（单位：元）

（unit：yuan）

　　郭晨凯 制图 GuoChenKai drawing 　　郭晨凯 制图 GuoChenKai drawing

　　城投公司借壳预案中的四重风险 The company plans to lend hull city shots of the four heavy risk

　　拟注资产存突击注资增肥 大量关联交易 Plans to note assets add fertilizer large injection with assault related transaction

　　资产负债率及评估增值率过高 持续盈利能力待考 The asset-liability ratio and evaluation increment rate for profitability DaiKao too high

　　昆明基础借壳ST沪科，上涨仅两日即被投资者“以脚投票”；再连同ST祥龙、*ST创智、*ST金果（已更名湖南发展(000722,股吧)）等新重组案，可见一轮城投企业资本化冲动正在来临。相较2007年，眼下土地、股市“荣光”不再，且借壳主体多自二、三线城市，拟注资产存突击增资、拼凑业务、负债率过高、增值率过高、持续盈利待考等问题。如何有效防范地方融资平台向股市转嫁风险，亟待监管层更高瞻的审核智慧。

Kunming lend hull based in Shanghai, ST，Up just two days is investors“With the foot vote”；Then together with auspicious dragon ST、* ST successfully、* ST kingo（Hunan development has changed(000722,Shares it)）And other new restructuring case，Visible round for city enterprise capitalization impulse is coming。Compared to 2007，The land、Stock market“glory”No longer，And shell from the 2 main borrow more、Three city，Deposit endowment assets to note the assault、Piecing together the business、High leverage、Increment rate high、DaiKao consistently profitable。How to effectively guard against the local financing platform to pass on the stock market risk，To be regulatory review of James' higher wisdom。

　　⊙记者 郭成林 ○编辑 孙放

Reporter GuoChengLin ○ ⊙ SunFang editor

　　7月17日，ST沪科逆市继续下跌，至5.21元，已低于停牌前的5.77元——意味着7月6日公布的重组预案，在经历了两天涨停后即掉头向下，遭市场“唾弃”至此，为ST重组案例所罕见。

July 17,，ST Shanghai branch inverse city continue to fall，To 5.21 yuan，Already below the $5.77 before trading--means that released on July 6, the reorganization plan，After two days after turn down that harden，By market“Spit on”So far，For ST restructuring the rare case。

　　ST沪科此次重组对手方为昆明地方融资平台，拟注资产为后者旗下城投企业昆明基础设施投资建设公司（简称昆明基础）。其重组预案显示，拟注资产存突击注资增肥、大量关联交易、资产负债率及评估增值率过高、持续盈利能力待考等问题，无怪乎市场选择用脚投票。

ST Shanghai branch the restructuring opponents for kunming local party financing platform，For the latter to note assets under for enterprise kunming city infrastructure construction company（Referred to kunming foundation）。The reorganization plan shows，Plans to note assets add fertilizer with assault capital injection、Large associated business、The asset-liability ratio and evaluation increment rate is too high、Last DaiKao profitability，No wonder the market choose voting with their feet。

　　再看近期城投企业重组上市的其他案例，如ST祥龙、*ST创智、*ST金果（已更名湖南发展）等，也存在此类共性问题。而记者对多家保荐机构的采访显示：今年前6个月，为谋划借壳进行政策咨询的各地城投企业不下10余家，且多来自中西部地区、二三线城市。

See recent city again for enterprise restructuring of the other cases listed，Such as ST auspicious dragon、* ST successfully、* ST kingo（Hunan development has changed）etc，There are also such common problems。And reporters to sponsor interview show house：In the first six months of this year，For the plan to lend hull policy advice on all over the city no more than 10 for enterprise，And from the Midwest、Two three city。

　　城投公司为何在目前集中把目光投向了资本市场？来自多地融资平台负责人所诠释的初衷为：在土地财政紧缩、自主发债被阻、平台贷款清理等宏观背景下，将旗下城投资产推向资本市场成为“纾困”法门之一。在这样的动机下，若此类城投企业借壳成功，如何有效防范地方融资平台向股市转嫁风险，亟待监管层更高瞻的审核智慧。

