PowerPoint 演示文稿

Size: px

Start display at page:

Download "PowerPoint 演示文稿"

识夏
5 years ago
Views:

1 资本参与对养猪业发展的作用和实例 The role and cases of capital participating in the development of the pig industry 招商证券投资银行总部江荣华执行董事 Investment Bank Headquarters of China Merchants Securities, Ronghua Jiang(ED)

2 目录 contents 一我国畜牧行业资本化现状 The capitalization status of China's animal husbandry industry 二养殖企业不同发展阶段资本介入路径分析 Path analysis of capitalization for Farming enterprises in the different stages 三资本参与对生猪养殖业的作用分析 Effect analysis when capital participate in pig breeding industry 四养殖企业介入资本市场重点注意事项 Key considerations for farming enterprises entering Capital Market 2

3 一我国畜牧行业资本化现状 The capitalization status of China's animal husbandry industry 3

4 1 我国畜牧行业资本化现状市场大但资本化程度低 Wide market, but low capitalization 我国畜牧行业市场总量很大, 存在大市场下孕育大公司的潜能, 但目前总体而言, 我国较大规模的养殖企业仍偏少, 且资本化程度较低 The total market of China animal husbandry industry is great and may exist high possibility of born large companies, but overall, China's large scale breeding enterprises are still less and lower level of capitalization. 15 家畜牧业相关公司市值占比股票市场总市值的比例仅约 0.27%; 15 animal husbandry Related Companies market value accounted are only about 0.27% by overall stock market 年度全国生猪出栏量约 6.61 亿头,8 家生猪养殖相关上市公司生猪出栏量占全国出栏总量的比例预计不超过 1% The total amount of pig slaughter are about billion heads, in the year pig breeding corporations total output accounted by national market expect proportion only more than 1%. 4

5 1 我国畜牧行业资本化现状主要畜牧业上市公司情况 Main livestock listed companies 细分领域 Segments 猪 pig (8 家 ) 牛 cow (3 家 ) 羊 sheep 鸡 chicken (3 家 ) 鸭 duck (1 家 ) 鹅 Goose 公司简称 Company name 股票代码 Stock code 上市板块 Listing plate 上市日期 Listing date 总市值 ( 亿 ) market vale 所在省份 province 证监会行业 (2012) SEC industry 罗牛山 SZ 深主板海南畜牧业新希望 SZ 深主板四川农副食品加工 2011 生猪出栏量 ( 万头 ) Slaughter pigs 顺鑫农业 SZ 深主板北京农副食品加工业新五丰 SH 沪主板湖南畜牧业 17.3 正邦科技 SZ 中小板江西农副食品加工业雏鹰农牧 SZ 中小板河南畜牧业大康牧业 SZ 中小板湖南畜牧业唐人神 SZ 中小板湖南农副食品加工业牧原食品中小板待发行河南畜牧业福成五丰 SH 沪主板河北畜牧业西部牧业 SZ 创业板新疆畜牧业天山生物 SZ 创业板新疆畜牧业暂无民和股份 SZ 中小板山东畜牧业圣农发展 SZ 中小板福建畜牧业益生股份 SZ 中小板山东畜牧业华英农业 SZ 中小板河南畜牧业暂无 5

6 1 我国畜牧行业资本化现状上市后发展情况 development after listing 依靠资本市场是养殖企业做大做强快速成长的重要途径 Capital markets is an important way for farming enterprises to be bigger, stronger and faster-growing. 公司名称 Company name 上市年度 Listin g date 总资产 ( 亿元 ) Total assets 上市后 Post- IPO 上市前 Pre- IPO 增幅 incre ase 上市前 Pre- IPO 净资产 ( 亿元 ) Net assets 上市后 Post- IPO 增幅 increa se 营业收入 ( 亿元 ) income 上市后 Post- IPO 上市前 Pre- IPO 增幅 incre ase 上市前 Pre- IPO 天山生物净利润 ( 亿元 ) Net profit 上市后 Post- IPO 唐人神 % % % % 大康牧业 % % % % 雏鹰农牧 % % % % 西部牧业 % % % % 益生股份 % % % % 华英农业 % % % % 圣农发展 % % % % 增幅 increa se 民和股份 % % % % 正邦科技 % % % % 福成五丰 % % % % 新五丰 % % % % 平均 % % % % Ave

