摘要
2005年10月,中石油向下属3家上市公司(辽河油田、锦州石化、吉林化工)流通股股东同时发出回购要约,成功回购后,3家公司股票终止交易,退出市场。文章以此次收购为研究对象,从收购方财务状况、被收购方股票价格、法律环境变迁和规避股权分置改革等几个方面分析了中石油对回购时机的准确把握和对相关法律、政策的成功规避,有效地降低了回购成本。文章还讨论了溢价的影响因素、溢价的合理性和流通股股东在回购中所处的不利地位。本案例中,中石油对回购时机的把握及其定价策略将对其他公司的回购具有借鉴意义。
In October, 2005, PetroChina emited a fixed-price tender offer to repurchase all tradable shares for each of her 3 subsidiaries （ that is Liaohe Jinma Oilfield Co. Ltd, Jinzhou PetroChemical CO. Ltd, and Jilin Chemical Co. Ltd）. After she concluded these deals, these 3 firms delisted, which is the purpose of the repurchases. The paper takes these repurchases as the studying object and analyzes how the PetroChina chose the time to repurchase. The paper study this timing from four aspects： the buyer＇s finanical situation, stock prices of targets, the changes of the law enviroment and the avoidance of split stock structure reform. The perfect timing saves Petrochina a lot. The paper also discusses the factors which affects the premium of repurchases, the reasonability of repurchase prices and the disadvantage position of shareholders holding tradable shares. This successful deal will become the example of other potential repurchases.
出处
《上海立信会计学院学报》
2008年第3期84-95,共12页
Journal of Shanghai Lixin University of Commerce
基金
国家自然科学基金项目(70602030)
上海市教育委员会曙光计划项目(06SG37)
关键词
股票回购
退市
时机选择
溢价
repurchase
delisting
timing
premium of repurchase
