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“上市公司+PE”:创新还是搅局

来源: 南方日报网络版     时间: 2019年09月23日 04:27:02
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(始)(,首)(创)(了)(国)(内)(“上)(市)(公)(司)(+PE”这)(一)(模)(式)(的)(先)(河)(。此)(后)(,多)(家)(基)(金)(和)(上)(市)(公)(司)(相)(继)(效)(仿)(。这)(一)(创)(新)(,一)(方)(面)(开)(拓)(了)(PE与)(上)(市)(公)(司)(合)(作)(的)(新)(模)(式)(,增)(加)(了)(PE退)(出)(机)(制)(路)(径)(;但)(另)(一)(方)(面)(,在)(满)(足)(了)(上)(市)(企)(业)(的)(市)(值)(管)(理)(需)(求)(的)(同)(时)(,从)(资)(本)(的)(贪)(婪)(与)(政)(策)(的)(空)(白)(派)(生)(出)(来)(的)(一)(些)(问)(题)(,已)(经)(需)(要)(引)(起)(各)(方)(高)(度)(重)(视)(了)(。  新)(模)(式)(被)(迅)(速)(复)(制)(  市)(场)(助)(推)(机)(构)(创)(新)(的)(进)(程)(从)(来)(没)(有)(停)(止)(,一)(种)(新)(的)(市)(场)(模)(式)(形)(成)(后)(,便)(如)(同)(“病)(毒)(”般)(迅)(速)(传)(播)(,而)(“PE+上)(市)(公)(司)(”这)(一)(创)(新)(模)(式)(,就)(是)(典)(型)(。  硅)(谷)(天)(堂)(2011年)(在)(国)(内)(首)(创)(了)(“PE+上)(市)(公)(司)(”的)(并)(购)(模)(式)(,这)(一)(看)(似)(简)(单)(模)(式)(的)(背)(后)(,是)(硅)(谷)(天)(堂)(乃)(至)(国)(内)(PE发)(展)(过)(程)(中)(的)(“惊)(险)(一)(跃)(”。  在)(并)(购)(市)(场)(高)(烧)(不)(退)(,随)(处)(可)(见)(PE机)(构)(频)(频)(露)(脸)(于)(上)(市)(公)(司)(的)(定)(增)(预)(案)(中)(,这)(一)(模)(式)(也)(是)(多)(家)(PE机)(构)(和)(上)(市)(公)(司)(屡)(试)(不)(爽)(的)(尝)(试)(。对)(于)(双)(方)(而)(言)(,PE在)(原)(有)(以)(IPO退)(出)(通)(道)(为)(主)(的)(基)(础)(上)(又)(增)(加)(了)(一)(条)(新)(出)(路)(,上)(市)(公)(司)(则)(借)(助)(PE的)(专)(业)(资)(本)(运)(作)(尽)(快)(实)(现)(目)(标)(,进)(而)(实)(现)(双)(方)(共)(赢)(的)(理)(想)(局)(面)(。  2011年)(至)(今)(,这)(样)(的)(案)(例)(层)(出)(不)(穷)(。“上)(市)(公)(司)(+PE”这)(一)(模)(式)(也)(在)(不)(断)(地)(演)(变)(,以)(硅)(谷)(天)(堂)(为)(例)(,从)(一)(开)(始)(首)(创)(的)(“PE+上)(市)(公)(司)(”成)(立)(并)(购)(基)(金)(进)(化)(为)(PE直)(接)(入)(股)(上)(市)(公)(司)(协)(助)(并)(购)(。此)(外)(,就)(是)(天)(晟)(新)(材)(“租)(壳)(”事)(件)(。  