7 二养殖企业不同发展阶段资本介入路径分析 Path analysis of capitalization for Farming enterprises in the different stages 7

8 2 养殖企业不同发展阶段资本介入路径分析 Path analysis of capitalization 随着我国城镇化和农业现代化进程的不断加快, 我国生猪养殖模式也必然要从农户传统养殖向产业化规模化标准化养殖转变 Along with our country s urbanization and agricultural modernization process, China's pig breeding mode must be changed from traditional farming households to industrialization, large-scale, standardized breeding. 1) 集饲料生产生猪育种商品猪饲养为一体, 并积极介入下游屠宰肉制品加工环节的企业, 其资金密集型特征更加突出 ; Set feed production, pig breeding, pig provide as a whole, and actively involved in the downstream like slaughter, meat products processing enterprises, their capital-intensive features will be more prominent; 2) 随着对下游加工及终端消费行业的介入, 对品牌的要求提高, 这就需要借助资本市场中财经媒体等的推广, 获得资本市场的支持 As to downstream processing industry and terminal consumer involvement, brand requirements increase, this needs the help of financial media to popularize in the capital market, for obtain the support from capital market. 8

9 2 养殖企业不同发展阶段资本介入路径分析 Path analysis of capitalization 一般情况下, 生猪养殖业从单纯的家族小规模养殖企业, 逐渐发展成为一个全产业链多元化国际化的大型上市公众公司, 按资本介入程度不同, 一般需经历如下五个阶段 : In general, the pig breeding industry from a small scale family enterprises, and gradually developed into a complete industrial chain and be come a diversification, internationalization listed large public corporation, according to different capital degree, generally through the following five stages: primitive accumulation stage PE stage - IPO stage - Refinancing stage - M&A stage. 9

10 2.1 企业原始积累阶段 Primitive accumulation stage 生猪养殖企业发展最初的资金来源一般为创业者及原始股东的资本投入, 随着企业盈利的积累, 资产规模达到一定程度后, 可通过银行贷款这一间接融资渠道获得部分资金 The initial source of capital for start-ups Pig breeding enterprise Generally from Entrepreneurs or Original shareholders, after the enterprise asset size reached a certain level, then bank loans can be another channel for obtain capital. 但该阶段因企业资产规模尚小, 融资渠道少银行贷款额度有限, 并且融资成本也较高 But under this stage they also have a lot of problems like the assets scale is small, less financing channels, Bank lending quotas, and also higher financing costs. 10

11 2.2 企业逐步规范, 适时引入 PE 阶段 PE stage 企业发展到一定规模后, 经保荐机构 ( 证券公司 ) 的辅导, 通过相关资产业务及机构等的重组, 企业建立起了相对规范完整的产业体系和管理体系 When Enterprise development scale has reach a level, after the recommendation institution (Securities) guidance, through the relevant assets, business,institutions, restructuring and to establish a relatively standardized, complete industrial system and management system. 这个阶段, 可适时引入私募股权基金 (PE),PE 的进入可带来如下影响 : In this stage, Private Equity Fund (PE) is suitable to join, PE can bring the following effects into: (1) 企业自有资本增加通过 PE 募集的资金, 企业可用于新建养殖场, 扩大生猪养殖产能 ; 也可建设饲料厂种猪场等延长产业链的项目, 降低生猪单位养殖成本, 提高企业盈利能力和抗风险能力 Owned capital increase. The PE funds raised, enterprises can be used for new farm, pig breeding capacity expansion; also can build a feed mill, and extend the industrial chain of the project, reduce the cost of breeding pig units, improve enterprise profitability and resist risks ability. 11

