皮海洲:上市公司为何总当冤大头

上一篇 / 下一篇  2013-08-15 14:04:31 / 精华(3) / 置顶(1)


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。

站内搜索:

TAG:

引用 删除 shekplos2g   /   2018-05-21 06:55:17
JBS, the largest meat processing company in the world, poste <a href="http://www.cheapnfljerseyswholesaleonline.com/">Cheap Vintage NFL Jerseys</a> d a statement <a href="http://www.cheapnfljerseyswholesaleonline.com/">Cheap NFL Jerseys Sale</a>  on its website to clarify its stance. The book was named as oneof the top 50 books to read by Politico, a widely respected U.The Germanengineered Sapsan,Cheap Vintage NFL Jerseys, the Ru <a href="http://www.cheapnfljerseyswholesaleonline.com/">Cheap Authentic Jerseys Sale</a> ssian name for the swift winged peregrin
引用 删除 mynamikw9x   /   2018-05-21 00:07:42
In the first <a href="http://www.lozke.com/nike-cortez-26-jf.html">nike cortez shoes for sale</a>  leg of the qualifiers played in Abuja on <a href="http://www.lozke.com/">nike kevin durant for sale</a>  Jan.E commerce income jumped 57 percent to US$11. There are also special features to be demonstrated such as reversing,nike cor <a href="http://www.lozke.com/mens-nike-kevin-durant-kd-6-christmas-for-sale-38.html">nike kd 6 christmas for sale</a> tez shoes for sale, braking and also demonstrating the trainee's ability to actually couple and uncouple the trailers,
引用 删除 mynamikw9x   /   2018-05-20 16:04:21
Police are now questioning three suspec <a href="http://www.cheapjerseyswholesalestore.us.com/">NFL Jerseys China</a> ts in connection with the rece <a href="http://www.cheapchinanflwholesalejerseys.com/">cheap jerseys from china</a> nt $5M robbery in which Mahdia businessman Roger Hinds was shot.A source confirmed the arrests but said that investigators need to do more work to ascertain if the suspects are linked to the attack <a href="http://www.nfljerseyschinastore.us.com/">Cheap Jerseys Store</a>  on Hinds.Kaieteur News understand
引用 删除 mynamikw9x   /   2018-05-20 15:59:57
4 percent to 19.The 29yearold agre <a href="http://www.yeezysboostforsale.us.com/">Adidas Yeezy Boost 350 Womens</a> ed to join the Rio de Janeiro outfit until the end <a href="http://www.yeezysboostforsale.us.com/">Yeezy Boost 350 Womens</a>  of the 2017 season after rescinding his contract with the Biancazzurri.multisoftvirtualacademy.Meanwhile,Adidas Yeezy Boost 350 Womens, one of Canada's big banks is downgrading its out <a href="http://www.yeezysboostforsale.us.com/">Adidas Yeezy Boost 350</a> look for the country's economy,
引用 删除 shekplos6z   /   2018-05-20 02:56:58
With the result, Darmstadt reaped the sixth win o <a href="http://www.marselly.com/kobe-bryant-ix-elite-30-bj.html">kobe bryant 9 elite for sale</a> f the season to climb on the 11th place whereas Hoffen <a href="http://www.marselly.com/kobe-9-em-game-royal-13-io.html">kobe 9 em game royal for sale</a> heim wait for their first win in 2016 to stay on the 17th position.ComplexityLanguage of writing is generally more complex compared to language in the spoken form.”In den vergangenen Jahr <a href="http://www.marselly.com/kobe-9-elite-perspective-97-az.html">kobe 9 elite perspective for sale</a> en sind di
引用 删除 mynamikw9x   /   2018-05-20 01:36:55
Full  <a href="http://www.glooby.net/onitsuka-tiger-mexico-mid-runner-10-cb.html">onitsuka tiger mexico mid runner baratas</a> time father Russ Howe r <a href="http://www.glooby.net/asics-gel-noosa-tri-8-hombre-36-ia.html">asics gel noosa tri 8 mujer baratas</a> eveals how he managed to make money online for his young son. Here, the passing mark is at least 50 out of 75.6 but remained above the 51 mark for the 16th consecutive <a href="http://www.glooby.net/asics-gel-lyte-v-mujer-65-jy.html">asics gel lyte v mujer baratas</a>  month.Adidas’s hei脽er Streifen ist zum Teil eine Frage des Gl眉cks; Trends haben sich verlagert Aber das
引用 删除 mynamikw9x   /   2018-05-20 00:26:53
""We looked at what kind of players we were m <a href="http://www.eyeran.net/kobe-ix-em-11-ey/">kobe 9 em australia</a> issing <a href="http://www.eyeran.net/nike-kyrie-irving-20-fq/">kyrie irving shoes australia</a>  in our current selection," Ajax coach Frank de Boer said.Cologne took the reins from the kick off against uninspired hosts to  <a href="http://www.eyeran.net/kobe-ix-elite-20-is/">kobe 9 elite australia</a> produce a number of scoring opportunities.Scanning The Net for The Right Lender Before you take out a home equity loan, se