For the company why in the present city concentrated focused on capital market？From many of the financing platform interpretation of the original intention for：Fiscal tightening in the land、Independent translated by resistance、Platform loans macro background cleaning, etc，Its city in investment capital market to become“bailout”One of the practice。In such a motive，If such city for enterprise to lend hull to success，How to effectively guard against the local financing platform to pass on the stock market risk，To be regulatory review of James' higher wisdom。

　

　借壳潮涌： Created by shell：

　　二三线城投企业纷纷瞄向资本市场 Two three line for city enterprises have the head of the capital market

　　在上一波借壳潮中，孕育了云南城投(600239,股吧)、中天城投(000540,股吧)等一批规模体量大，盈利能力强的“大牛股”。反观本轮借壳潮，主体公司却为二三线城投企业。如昆明基础，与上一轮公司不可同日而语。

In a wave to lend hull in tide，Bred the yunnan city shots(600239,Shares it)、Zhongtian city for(000540,Shares it)And a number of large scale dimension，Profit ability strong“Big winners”。In this borrow shell tide，The company has two main three lines for city enterprise。Such as kunming foundation，And a company cannot be mentioned in the same breath。

　　7月16日，ST祥龙发布重大事项继续停牌公告，并披露初步重组思路：经控股股东武汉葛化集团及相关各方推动，目前初步确定的重组方式为公司全部资产负债与武汉高科国有控股集团有限公司100%股权进行置换，差额部分由上市公司定向发行股份购买。

July 16,，ST auspicious dragon important matters issued to continue the suspension announcement，And disclose initial restructuring ideas：The controlling shareholders wuhan GeHua group and relevant parties push，At present the restructuring of the way determined primarily for the company assets and liabilities and wuhan hi-tech all state-owned holding group Co., LTD. 100% equity for replacement，Balance part by appear on the market the company shares for the acquisition of targeted issuance。

　　公告特别披露：此次拟注入资产经整合后主要为产业园区开发经营类业务资产。记者再查武汉高科网站：公司是经武汉市委、市政府批准组建的大型国有资产管理公司，为武汉市及高新区科技产业重要投融资、转化平台。

Announcement special disclosure：This is the integration into the assets after for industrial park mainly development and management class business assets。Reporters look wuhan hi-tech website：Company is by wuhan municipal party committee、The approval by the municipal government of a large state-owned assets management company，In wuhan science and technology industry zone and important investment and financing、Transformation platform。

　　由此，尚未披露预案的ST祥龙，将成为A股城投企业借壳上市的最新一例。在此之前，*ST创智、*ST金果（更名湖南发展）、ST沪科等公司先后发布城投企业借壳上市的重组预案。

this，Has not been disclosed plan of auspicious dragon ST，Will become A shares for enterprise to lend hull city listed the latest case。Before this，* ST successfully、* ST kingo（Name hunan development）、ST Shanghai branch, the company has released for enterprise to lend hull city listing of the reorganization plan。

　　再往前溯，2011年年底，证监会放行了华夏幸福(600340,股吧)借壳ST国祥、铁岭财京借壳中汇医药两重组，标志着在地产调控的监管导向下，以“一级土地开发”、“城市综合运营”、“产业开发区运营”等为“名目”的各类城投企业，却得以扫清政策障碍，进入资本市场。

Go back，By the end of 2011，Securities regulatory commission released huaxia happiness(600340,Shares it)Borrow shell ST countries auspicious、Money borrowed from the shell ZhongHui medicine two restructuring，Marks the regulation of the real estate regulatory guidance，to“Level 1 land development”、“City integrated operation”、“Industrial development zone operation”as“names”For the city of of all kinds enterprise，But to clear the policy barriers，Into the capital markets。

　　最近一个清晰案例可见ST沪科，7月6日披露重组预案：在置出部分资产的同时，向昆明交通投资公司（简称昆明交投）增发购入预估值为17亿的昆明基础全部股权。

Recently a clear case visible ST Shanghai branch，On July 6 disclosure reorganization plan：In a part of the asset for at the same time，To kunming traffic investment company（Referred to kunming delivers）By buying estimates for 1.7 billion kunming foundation all equity。

　　对于拟注资产而言，虽名为“基建”，实际经营的也是以土地一级开发为核心模式的城投业务。记者采访云南国资委相关人士，得知昆明基础主要从事土地综合开发整治，主要优势和特色是依托昆明交投的公路、铁路投资项目，进行配套土地资源的前期拆迁、整治等一级开发。