12 2.2 企业逐步规范, 适时引入 PE 阶段 PE stage (2) 降低企业资产负债率资产负债率的降低, 有利于获得更高的银行贷款额度 To reduce the rate of corporate assets and liabilities. Reducing the ratio of assets and liabilities, to get more bank loans (3) 利于现代化公司治理结构的建立外部股东的引入, 有利于董事会监事会等现代化公司治理结构制度的建立及完善, 进而增强银行客户等各方对企业的信心 Conducive to the establishment of modern corporate governance structure. The introduction of external shareholders can help the board of directors to establishing and perfecting governance structure system, further enhance the bank and customer confidence for the enterprise. 12

13 2.2 企业逐步规范, 适时引入 PE 阶段 PE stage 牧原食品 :2010 年引入国际金融集团 (IFC), 获得战略投资近 1,000 万美元该公司目前已通过证监会审核, 虽尚未上市, 但引入 PE 后 : MUYUAN foods :The introduction of International Financial Group (IFC), the strategic invests nearly $ 10 million in The company has been reviewed by the CSRC, although it is not listed, but after the introduction of PE: 2009 年度 / 末 (PE 前 ) 2011 年度 / 末 (PE 后 ) 增幅 Increment 总资产 ( 亿元 )Total asset % 净资产 ( 亿元 )Net asset % 营业收入 ( 亿元 )Income % 净利润 ( 亿元 )Net profit % 产能 ( 万头 / 年 )Capacity % 13

14 2.3 上市 IPO, 迈入资本市场阶段 IPO stage 经过保荐机构的改制辅导, 并向中国证监会申请, 若最终审核通过, 企业将实现在证券交易所的挂牌上市成功上市后 : After the restructuring and counseling of the securities, then application to CSRC, if eventually approved, the enterprise will be listed on the stock exchange listing. (1) 企业知名度得到大幅提升, 这有利于养殖企业获得更多的市场社会及人才等资源 Awareness has increased substantially, which is conducive to farming enterprises more market, social and personnel resources. 在目前居民对食品安全消费升级越来越看重的背景下, 消费者更倾向于购买品牌知名度高品质高的猪肉产品, 企业上市, 有利于提高公司产品的销售和大型优质屠宰等客户群体的增加 ; 上市企业为当地就业经济增长招商引资等都带来积极影响, 因此, 政府所给予上市公司的支持力度也将增加 ; 企业上市后, 银行给予的贷款额度及优惠将更多 ; 目前大学生择业, 也倾向于选择规模大名度高的企业, 企业上市, 将有利于吸引人才的加入 consumers are more inclined to buy high brand recognition, high quality pork products. support of government for listed companies will also increase; Listed companies, banks in the amount of loans and offer more; Talented undergraduates also tend to choose large-scale,isted companies 14

15 2.3 上市 IPO, 迈入资本市场阶段 IPO stage (2) 企业自有资金增加, 为企业募投项目实施和规模扩张奠定的坚实的基础 Funds increase.the investment project implementation and scale expansion has laid a solid foundation for the enterprise (3) 企业将由此建立一套有效的内控体系, 并进一步完善公司治理机构, 大大提高了公司的管理效率和运营安全 Enterprise will thus establish an effective internal control system, and further improve the corporate governance mechanism, greatly improving the efficiency of the company's management and operational safety. (4) 企业发展得到全面的评价基金证券公司等专业机构投资者的考察及其研究报告, 带来较多的国内外同行业发展状况行业发展趋势等外面信息, 是企业经营的良好参考和发展动力 Enterprise has a comprehensive evaluation. Investigation and study of the funds, securities firms and other professional institutional investors, bring more at home and abroad in the same industry development, industry trends and other outside information, is a good reference and impetus to the development of business. 15