有)(资)(深)(市)(场)(人)(士)(告)(诉)(记)(者)(,经)(过)(三)(年)(的)(发)(展)(,PE机)(构)(正)(在)(成)(为)(当)(下)(A股)(参)(与)(上)(市)(公)(司)(并)(购)(重)(组)(潮)(流)(的)(重)(要)(力)(量)(,由)(于)(这)(样)(的)(模)(式)(简)(单)(、容)(易)(复)(制)(等)(因)(素)(,各)(类)(投)(资)(公)(司)(也)(如)(雨)(后)(春)(笋)(般)(出)(现)(,实)(力)(和)(获)(得)(的)(市)(场)(份)(额)(也)(呈)(现)(参)(差)(不)(齐)(的)(现)(状)(。  有)(人)(统)(计)(今)(年)(以)(来)(,A股)(60余)(家)(上)(市)(公)(司)(,在)(并)(购)(基)(金)(设)(立)(后)(实)(际)(出)(现)(并)(购)(行)(为)(的)(案)(例)(不)(足)(三)(成)(。市)(场)(火)(热)(但)(成)(功)(率)(低)(下)(背)(后)(固)(然)(有)(多)(方)(面)(的)(原)(因)(,但)(也)(提)(醒)(了)(投)(资)(者)(、投)(机)(者)(,跟)(风)(其)(中)(的)(巨)(大)(风)(险)(。  “变)(味)(”的)(市)(值)(管)(理)(为)(哪)(般)(  一)(位)(不)(愿)(具)(名)(的)(业)(内)(人)(士)(表)(示)(,对)(于)(“上)(市)(公)(司)(+PE”这)(一)(创)(新)(投)(资)(理)(念)(,恰)(好)(满)(足)(上)(市)(企)(业)(除)(了)(它)(能)(给)(你)(资)(金)(以)(外)(,还)(要)(能)(为)(其)(提)(供)(增)(值)(服)(务)(,帮)(助)(企)(业)(做)(好)(“市)(值)(管)(理)(”和)(为)(企)(业)(带)(来)(市)(值)(增)(长)(。  作)(为)(新)(兴)(事)(物)(,市)(场)(的)(争)(论)(还)(颇)(多)(。采)(访)(中)(也)(有)(人)(专)(业)(人)(士)(指)(出)(认)(为)(,上)(市)(公)(司)(与)(PE合)(作)(的)(新)(模)(式)(,光)(鲜)(亮)(丽)(的)(前)(面)(,实)(则)(背)(后)(也)(大)(量)(存)(在)(“制)(造)(”概)(念)(抬)(升)(股)(价)(的)(现)(象)(,方)(便)(大)(股)(东)(套)(现)(提)(供)(便)(利)(。  因)(为)(在)(并)(购)(重)(组)(火)(热)(的)(A股)(市)(场)(,这)(种)(“PE+上)(市)(公)(司)(”之)(间)(的)(合)(作)(,主)(要)(是)(挑)(选)(产)(业)(链)(上)(下)(游)(企)(业)(,提)(出)(并)(购)(重)(组)(意)(向)(的)(方)(式)(。观)(察)(发)(现)(,在)(二)(级)(市)(场)(中)(上)(市)(公)(司)(一)(旦)(涉)(及)(行)(业)(并)(购)(、买)(壳)(上)(市)(、新)(兴)(或)(热)(点)(领)(域)(定)(增)(的)(概)(念)(时)(,无)(论)(实)(现)(与)(否)(,在)(公)(布)(这)(一)(消)(息)(前)(,上)(市)(公)(司)(股)(价)(大)(部)(分)(出)(现)(连)(续)(上)(涨)(。  