For as to note assets，Collectively called“infrastructure”，The actual operation of is also to land level development as the core of the business model for the city。Reporters for the sasac related people in yunnan，Learned that kunming mainly engaged in comprehensive development foundation land renovation，Major advantages and characteristics of kunming is relying on trading highway、Railway investment projects，Supporting the demolition of land resources、Such as the development。

　　“以铁路方面为例，昆明市5条铁路的征地拆迁由昆明基础承担，按征地拆迁投资完成额的4%提取项目管理、工作措施费，按出资比例分享铁路管理和收益。”上述人士进一步对记者说。

“To railway as an example，Article 5 the kunming railway whose house for YouKunMing basis，Whose house is completed by investment is 4% extraction project management、Work measures fee，According to the proportion of capital contribution of railway management and revenue share。”Above to further told reporters。

　　据详细了解，目前，昆明基础土地配置项目储备约11万亩，包含东连接线支线片区土地1.5万亩、嵩明青年水库片区2万亩、昆明铁路建设配套土地资源6万亩；倘甸工业园区土地1.5万亩。昆明基础的收入来自按项目签约金额3%收取的管理费和项目利润的16%。

According to detailed understanding of，At present，Kunming foundation land configuration project reserves of about 110000 mu，Connecting the east regional area contains 15000 mu of land、The reservoir area youth song of 20000 mu、Kunming railway construction supporting 60000 mu of land resources；If he industrial park 15000 mu of land。Kunming's revenue comes from foundation according to project signing amount of charge 3% management fee and project 16% of the profits。

　　再来看*ST金果，年初披露重组预案，拟以不低于8.23元/股，向大股东湖南发展投资集团定向增发不超过7798万股，收购湖南发展集团九华城市建设投资公司100%股权。

Again to see * kingo ST，Disclosure of early reorganization plan，Intended to be not less than 8.23 yuan/shares，Big shareholders to hunan development investment group directional by no more than 77.98 million shares，Acquisition hunan development group nine China urban construction investment company 100% equity stake。

　　而*ST创智的重组预案与金果类似，拟以3.72元/股的价格向大股东四川大地集团和关联方成都泰维投资发行7.8亿股，购买成都国地置业95.31%股权，变身土地一级开发商。

And * ST successfully performed with the reorganization plan is similar，Plan to 3.72 yuan per share price to the big shareholders and chengdu sichuan earth group affiliated party taway investment offering at 780 million shares，Buy 95.31% stake in chengdu country home，Change to land level 1 developers。

　　回溯历史，2007年起，A股市场曾有一波地方城投企业的借壳上市潮，但在2010年4月房地产政策调控前后黯然落幕。

Back in the history，Since 2007，The A share market has A place for enterprise of wave city by shell listed tide，But in April 2010 real estate policy control dim and ending before and after。

　　在上一波借壳潮中，孕育了云南城投、黑牡丹(600510,股吧)、城投控股(600649,股吧)、西藏城投(600773,股吧)、中天城投等一批城投上市公司。由于他们或是省级城投企业，规模体量大；或是经济发达城市的一线城投企业，盈利能力强，因此均成当时“大牛股”。

In a wave to lend hull in tide，Bred the yunnan city shots、Black peony(600510,Shares it)、City for holding(600649,Shares it)、Tibet for city(600773,Shares it)、The city, and a number of shots for city listed companies。Because they or provincial city for enterprise，Size large scale；Or a line of economic developed city city for enterprise，Profit ability strong，Therefore all into at that time“Big winners”。

　　反观本轮借壳潮，主体公司却为二三线城投企业。如前述的昆明基础，与上一轮中云南城投不可同日而语。

In this borrow shell tide，The company has two main three lines for city enterprise。As the basis of kunming，And in the last round of yunnan for city cannot be mentioned in the same breath。

　　又如注入*ST金果的九华城投，其核心业务是湖南省湘潭市九华示范区的土地一级开发与整理；再如借壳*ST创智的国地置业，竟也只是四川省成都市龙泉驿区的土地一级开发商。

