，通过双方选择后开始进行历时两年的重组。 本文采用理论研究和案例分析相结合的方式，首先对国内外学者的相关研究进行文献综 述，并介绍相关基础理论及重组动因；再对案例的重组方和目标企业基本情况进行介绍，并 通过财务数据分析*ST华科发展现状；接着分析公司两次重组过程、第一次重组失败的原因 和第二次重组成功的经验、重组绩效和重组后企业发展状况及人力资源整合情况等。重组后 宏达矿业获得上市融资资格，*ST华科摆脱财务负担和退市危机，双方达到共赢。通过对*ST 华科公司的并购重组进行了深入研究，为国有企业改制后的上市公司资产重组提供发展出 路，给ST类上市公司并购重组提供一些启示建议。 本文经过具体案例分析，从ST上市公司目标企业的角度去分析重组过程及经验，丰富了 *ST类上市公司重组成功案例，通过具体案件见微知著，对今后的重组行为提供参考，并为 选择更加科学、有效、合理的并购重组方式，提高并购重组的成功率。 关键词：ST公司，并购重组，重组方案分析，启示 I I ABSTRACT The main content of this paper is to introduce the Hongda Co.,Ltd reorganiz *ST Huake Company case in 2011.*ST Huake Company special treatment becomes *ST shares for three consecutive years of losses, Hongda Co.,Ltd as a private enterprise with good profitability and a huge potential for development, hope to expand the size of the company to obtain public financing qualifications.By the parties choose to begin a two-year reorganization. In this paper, the theoretical research and case analysis of the combination of the way, the first literature review of research scholars at home and abroad, and describes the underlying theory and restructuring motives;the second described the case of reorganizations side and the basic situation of the target company, and through the financial data analysis the development status of * ST Huake ;and then analysis the company twice reorganization process, the first reorganization of the cause of failure and success of the reorganization in the second experience, restructuring performance and restructuring enterprise development and human resource integration and so on.After the reorganization of Hongda Co.