發(fā)布時(shí)間：2018-05-25 19:05

  本文選題：家化 + 平安　； 參考：《上海交通大學(xué)》2013年碩士論文

【摘要】：“六神”、“佰草集”、“美加凈”這一個(gè)個(gè)讓國(guó)人耳熟能詳品牌的締造者 家化集團(tuán)和上海家化在2011年末被平安集團(tuán)收購(gòu)。作為上海國(guó)企改制成功的僅存案例，一度被外界視為是金融資本與產(chǎn)業(yè)資本的完美結(jié)合。但在一年多后的今天，這樁看似美滿的“結(jié)姻”卻傳出了不和諧之音：葛文耀公開(kāi)指責(zé)平安信托的不是，平安信托借“小金庫(kù)”問(wèn)題罷免葛文耀擔(dān)任家化集團(tuán)的職務(wù)，上海國(guó)資委居中強(qiáng)勢(shì)調(diào)停，，平安信托迫使葛文耀不得不從上海家化“提前退休”…… 自2001年成功登陸國(guó)內(nèi)資本市場(chǎng)后，在諸多國(guó)際日化業(yè)巨頭環(huán)伺的夾縫中，上海家化在人稱“家化教父”葛文耀的帶領(lǐng)下取得了驕人的成績(jī)，儼然成為了中國(guó)民族日化業(yè)的領(lǐng)頭羊。但為徹底擺脫國(guó)有企業(yè)體制上的束縛以取得更快速的發(fā)展，家化集團(tuán)啟動(dòng)了國(guó)企改制。在一番激烈的明爭(zhēng)暗斗后，平安信托最終脫穎而出，在2011年末成功競(jìng)購(gòu)取得家化集團(tuán)100%的股權(quán)。原以為家化集團(tuán)和上海家化會(huì)在平安信托入主后進(jìn)入高速發(fā)展的全新快車道，但孰料到會(huì)在這么短的時(shí)間里雙方會(huì)鬧得如此“雞飛狗跳”。 家化集團(tuán)是上海家化的控股股東，持有上市公司29.23%股權(quán)。上市公司的股權(quán)也是家化集團(tuán)最具代表性的資產(chǎn)。本文以實(shí)際出發(fā)，將上海家化作為研究對(duì)象，在從發(fā)展方向、商業(yè)模式、杜邦財(cái)務(wù)分析、資本市場(chǎng)表現(xiàn)以及與同行業(yè)公司比較等方面全面剖析上海家化尤其是其上市后的十年間所取得成績(jī)的同時(shí)，也著重分析上海家化在其發(fā)展道路上存在的問(wèn)題和面臨的困難，來(lái)推斷家化集團(tuán)和上海家化引進(jìn)新的投資者的必要性和緊迫性。 本文還通過(guò)對(duì)平安集團(tuán)入主家化集團(tuán)過(guò)程和之后雙方交惡過(guò)程的回顧，進(jìn)一步分析整件事的前因后果，并預(yù)測(cè)經(jīng)歷此事件之后上海家化的發(fā)展趨勢(shì)。 本文最后對(duì)平安集團(tuán)與家化集團(tuán)矛盾所引發(fā)的啟示從公司治理、如何有效監(jiān)督和管理國(guó)有股權(quán)轉(zhuǎn)讓、國(guó)有股權(quán)轉(zhuǎn)讓中采取措施提前規(guī)避矛盾等方面進(jìn)行探索性的思考，同時(shí)也提出相應(yīng)的結(jié)論和建議。
[Abstract]:"six gods", "Baicaoji", "Meijiajing", the creators of the brand familiar to the people of China, Qijiahua Group and Shanghai Jiahua Group were acquired by Ping an Group in late 2011. As the only surviving case of the success of SOE reform in Shanghai, it was once regarded as a perfect combination of financial capital and industrial capital. But now, more than a year later, the seemingly happy "marriage" has come out of disharmony: GE Wenyao publicly accused the Ping an Trust of not, and Ping an Trust dismissed GE Wenyao from his post as the Jiayuhua Group on the basis of the "small treasury" issue. Shanghai SASAC intervened strongly and Ping an Trust forced GE Wenyao to retire early from Shanghai. Since its successful landing on the domestic capital market in 2001, Shanghai Jiahua has made remarkable achievements under the leadership of GE Wenyao, known as the godfather of the international daily chemical industry, in the midst of many international daily chemical giants. Has become China's national daily chemical industry leader. But in order to get rid of the bondage of the state-owned enterprise system and get more rapid development, Jihua Group started the reform of the state-owned enterprise. After a fierce battle, Ping an Trust finally stood out, winning a 100 percent stake in CCH at the end of 2011. It was thought that Jiahua Group and Shanghai Jiahua Group would enter a new fast track of rapid development after Ping an Trust took over, but it was expected that in such a short period of time, the two sides would make such a "chicken fly dog jump." Jiahua Group is the controlling shareholder of Shanghai Jiahua, which owns 29.23% of the listed company. The equity of the listed company is also the most representative assets of the Home Chemical Group. This paper takes Shanghai Jiahua as the object of study from the perspective of development direction, business model and DuPont financial analysis. In terms of capital market performance and comparison with other companies of the same industry, this paper comprehensively analyzes the achievements of Shanghai Jiahua, especially in the 10 years since its listing, and at the same time, it also focuses on the problems and difficulties that Shanghai Jiahua faces on its development path. To infer the necessity and urgency of introducing new investors to Jiahua Group and Shanghai Jiahua Group. Through the review of the process of Ping an Group joining the Jiahua Group and the bad process of the two sides, this paper further analyzes the causes and consequences of the whole incident, and predicts the development trend of Shanghai Jiahua after this event. At the end of this paper, the enlightenment of the contradiction between Ping an Group and Jiahua Group is discussed from the aspects of corporate governance, how to effectively supervise and manage the transfer of state-owned equity, and how to take measures to avoid the contradiction in advance in the transfer of state-owned equity. At the same time, it also puts forward the corresponding conclusions and recommendations.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F842.3;F426.72

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本文編號(hào)：1934324