引用 删除 mynamikw9x   /   2018-05-19 21:54:03
People ordinarily apply for help of escort services when the <a href="http://www.vansoldskoolshoes.us.com/">Old Skool Leather</a> y want to carry ou <a href="http://www.vansoldskoolshoes.us.com/">Old Skool Womens</a> t the negotiations. These certifications enhance the visibility of the holder and provide them wide opportunities in the market.29 percent. It is our sole intent to build bett <a href="http://www.vansoldskoolshoes.us.com/">Old Skool Canvas</a> er levels of technical competency in our traine
引用 删除 mynamikw9x   /   2018-05-19 18:36:17
Statistics demonstr <a href="http://www.airvapormaxplus.com/">Nike Air VaporMax Plus For Sale</a> ates that today it is hard <a href="http://www.airvapormaxplus.com/vapormax-laceless-sale.html">Nike VaporMax Laceless Sale</a>  to meet a woman who has a great correspondence of mentality and appearance. This can assist you prioritize expenses.S. government,Nike Air VaporMax Plus For <a href="http://www.airvapormaxplus.com/men-s-white-nike-air-vapormax-flyknit-2018-shoes-sale.html">Men's White Nike Air Vapormax Flyknit 2018 Shoes Sale</a>  Sale, known only by the codename Zuma. Apart from this, there are so many other notable Microsoft
引用 删除 shekplos6z   /   2018-05-19 08:58:06
The subject <a href="http://www.airmax90s.us.com/">nike air max 90</a>  of the writing needs  <a href="http://www.airmax90s.us.com/">nike air max 90 red</a> to be followed all through and going astray from the main topic is not allowed in academi <a href="http://www.airmax90s.us.com/">air max 90 black</a> c writing.6. BERLIN, Feb. Im Jahr 2015 verkaufte es 8 Millionen Paare, fast ein Fünftel die Zahl, die es in den letzten vier Jahrzehnten verkauft hat. Once a good training compan
引用 删除 dgs2u6cc   /   2018-05-18 14:07:57
The manufact <a href="http://www.diveme.net/nike-air-max-2017-heren-14-uu.html">nike air max 2017 heren goedkoop</a> uring PMI has been in positive terr <a href="http://www.diveme.net/nike-air-max-2017-dames-80-ut.html">nike air max 2017 dames goedkoop</a> itory for 18 straight months in a row.E commerce income jumped 57 percent to US$11. Additional sources for Vitamin B12 include milk,nike air max 2017 heren goedkoop, eggs and cheese. Enditem Choosing a company to do your CNC Machining and slidinghead tu
引用 删除 mynamikw9x   /   2018-05-18 11:35:15
"The future China ASEAN ties need a long term <a href="http://www.moviews.net/men-s-air-jordan-11-space-jam-black-royal-for-sale.html">Men's Air Jordan 11 Space Jam Black Royal For Sale</a>  perspective with a focus on the present.The role of Liddell is played by  <a href="http://www.moviews.net/men-s-air-jordan-8-cigar-black-metallic-gold-anthracite-for-sale.html">Men's Air Jordan 8 Cigar Black Metallic Gold For Sale</a> British actor Joseph Fiennes,Men's Air Jordan 11 Space Jam Black Royal For Sale, who starred in "Shakespeare in Love" and "Elizabeth. Cut back on caffeine and alcohol intake.The e  <a href="http://www.moviews.net/air-jordan-13.html">Air Jordan 13 Retro For Sale</a> c
引用 删除 dgs2u6cc   /   2018-05-18 09:28:25
governme <a href="http://www.plopic.com/">fenty puma slippers australia</a> nt agency has claimed responsibility for it <a href="http://www.plopic.com/">puma slides fenty australia</a>  so far. Variable expenditure,fenty puma slippers australia, including consuming out, sho <a href="http://www.plopic.com/puma-suede-heart-satin.html">puma suede heart satin australia</a> pping, and bank card payments need to be positioned inside an unique classification. These certifications enhance the visibility of the holder and provide them
引用 删除 mynamikw9x   /   2018-05-18 09:06:54
This allows you to start building your brand witho <a href="http://www.itisokay.org/air-jordan-retro-13.html">Air Jordan 13 For Sale</a> ut a budget and also w <a href="http://www.itisokay.org/womens-air-jordan-11-retro-floral-flower-white-purple-online.html">Womens Air Jordan 11 Retro Floral Flower White Purple Online</a> ork out what type of promotions are working more effectively than others. We have received almost 50 CVs," he said."We think that this is a very laudable idea and we are very pleased that the Confucius Institute  <a href="http://www.itisokay.org/womens-air-jordan-12-retro-gs-heiress-retail-price.html">Womens Air Jordan 12 Retro GS Heiress Retail Price</a> has decided to o
