皮海洲:上市公司为何总当冤大头

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虽然在北大荒公司最近召开的临时股东大会上,该公司剥离米业的议案以76.81%的同意票获得通过,但约四分之一的反对票表明,股东对公司剥离米业的议案争论很大。而且从舆论来看,北大荒贱卖米业受到市场的质疑:北大荒6100万元低价甩卖过亿米业资产,有向接盘方大股东农垦集团进行利益输送的嫌疑。

    笔者无意介入到北大荒是否贱卖米业资产的争论当中。在企业发展的过程中,为了发展的需要,公司剥离某部分资产出去,或收购某部分资产进来,这都是很正常的事情。交易价格有折价、有溢价,这也是很正常的事情。但让投资者难以理解的是,为什么上市公司卖出的资产总是大幅折价,而买进的资产却是大幅溢价?为什么这冤大头总是让上市公司当了呢?

    有一种解释是,上市公司剥离出来的是亏损的资产,或者劣质资产;而买进的资产则是优质资产,可以给公司带来新的利润增长点。这种解释确实可以在某种程度上解释上市公司折价卖出、溢价买进资产的原因。

    但实际情况显然并非如此单纯。从上市公司剥离出来的资产未必真的就是劣质资产,虽然有的公司剥离出来的资产,账面上反映出来的是亏损,但这实际上是上市公司为了达到低价卖出资产的目的而人为做出来的。最明显的是曾经在A股市场上掀起波澜的立立电子公司,该公司甚至已经在中小板成功发行股票只等挂牌上市了,但就在即将上市的前一天,该公司的上市事宜被叫停,因为该公司的上市资产遭到媒体方面的质疑,是从浙大海纳公司腾挪过来的,涉嫌同一资产二次上市,有掏空浙大海纳的嫌疑。如果说这个案例有些特殊的话,我们还可以找到其他的案例。比如,同一块资产,若干年前被上市公司廉价剥离出来了,但几年后又被上市公司从大股东手上高价收购回去,这样的事情在上市公司的并购中也是常有发生。所以,从上市公司剥离出来的资产,很难说就是劣质资产,资产亏损有可能是假象。

    同样地上市公司买进的资产未必就是优质资产,这其中甚至不乏是劣质资产、亏损资产也被上市公司高价收购进来的。比较常见的是,上市公司收购进来的资产在收购时也是予以包装了的,收购进来后资产露出平庸的马脚,表现在效益上,收购进来的资产远远达不到预期的收益。更有甚者的是,上市公司收购进来的资产本身就是劣质资产或亏损资产。比如最近一家餐饮类公司为摆脱业务下滑的困境拟涉足环保业,但其收购的资产三年营收为零,并且在收购的资产中,其中的一块资产难觅踪迹。另外,还有一家上市公司以17.75倍的溢价收购另一家经营亏损的公司。可见,上市公司收购进来的资产并非都是优质资产。这也表明上市公司在资产剥离与收购中确实充当了冤大头的角色。

    上市公司为何总是充当冤大头呢?归根到底在于,这个冤大头的买单者是广大的公众投资者尤其是中小投资者。比如高溢价收购亏损资产,只因为上市公司的钱来得容易,都是从投资者的荷包里掏出来的,上市公司花起来并不心痛。又如贱卖资产,真正利益受损的还是公众投资者尤其是中小投资者。

    至于上市公司的大股东,它们在上市公司充当冤大头时其实是受益者。如上市公司贱卖的资产,买家通常就是大股东或大股东的下属子公司或关联公司。这种贱卖其实就是向大股东进行利益输送,是大股东掏空上市公司的一种手段。又如高溢价买进资产,这其中最大量的交易就发生在大股东与上市公司之间,溢价越高大股东越受益。

    而作为中小投资者来说,面对上市公司充当冤大头,他们基本上是无能为力的。由于一股独大的原因,中小投资者的话语权非常有限。并且在投机炒作盛行的A股市场,上市公司的收购行为往往都被视为利好而受到市场的炒作,投资者乐于追逐市场短炒带来的差价,哪里还顾得上来反对资产收购价格的不合理呢?至于未来收购资产达不到预期收益,那就是届时谁持有股票谁倒霉了。

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皮海洲

皮海洲

职业投资者,独立财经撰稿人。1993年入市,十四年的股市磨练,练就了对股市独到的眼光与见解。所写文章以政策、时事热点评述、股票炒作心得为主,以反映中小投资者呼声为 己任,著有《轻轻松松炒股票》一书。联系方式:phz168@21cn.com

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