16 2.3 上市 IPO, 迈入资本市场阶段 IPO stage (5) 财富效应显著 The wealth effect is remarkable. 上市前, 股东个人的资产, 是按照在公司的账面净资产计算的上市后, 股东的股权价值, 是按照市盈率计算, 股东的价值将得到巨幅增值且股权流动性得到大幅提高 Before the listing, wealth of shareholders is calculated in accordance with the company's book value of net assets. After the listing,it is calculated in accordance with the price-earnings ratio, the shareholder value will be huge increment and stock liquidity has greatly improved. 如雏鹰农牧上市前 2010 年 6 月末净资产为 3.98 亿元, 上市首日 2010 年 9 月 15 日市值达亿元, 增幅为 1845%; 大康牧业上市前 2010 年 6 月末净资产为 2.04 亿元, 上市首日 2010 年 11 月 18 日市值达亿元, 增幅为 1361% 雏鹰农牧上市表现大康牧业上市表现上市前净资产 ( 亿 ) 上市首日市值 ( 亿 ) 上市前净资产 ( 亿 ) 上市首日市值 ( 亿 ) 16

17 2.3 上市 IPO, 迈入资本市场阶段 IPO stage (6) 可实施员工股权激励, 优化激励机制, 吸引人才目前我国生猪养殖企业, 一般距离大城市等偏远, 引进人才难度大上市公司可利用股权激励计划, 让员工与企业共享发展带来的收益, 从而稳定了企业核心技术及管理团队, 为企业发展奠定良好的人才优势 The equity incentive plan can attract talent At present,most pig farming located in remote areas which far away from city have the difficulty in attracting talent. Listing Corporation can use the equity incentive plan, let the staff shared enterprise development benefits, so as to stabilize the core technology and management team of the enterprise, establish good talent advantage for the development of enterprises. (7) 扩宽了融资渠道, 增强企业对外收购扩张的能力 Broaden the financing channels, to enhance the capacity for acquisitions and expansion. 17

18 2.3 上市 IPO, 迈入资本市场阶段 IPO stage 雏鹰农牧 :2010 年 9 月上市 Chu Ying Agro-pastoral: listing in Sep, 年度 / 末 2011 年度 / 末增幅总资产 ( 亿元 )Total asset % 净资产 ( 亿元 )Net asset % 营业收入 ( 亿元 )Income % 净利润 ( 亿元 )Net profit % 出栏量 ( 万头 )Quantity % 18

19 2.4 利用各种资本市场工具, 持续再融资阶段 Refinancing stage 上市后, 企业已可充分利用直接融资和间接融资两个融资市场多个融资工具 : Listed companies can take full advantage of direct and indirect financing two financing market, a number of financing instruments: (1) 可选直接融资工具极为丰富上市公司可根据企业具体投资项目特点日常运营资金需要及自身资本结构特征, 综合选用 : 定向增发公开增发配股等股权融资工具 ; 公司债中期票据短期融资券等债券融资工具 ; 以及普通可转债分离交易可转债等股债混合型融资工具 Optional direct financing tools are very rich. Listed companies according to the specific investment characteristics of the project, the day-to-day working capital needs and capital structure characteristics can select following financial tools: Private placement, public issuance, allotment of equity; Corporate bonds, medium-term notes, short-term financing bonds and other debt financing instruments; Hybrid financing instruments :ordinary convertible bonds and bonds with warrants. 19

20 2.4 利用各种资本市场工具, 持续再融资阶段 Refinancing stage (2) 间接融资成本也会下降银行对上市公司一般会提高其信用级别, 给予更高的贷款额度, 同时, 也会给予更优惠的利率折扣 Indirect financing costs will fall. For listed companies Bank will generally improve their credit rating, raise their loan amount, at the same time, give a more favorable interest rate discount. 20

