摘要
光通公司是一家国有控股上市公司,是我国光通信行业的开创者之一,在
充分竞争的光纤光缆制造业中,曾经长期处于在行业的前列水平。近几年来,
随着光通信市场的复苏,同行主要企业充分利用资本市场融资平台,抓住机会,
迅速实现了规模扩张与产业升级的战略目标;而光通公司受限于国有管理体制
的约束,以及缺乏对资本市场再融资战略的重视,在产业规模与产业链延伸上
缺乏突破,公司发展速度缓慢,市场占有率逐步下滑,与行业主要企业的差距
越来越大,面临被边缘化的危险。依靠企业自身积累,通过内生性增长來实现
战略赶超,在当前激烈市场竞争中已远不够,如何结合公司总体发展战略,制
定清晰的再融资战略,通过再融资,实现战略转型与股权结构优化,是光通公
司发展过程中的重要问题。
本文分为七章。第一章为论文的研究概述,包括研究背景及意义、研究分
析框架;第二章介绍再融资相关理论,国外成熟理论与国内的实践特征;指出
定向增发这一最主要再融资手段的中国特色;第三章为公司分析,包括发展历
程、股权结构等基本情况及公司战略分析;第四章对公司外部环境分析,指出
公司面临的行业、政策、资本市场的重大机遇;第五章,对公司的财务报表进
行对比分析、比率分析、主要财务指标分析,分析企业的财务状况与再融资基
础条件;第六章在第三、四、五章的分析结果上,总结提出公司实施再融资的
必要性,比较再融资各种手段,选择适合公司融资n具并确定总体思路与制定
具体实施方案,并就方案对公司的积极影响与问题应对进行分析。第七章,提
出本文结论与不足之处。
当前,国企改革成为各方聚焦的热点,发展混合所有制经济,推动企业整
体上市、核心业务资产上市或引进战略投资者,实现投资主体多元化、经营机
制市场化成为本轮改革的主要思路。光通公司是当前A股主板市场中国有控股
制造型企业的典型样本。通过本文对其再融资战略的研究认为,要迅速实现国
有控股传统制造型企业的产业转型与股权结构优化,通过定向增发的方式,导
入产业高端项B和战略投资者,是一个务实与较优的选择,在改善公司基本面
的基础上,再择机使用多种再融资工具,实现做优做强。希望能通过本文的研
究,能为传统竞争行业国企改革与转型提供一种可能选择与现实路径。
关键词:光通公司;再融资;战略研究
Abstract
Optical Fiber Communication Co., Ltd is a state-owned listing Corporation, one of
the pioneers of China communication industry, it was in the front of optical fiber and
cable industry, a full competition manufacturing industry. In recent years, as the
development of optical communication, seize the opportunity, rapid realization of the
strategic target of scale expansion and upgrade of industry, For constraints of
state-owned management system and ignore capital market refinancing strategy, OFC
missed the opportunity, the scale and industry chain lack of a breakthrough, and the
development was slow,gradual declined in market share, at the same time,
competitors became more big, OFC face the danger of being marginalized. Now, it is
not feasible to catch-up competitors rely on the accumulation, in the current fierce
competition of the market. It is an important problem in the development of OFC,
How to combine the company's development strategy, make clear refinancing
strategy, to achieve a strategic transformation and optimization of ownership
structure.
This paper consists of seven chapters.The 1th chapter includes research background
and analysis framework.The 2nd chapter includes refinancing theory, mature theory
of foreign and practice characteristics of domestic.The 3th chapter is the general
introduction of OFC,The 4th chapter focuses on the analysis of corporate strategy
environment.The 5th chapter, analysis the company's financial statements and the
main indicators.The 6th chapter includes the necessity of implementation of the
refinancing,comparison and choose suitable for company financing tool,making plan
and specific it, the positive impact on company.and how to deal with the problem.The
7th chapter includes the summary and suggestions.
OFS, as a typical sample of holding manufacturing enterprises of stock market in
China. By the study of the refinancing strategy .To quickly realize industrial
transformation of the state-owned holding traditional manufacturing enterprises and
optimize the ownership structure. It is a practical and optimal choice to introduce the
industry high-end projects and strategic investors by additional oriental issue . Based
on the company performance improvement, do excellent business bigger by using a
variety of refinancing tools. I hope it could provide some suggestions for the reform
of state-owned enterprises by this research.
Key words:OFS Refinancing, Strategy,Research