以)(硅)(谷)(天)(堂)(和)(高)(新)(兴)(的)(组)(合)(为)(例)(,早)(在)(八)(月)(底)(就)(有)(两)(者)(之)(间)(的)(绯)(闻)(,9月)(17日)(晚)(间)(,高)(新)(兴)(正)(式)(发)(布)(公)(告)(称)(,该)(公)(司)(与)(硅)(谷)(天)(堂)(于)(2014年)(9月)(17日)(签)(署)(了)(《战)(略)(合)(作)(及)(并)(购)(顾)(问)(协)(议)(》,协)(议)(内)(容)(包)(括)(双)(方)(将)(以)(并)(购)(等)(资)(本)(运)(营)(活)(动)(为)(重)(点)(领)(域)(进)(行)(深)(入)(合)(作)(,旨)(在)(对)(公)(司)(的)(战)(略)(规)(划)(与)(并)(购)(思)(路)(进)(行)(专)(业)(梳)(理)(,以)(抓)(住)(行)(业)(整)(合)(机)(会)(,促)(进)(公)(司)(快)(速)(、稳)(健)(地)(发)(展)(。虽)(然)(只)(是)(初)(步)(方)(案)(,但)(高)(新)(兴)(已)(然)(前)(后)(上)(涨)(三)(成)(。此)(外)(,该)(公)(司)(控)(制)(人)(刘)(双)(广)(9月)(25日)(减)(持)(其)(持)(有)(高)(新)(兴)(200万)(的)(股)(票)(,从)(9月)(17日)(至)(9月)(25日)(,高)(新)(兴)(二)(级)(市)(场)(股)(票)(上)(涨)(27%。有)(资)(深)(股)(民)(认)(为)(,该)(公)(司)(高)(管)(能)(够)(在)(其)(公)(司)(股)(票)(高)(位)(成)(功)(套)(现)(,与)(PE合)(作)(背)(后)(带)(来)(产)(业)(整)(合)(愿)(景)(有)(着)(不)(可)(分)(的)(关)(系)(。  有)(分)(析)(人)(士)(认)(为)(,这)(种)(“变)(味)(”的)(市)(值)(管)(理)(,更)(确)(切)(的)(说)(是)(在)(释)(放)(“利)(好)(”、推)(高)(市)(场)(估)(值)(为)(股)(东)(套)(现)(提)(供)(便)(捷)(。当)(然)(几)(乎)(在)(每)(一)(份)(PE持)(股)(上)(市)(公)(司)(协)(议)(、并)(购)(基)(金)(设)(立)(协)(议)(背)(后)(,都)(潜)(藏)(着)(一)(份)(或)(纸)(面)(、或)(口)(头)(的)(市)(值)(管)(理)(协)(议)(。而)(这)(一)(协)(议)(如)(同)(双)(方)(定)(下)(了)(“对)(赌)(协)(议)(”,最)(终)(受)(伤)(的)(还)(是)(购)(买)(二)(级)(市)(场)(的)(中)(小)(投)(资)(者)(。  前)(景)(未)(明)(存)(隐)(忧)(  创)(新)(无)(止)(境)(,但)(并)(不)(是)(没)(有)(准)(绳)(和)(法)(理)(的)(束)(缚)(,“上)(市)(公)(司)(+PE”创)(新)(模)(式)(也)(不)(例)(外)(,即)(使)(隐)(蔽)(的)(操)(作)(手)(法)(,一)(旦)(踩)(线)(,也)(会)(露)(出)(马)(脚)(。  近)(期)(被)(深)(交)(所)(叫)(停)(的)(天)(晟)(新)(材)(就)(是)(这)(样)(的)(例)(子)(。  天)(晟)(新)(材)(在)(停)(牌)(一)(个)(半)(月)(后)(,10月)(22日)(发)(布)(公)(告)(称)(,该)(公)(司)(四)(位)(主)(要)(股)(东)(吕)(泽)(伟)(、孙)(剑)(、吴)(海)(宙)(、徐)(奕)(日)(前)(与)(杭)(州)(顺)(成)(股)(权)(投)(资)(合)(伙)(企)(业)((有)(限)(合)(伙)()签)(署)(协)(议)(,四)(人)(将)(以)(7.89元)(/股)(的)(价)(格)(将)(合)(计)(持)(有)(的)(天)(晟)(新)(材)(2000万)(股)(股)(份)((占)(总)(股)(本)(的)(6.14%)转)(让)(给)(杭)(州)(顺)(成)(;此)(外)(,四)(人)(还)(决)(定)(将)(合)(计)(所)(持)(上)(市)(公)(司)(23.81%股)(权)(所)(对)(应)(的)(股)(东)(投)(票)(权)(及)(相)(关)(权)(利)(委)(托)(给)(杭)(州)(顺)(成)(行)(使)(。