21 2.4 利用各种资本市场工具, 持续再融资阶段 Refinancing stage 以顺鑫农业为例, 该公司自 1998 年上市后, 先后通过 : 2 次配股 (2001 年融资 2.05 亿元 ;2004 年融资 1.77 亿元 ); 1 次定向增发 (2008 年融资 5.10 亿元 ); 多期短期融资券 (2006 年 2008 年 2010 年 ) 获得了企业快速发展所需的资金 Shun Xin agriculture :the company since listing in 1998 has obtained enough funds for enterprise development. Twice Allotment of shares(0.205 billions in 2001,0.177 billions in 2004) Short-term financing bonds (in 2006, 2008, 2010) 项目 1998 年度 / 末 2011 年度 / 末增幅 Increment 年均增幅 Ave Incremnet 总资产 ( 亿元 )Total asset % 18.34% 净资产 ( 亿元 )Net asset % 10.63% 营业收入 ( 亿元 )Income % 19.68% 净利润 ( 亿元 )Net profit % 9.78% 21

22 2.5 充分利用兼并与收购手段, 实现跨越式发展阶段 M&A stage 并购是企业实现跨越式发展的重要手段养殖企业上市后, 以较强的资金实力为后盾及可通过发行股份购买资产的优势, 不仅可通过自我积累实现内向性增长, 也可通过兼并和收购其他公司, 实现外向性增长企业的并购路径一般分为如下 : M & A is an important means for enterprises to achieve leapfrog development. After the listing, the farming enterprises, backed by strong financing strength through the issue of shares to buy assets, not only through self-accumulation to achieve inward growth, but also through mergers and acquisitions of other companies, to achieve the extraversion growth. The path of M&B are generally divided into the following: (1) 横向并购 : 收购同行业内的其他养殖类优质公司, 以提升公司产能, 增加公司生猪出栏规模, 快速实现企业的超大规模经营提高公司行业地位 Horizontal M&A: mergers and acquisitions of other breeding enterprises in the industry, to enhance the company's production capacity to increase the scale of pig slaughter, fast to achieve the ultra-large-scale operations, improve the company's position in the industry. 22

23 2.5 充分利用兼并与收购手段, 实现跨越式发展阶段 M&A stage (2) 纵向并购 : 收购上游产业链的饲养加工企业, 或下游产业链的屠宰及肉制品加工企业, 逐步实现公司集饲料加工生猪育种商品猪养殖生猪屠宰肉制品加工以及批发零售为一体的全产业链经营, 以提高公司的盈利能力和抗风险能力 Vertical M&A: the acquisition of the upstream industry chain feeding and processing enterprises, or downstream industry chain slaughtering and meat processing enterprises, and gradually makes the company set feed processing, pig breeding, commercial pig breeding, pig slaughtering, meat processing and wholesale and retail as one of the industrial chain management to improve the company's profitability and ability to resist risks. 23

24 2.5 充分利用兼并与收购手段, 实现跨越式发展阶段 M&A stage 新希望 : 该公司于 2011 年收购了六和集团六和股份及新希望农牧等四家公司, 该次收购标的作价达亿元, 若不是上市公司, 仅依靠企业自有现金支付, 是不可能完成的, 新希望最终以向被收购方原股东定向发行 9.05 亿股股份及部分资产置换的形式完成了上述收购, 实现了公司饲料畜禽养殖屠宰肉制品加工的产业一体化经营 New hope : it completed the acquisition through issuing 905 million shares to the original shareholders of liuhe group, liuhe cor. and new hope agriculture in 年度 / 末 ( 收购前 ) 2011 年度 / 末 ( 收购后 ) 增幅 Increment 总资产 ( 亿元 )Total asset % 净资产 ( 亿元 )Net asset % 营业收入 ( 亿元 )Income % 净利润 ( 亿元 )Net profit % Smithfield Foods: 该公司自 1987 年开始实施纵向整合战略, 先后收购了 John Morrell Circle Four Farms Murphy Farms 等一系列大型生猪养殖企业, 从而成为美国最大的生猪供应及肉类加工商 24

