所在案例库：中国专业学位教学案例中心
案例链接：https://case.cdgdc.edu.cn/case/readCaseSummary.do?caseId=7cc84b25d7e34d0d9ea1ea2a9b02a9b4
案例作者：邓路,苏道启
作者单位：北京航空航天大学
中文摘要：太阳鸟（300123.SZ）是一家民用船舶制造公司，于2010年登陆创业板。上市后不久受到行业因素影响，公司经营业绩出现滑坡，由此开始谋求转投军用船舶制造业。而成都市国资委出售的亚光电子引起太阳鸟控股股东、实际控制人李跃先的极大兴趣。尽管亚光电子资产规模较大，且仅接受竞拍报价，但考虑其资产状况及经营前景，李跃先终究主导太阳鸟发起对亚光电子的资产收购。为了满足资产收购的融资需求，李跃先借助自己控制的上市公司控股股东太阳鸟控股，与多家私募股权投资机构合作建立了“控股股东+PE”模式的并购基金宁波太阳鸟，为后续竞拍成功提供保障；之后又通过一系列措施，顺利将亚光电子注入上市公司。在整个资产收购过程中，李跃先设立了“控股股东+PE”的并购基金融资模式，构造了“股转债+债转股”的交易结构，在顺利通过证监会审核后成功将资产注入上市公司。本案例在素材选取、分析思路和题目设计上引导学员以财务视角深入剖析公司资产收购的决策过程中并购对象的选择、融资方案的设计以及交易框架的搭建等内容。
英文摘要：Sunbird (300123.SZ) is a civilian shipbuilding company that landed on the GEM in 2010. Shortly after the listing, it was affected by various industry factors. As a result, the operating performance of the Company declined. As a result, the Company began to seek to switch to military shipbuilding. However, the sale of Matsuo Electronics by Chengdu SASAC caused great interest in Li Yuexian, the controlling shareholder and controlling shareholder of Sunbird. Despite the large size of its assets and accepting bidding only, considering the asset status and business prospects, Li Yue led Sunbird in its initial takeover of the assets of the company. In order to meet the financing needs of asset acquisition,Li Yue first controlled Sunbird Holdings, a controlling shareholder of listed companies, and established a "controlling shareholder + PE" merger fund Ningbo Sunbird in cooperation with a number of private equity investment institutions to provide successful follow-up bidding Security; and later through a series of measures, smooth spin-off electronics companies listed. Throughout the asset acquisition process, Li Yuexian set up a "controlling shareholder + PE" M & A fund financing model, structured the transaction structure of "convertible bonds + debt to equity", and successfully injected assets into listed companies upon successful review by the CSRC . This case guide students in the material selection, analysis ideas and topic design to deeply analyze the selection of M & A targets, the design of financing options and the construction of trading framework in the financial asset-purchasing decision-making process.
中文关键词： 控股股东、资产收购、融资方式、经济后果
案例入库时间：2018-05