交)(易)(完)(成)(后)(,杭)(州)(顺)(成)(享)(有)(天)(晟)(新)(材)(权)(益)(股)(份)(将)(达)(到)(总)(股)(本)(的)(29.95%,由)(此)(成)(为)(控)(股)(股)(东)(,天)(晟)(新)(材)(实)(际)(控)(制)(人)(亦)(变)(更)(为)(杭)(州)(顺)(成)(的)(掌)(门)(人)(赵)(兵)(。  这)(份)(PE“租)(壳)(”上)(市)(的)(协)(议)(,也)(是)(“上)(市)(公)(司)(+PE”的)(更)(高)(阶)(段)(的)(演)(变)(,天)(晟)(新)(材)(恰)(恰)(触)(碰)(到)(了)(证)(监)(会)(明)(确)(规)(定)(不)(允)(许)(创)(业)(板)(借)(壳)(上)(市)(这)(一)(准)(则)(。最)(终)(,首)(例)(PE“租)(壳)(”上)(市)(流)(产)(,天)(晟)(新)(材)(撤)(销)(此)(前)(签)(署)(的)(股)(东)(投)(票)(委)(托)(权)(相)(关)(协)(议)(。  市)(场)(分)(析)(人)(士)(告)(诉)(记)(者)(,这)(一)(租)(壳)(模)(式)(被)(叫)(停)(一)(方)(面)(触)(碰)(到)(监)(管)(红)(线)(;另)(一)(方)(面)(,也)(是)(从)(投)(资)(者)(及)(其)(其)(他)(股)(东)(权)(益)(角)(度)(考)(虑)(。“租)(壳)(”成)(功)(后)(股)(权)(将)(发)(生)(变)(化)(,终)(极)(诉)(求)(在)(于)(退)(出)(,特)(长)(在)(于)(资)(本)(运)(作)(而)(非)(企)(业)(经)(营)(的)(PE,能)(否)(真)(的)(维)(护)(企)(业)(长)(远)(发)(展)(的)(健)(康)(始)(终)(会)(是)(一)(个)(疑)(问)(。  从)(采)(访)(的)(结)(果)(看)(,PE热)(衷)(于)(选)(择)(如)(天)(晟)(新)(材)(这)(样)(小)(市)(值)(易)(操)(作)(的)(公)(司)(合)(作)(,同)(时)(合)(作)(的)(上)(市)(公)(司)(一)(般)(都)(有)(做)(大)(产)(业)(的)(“雄)(心)(”,双)(方)(一)(拍)(即)(合)(。但)(也)(存)(在)(,有)(动)(机)(不)(纯)(者)(意)(图)(“霸)(占)(”公)(司)(情)(形)(等)(问)(题)(。  “PE+上)(市)(公)(司)(”模)(式)(从)(自)(身)(而)(言)(无)(疑)(是)(一)(种)(创)(新)(,是)(不)(断)(丰)(富)(资)(本)(市)(场)(的)(重)(要)(工)(具)(,值)(得)(鼓)(励)(发)(展)(。但)(在)(涉)(及)(到)(违)(法)(违)(规)(行)(为)(,监)(管)(也)(势)(必)(要)(及)(时)(祭)(出)(伸)(张)(正)(义)(之)(剑)(,减)(少)(给)(投)(资)(者)(的)(损)(失)(,减)(轻)(对)(市)(场)(健)(康)(秩)(序)(的)(危)(害)(。点)(击)(进)(入)(【股)(友)(会)(】参)(与)(讨)(论)(
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