25 三资本参与对生猪养殖业的作用分析 Effect analysis when capital participate in pig breeding industry 25

26 3.1 对企业自身影响 Impact on enterprises 如前文第二部分所分析, 养殖企业充分恰当选用各种资本市场工具 : 可以高效的方式, 将一个小规模的私人养殖企业, 逐步发展壮大, 并打造成为一个全产业链多元化全球化的大型上市公众公司 As noted in Part II, farming enterprises fully and appropriately choosing a variety of capital market instruments from a small-scale private farming enterprises, can gradually grow and develop, and build a whole industry chain, diversification, globalization of large listed public company in a efficient way. 资本的参与, 使得企业的生产规模产品结构盈利能力市场份额行业地位社会知名度等都发生跨越式的大发展, 使得养殖企业灵活选择活猪肉制品两类产品销售, 获取更多产业链利润 ; 并适时推动国际化, 充分利用国内国际两个市场等成为可能 Capital participation improves enterprises in the production scale, the product mix, profitability, market share, industry status, social awareness. Farming enterprises can choose from two types of meat product sales, access to more profit chain; timely manner to promote internationalization, it possible to make full use of both domestic and international markets. 26

27 3.2 对行业发展的影响 Impact on the industry (1) 有利于提升行业整体形象和实力 Enhance the image and strength of the industry as a whole 资本的参与, 推动规模化养殖企业的不断发展, 越来越多的养殖企业上市, 利于目前我国生猪市场大企业小的格局, 从而提升生猪行业整体的市场实力形象及产业链中的话语权 Capital participation promote the continuous development of large-scale farming enterprises, a growing number of farming enterprises listed conducive to China's pig market, the pattern of small enterprises in order to enhance the discourse in the pig industry, the overall market strength, image and industry chain rights. (2) 有利于提升生猪育种及养殖技术 Enhance the pig breeding and farming techniques 资本的参与, 养殖企业资金实力得到大幅提高, 其有能力投入先进的现代化饲养设备育种设备防疫设备, 并能吸引到高端人才, 从而推动了我国整个生猪行业育种及养殖技术的提升 Capital participation : the financial strength of the farming enterprises to substantially increase its investment in advanced modern farming equipment, breeding equipment, vaccination equipment, and be able to attract high-end talent, thus promoting the entire pig industry in China breeding and farming techniques to enhance. 27

28 3.2 对行业发展的影响 Impact on the industry (3) 有利于缓解生猪价格周期性波动的困境 Alleviate the plight of cyclical fluctuations in the price of live pigs 我国目前生猪散养比例仍较高, 养殖户一哄而上一哄而下的现象突出资本的参与, 提高了规模化养殖比例, 规模企业在信息搜集及预测较散养农户具有一定优势, 可对价格波动做好理性预判, 提前做好出栏规划, 对生猪供应量能起到稳定性的作用, 从而可平稳生猪价格大幅波动, 利于行业长远发展 The proportion of pigs in backyard is still high, farmers herd phenomenon is upset. Capital participation, the proportion of large-scale farming scale enterprises in the information-gathering and forecasting more backyard farmers has certain advantages, rational anticipation of price fluctuations do well in advance of slaughter planning, can play a steady supply of live pigs of smooth hog prices volatility, conducive to the long-term development of the industry. 28

29 3.3 对政府监管的影响 Impact on government (1) 有利于保障我国猪肉产品的供给安全 Protect the security of supply of pork products in China 城镇化的推进, 散户养殖的退出, 生猪原来的生产者转变成为了消费者, 这其中的缺口, 必然由规模化养殖企业补充资本的参与, 推动了规模化养殖企业的产能提升, 从而有利于稳定我国猪肉产品的供给和物价稳定 With the advance of urbanization and retail culture exiting, the original producers of the pig transform into consumers. The gap bound will be supplemented by large-scale farming enterprises. Capital participation promote the production capacity of large-scale farming enterprises, thus contribute to the stability of China's pork supply and price stability. 29