引用 删除 dgs2u6cc   /   2018-05-18 02:24:18
Most training companies offer practice sessions and there is also one practice  <a href="http://www.carsmall.net/">Cheap Adidas NMD Shoes</a> se <a href="http://www.carsmall.net/men-s-adidas-nmd-r2-grey-wholesale.html">Men's Adidas NMD R2 Grey Wholesale</a> ssion just before the main test.The Pro Vice Chancellor of the University of Ghana Professor Samuel Kwame Offei said the program complements the e <a href="http://www.carsmall.net/women-s-men-s-adidas-ultra-boost-uncaged-grey-sale.html">Women's Men's Adidas Ultra Boost Uncaged Grey Sale</a> fforts that the university is making to bring its students close to indus
引用 删除 shekplos2g   /   2018-05-18 01:54:35
(Xinhua Xu Yu) China's passenger aircraft C919 passes fourth highspeed t <a href="http://www.cheapsportsshop.com/">Cheap Jerseys Wholesale</a> axiing testChina's first cargo spac <a href="http://www.cheapsportsshop.com/">Wholesale Jerseys Online</a> ecraft successfully docks with space labPigeon pair giant panda cubs named "Ban Ban",Cheap Jerseys Wholesale, "Yue Yue"Graphics shows launch procedure of <a href="http://www.cheapsportsshop.com/">Cheap NFL Jerseys Wholesale</a>  China's first cargo spacecraft Tianzhou
引用 删除 dgs2u6cc   /   2018-05-17 18:50:05
The world No.  <a href="http://www.blossie.com/new-balance-574/new-balance-574-womens.html">New Balance 574 Womens Sale</a> The ladies proposed by VIP escort companies are truly neat, intelligent an <a href="http://www.blossie.com/">New Balance Outlet Clearance</a> d their English is perfect.Heavyweight gainers on the TSX index also included Bank of Nova Scotia,New Balance 574 Womens Sale, which jumped 3.The Kenya Rugby Union (KRU) Judicial Panel led by Will <a href="http://www.blossie.com/new-balance-996-mens-red-white-online.html">New Balance 996 Mens Red White Online</a> y Ombisiunanimou
引用 删除 mynamikw9x   /   2018-05-17 04:39:45
This saves everyone involved valuable time. And since it is a secured <a href="http://www.bobjam.com/kyrie-irving-2-alma-mater-82-jl/">kyrie 2 alma mater for sale</a>  loan, it provides lots of pliability in term <a href="http://www.bobjam.com/kyrie-irving-2-christmas-17-jb/">kyrie 2 christmas for sale</a> s of repayment schedules and monthly payments."Serbian international Gudelj was born in Belgrade,kyrie 2 alma mater for sale, Serbia, on November 16, 1991.If you should decide to take o <a href="http://www.bobjam.com/kyrie-irving-1-deceptive-red-21-bu/">kyrie irving 1 deceptive red for sale</a> u
引用 删除 shekplos9t   /   2018-05-17 01:43:16
http:""From this day forward, a new vision will govern our l <a href="http://www.cheapsportsnfljerseys.us.com/">Wholesale NFL Jerseys Online</a> and.6 points.Simba ToysSimba Toys is one of the leading brand names for toys <a href="http://www.cheapsportsnfljerseys.us.com/">Wholesale Jerseys From China</a>  in the world. With the concept of ‘crowdfunding’ available Wholesale NFL Jerseys Online through websites like Kickstarter’, that such a process for raising funds  <a href="http://www.cheapsportsnfljerseys.us.com/">Cheap NFL Jerseys Online</a> c
引用 删除 shekplos6z   /   2018-05-16 22:49:06
China and ASEAN,asics gel  <a href="http://www.glooby.net/asics-gel-lyte-v-hombre-81-ix.html">asics gel lyte v hombre baratas</a> lyte v hombre baratas, linked by waters and mount <a href="http://www.glooby.net/">?onitsuka tiger baratas</a> ains,?onitsuka tiger baratas, are good neighbors, good friends and good partners. The multiple choice section deals with the specific type of vehicle that you're planning <a href="http://www.glooby.net/">comprar onitsuka tiger baratas</a>  to drive,comprar onitsuka tiger baratas, hence you wil
 

评分:0

我来说两句

显示全部

:loveliness: :handshake :victory: :funk: :time: :kiss: :call: :hug: :lol :'( :Q :L ;P :$ :P :o :@ :D :( :)

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

日历

« 2018-05-21  
  12345
6789101112
13141516171819
20212223242526
2728293031  

数据统计

  • 访问量: 47598
  • 日志数: 408
  • 建立时间: 2007-11-15
  • 更新时间: 2013-08-15

RSS订阅

Open Toolbar