30 3.3 对政府监管的影响 Impact on government (2) 有利于食品安全的监管 In favor of food safety regulatory 近些年食品安全问题日益突出, 食品安全监管将列为各级政府重要的考核指标猪肉作为我国居民消费比例最大的肉类, 其质量及安全性问题尤其关键资本的参与, 可加快生猪养殖规模化标准化进程, 生产者的集中和标准化生产, 便于猪肉产品生产安全和质量可追溯体系的建立, 从而有利于政府对食品安全问题的监管 Food safety issues have become increasingly prominent in recent years. Food safety supervision will be important assessment indicators for all levels of government. Pork as the proportion of China's consumer biggest meat, it s quality and safety issues are particularly critical. Capital participation can speed up the pig breeding large-scale standardization process, centralized and standardized production of the producer. these facilitate the production of pork products safety and quality can be traced back to the establishment of the system, thus contributing to government regulation of food safety issues. 30

31 3.4 对消费者的影响 Impact on consumers (1) 利于优质安全健康的食品供给 Conducive to high-quality, safe and healthy food supply 资本的参与, 规模化养殖企业的不断增加和发展, 养殖企业介入屠宰及肉制品加工的比例会越来越多, 养殖屠宰及肉制品加工一体化企业, 可发挥产品质量可控可追溯的优势, 为消费者提供品质食品安全更有保障的猪肉产品同时, 资本的参与, 使养殖企业有能力进行有机猪肉生态猪肉等高端产品的生产 Capital participation continues to increase large-scale farming enterprises and the proportion of farming enterprises involved in the slaughtering and meat processing. Enterprise with breeding, slaughtering and meat product processing in integration have advantages in controlling product quality and tracing back and can provide consumers with quality, food safety and more secure pork products. At the same time, capital participations make farming enterprises have the ability to carry out the production of organic pork, ecological pork and other high-end products. 31

32 3.4 对消费者的影响 Impact on consumers (2) 有利于消费者权益保护 in favor of consumer protection 资本的参与, 养殖企业的规模和知名度不断提高, 接受的社会舆论监督和政府监监管也越来越多, 其维护自身声誉的能力和外在压力也在不断提高, 这就促进企业为消费者提供更好的服务和权益保障 Capital participation, the size and visibility of the farming enterprises to continuously improve, more and more accepted social supervision by public opinion and government monitoring regulatory, and its ability to maintain its reputation and external pressure is also rising, which promote enterprise for consumers to provide better service and Protection of the Rights and Interests. 32

33 四养殖企业介入资本市场重点注意事项 Key considerations for farming enterprises entering Capital Market 33

34 4.1 树立正确的资本市场观念, 确立长期发展战略目标 establish a correct concept of capital markets and long-term strategic objective 企业要树立正确的资本市场观念募集资金不是企业上市的唯一目的, 通过上市平台, 树立企业良好市场形象完善企业的治理结构规范企业内控制度, 使企业进入持续规范健康和稳定发展的轨道, 持续为股东创造价值才是关键 Enterprises should establish a correct concept of capital markets. the fund-raising is not the sole purpose for pro-ipo company. The key is that it is a good platform to foster a good market image, improve the corporate governance structure, standardize enterprise internal control system, enable enterprises to enter the continuous norms, health and stable development track, continuing to create value for shareholders. 资本是促进企业战略目标实现的工具, 企业要长远发展, 应当围绕如何为消费者提供更优质更安全更营养的肉制品, 满足消费者日益改善的生活消费需求, 来确立自己的长远战略发展目标 Capital market is a tool to promote strategic development goals. The enterprise strategic objectives to achieve long-term development should focus on how to provide consumers with a better, safer, more nutritious meat to meet consumer demand. 34

35 4.2 确定适合自己的养殖模式 determine the appropriate breeding pattern 目前我国生猪规模化养殖的发展过程中, 存在完全自养一般的公司 + 农户及改进的公司 + 农户等多种养殖模式, 这些模式各有自己的适用条件及优劣势, 其关键是, 企业要结合自身条件及所在区域环境恰当选择适合自己的养殖模式 In the development process of China's large-scale pig farming, there are such patterns: a completely self-support, "company + farmers" and improved "company + farmers" and other breeding patterns. These patterns have their own application conditions and advantages and disadvantages. The key is that companies choose their own patter according with their own conditions and the regional environment appropriately. 35

36 4.3 及早完善企业内部控制, 特别是财务内控 improve internal control 一直以来, 农业企业在资本市场, 特别是 IPO 过程总备受监管部门和投资者的关注, 其主要原因有 : Agricultural enterprises in the capital markets, particularly in IPO process much concerns of regulators and investors, mainly due to: 农业企业的上下游面对的多为粮贩猪贩等自然人群体 ; Agricultural enterprises in the market face to Cereals and pigs mongers groups of natural persons 日常交易的现金比例高 ; proportion of cash for day-to-day transactions 发票的取得及开具较困难 ; Obtaining and issuing of the invoice is more difficult 生物资产盘点会计处理等本身的复杂性 ; The biological assets, inventory, accounting for the complexity of the 因此, 给财务核算体系的规范及核查带来较大难度 Therefore, the specification and verification of the financial accounting system to bring greater difficulty. 养殖企业拟资本市场, 必须下大决心规范日常交易结算方式, 并及早引入 ERP 等财务信息化系统, 建立规范的财务内控体系, 保障财产安全和财务信息的真实, 树立企业规范运行的形象 The farming enterprise intends to capital markets, must be determined to regulate the transaction settlement, and early introduce ERP and financial information system, establish a standard financial internal control system, the protection of property and financial information is true, establish a standardized operations image. 36

37 4.4 选择恰当的上市中介机构 Select the appropriate intermediary agencies 企业上市过程中要注意选择具有相关行业执业经验声誉良好的证券公司律师及会计师事务所等中介机构, 作为企业上市的团队合作伙伴, 少走弯路, 提高效率 Pre-IPO company should select securities companies, lawyers and accounting firms and other intermediary agencies with relevant industry experience in the practice, reputable, as the appropriate partners to avoid detours and improve efficiency. 37

38 38

联系方式 : 招商证券股份有限公司地址 : 深圳市福田区益田路江苏大厦 A 座 41 层邮编 :518026 联系人 : 江荣华电话 :13823503533 邮箱 :jrh2000@cmschina.com.

39 联系方式 : 招商证券股份有限公司地址 : 深圳市福田区益田路江苏大厦 A 座 41 层邮编 : 联系人 : 江荣华电话 : 邮箱 :jrh2000@cmschina.com.cn 传真 : 北京地址 : 北京市西城区金融大街甲 9 号金融街中心 7 层邮编 : 电话 : 传真 : 上海地址 : 上海浦东世纪大道 1500 号东方大厦 3 楼邮编 : 电话 : 传真 : 香港地址 : 香港中环交易广场一期四十八楼电话 :(852) 传真 :(852) 互联网址 : 39

Microsoft Word - bxyj2007_01_zongdi225.doc

Microsoft Word - bxyj2007_01_zongdi225.doc 以科学发展观为统领深入贯彻落实国务院 23 号文件全面提高保险业服务社会主义和谐社会的能力吴定富 ( 中国保险监督管理委员会, 北京 100032) [ 摘要 ]2006 年, 我国保险业社会地位稳步提高, 国际影响力不断扩大, 发展环境日益