And as * * * * ST into kingo's nine huacheng shots，Its core business is the hunan xiangtan city jiu hua demonstration land development and consolidation level；Be like again to lend hull * ST the kingdom of successfully to home buyers，But also just article takes longquanyi district land of sichuan province level developers。

　　综合对多家保荐机构的采访结论显示：今年前6个月，为借壳进行政策咨询的城投企业不下10余家，业务分布在中西部地区、二三线城市。此外，各地方融资平台旗下的基建、路桥（如最新的ST丹化披露山东路桥集团借壳）、水务（参考本报《30家水企追寻上市路 资本化幻梦面临商业模式创新拷问》）等企业也在大力寻求上市。

For more comprehensive home sponsor interview conclusion shows：In the first six months of this year，As to lend hull city for policy advice for enterprise not more than 10，Business distribution in the Midwest、Two three city。In addition，The local financing platform its infrastructure、luqiao（Such as the latest ST Dan bridge corporation of disclosure by shandong shell）、water（Our reference《30 home water for enterprises listed road capitalization business model innovation dreams face torture》）And also to seek in enterprise listed。

　

　“速成”样本： “crash”samples：

　　地方政府“速成式”培育 Local government“Crash type”foster

　　——ST沪科样本 -ST Shanghai branch of samples

　　纵览诸个重组方案，均发现拟注城投资产存在突击注资增肥、拼凑合同业务、提供关联资金等共性情况，尽显地方政府“拔苗助长”之姿态。

To provide an overview of the a restructuring plan，Are found in the city to note there assault capital investment to add fertilizer、Piecing together the business contract、Provide capital and other common association，All show local governments“Haste makes waste”Attitude of。

　　二三线城投的借壳潮，对资本市场、尤其中小股东而言，意味着什么？

Two of the three lines for city by shell tide，On capital market、Especially for small and medium shareholders，Means what？

　　记者纵览诸个重组方案，均发现拟注城投资产存在突击注资增肥、拼凑合同业务、提供关联资金等共性情况，尽显地方政府“拔苗助长”之姿态。

To provide an overview of the reporters a restructuring plan，Are found in the city to note there assault capital investment to add fertilizer、Piecing together the business contract、Provide capital and other common association，All show local governments“Haste makes waste”Attitude of。

　　以最新的ST沪科重组方案为例：昆明基础成立于2006年；直至2012年2月，昆明交投才对其突击增资1.8亿元，使其注册资本从2000万陡增至2亿元。

With the latest ST Shanghai branch restructuring plan as an example：Kunming foundation was founded in 2006；Until February 2012，Kunming delivers to the assault capital increase of 180 million yuan，Make its registered capital from 20 million to 200 million yuan of surprise。

　　据方案，最近三年，昆明基础营收由2009年的1171.82万元增长至2011年26623.53万元，净利润由2009年的593.78万元增长至2011年12174.66万元。

According to the plan，The last three years，Kunming foundation revenue from 2009 yuan to 2011 yuan in 266.2353 million growth，Net profit from 2009 yuan to 2011 yuan in 121.7466 million growth。

　　必须认识到，昆明基础以2000万资本金完成如此“靓丽”业绩，是建立在——昆明政府提供大量资金、担保；控股股东给予工程项目管理的关联业务；以及土地一级开发业务的强行政性等“基础”上的，其“人为调控”的因素颇大。

Must realize，Kunming with 20 million capital base accomplish such a“Beautiful beautiful”performance，Is based on the government to provide a large amount of money-kunming、guarantee；The controlling shareholders to project management association of business；And land development level of administrative strong business, etc“foundation”On the，the“Artificial regulation”Factors of a large。

　　记者详细查阅ST沪科重组预案，显见昆明基础的资金来源为：首先，母公司昆明交投根据昆明基础及子公司项目进度提供借款，截至2012年2月29日，昆明交投向昆明基础及子公司提供资金29.44亿元，报告期内（2009年度至2012年2月29日，下同）累计发生资金成本2.35亿元。

Reporter detailed Shanghai families access ST reorganization plan，It is the basis of capital source for kunming：first，The parent company trading according to kunming basis and kunming subsidiary project progress to provide the loan，By February 29, 2012，Kunming/to kunming basis and offer affiliates capital of 2.944 billion yuan，During the reporting period（2009 year to February 29, 2012，Hereinafter the same）Total capital costs 235 million yuan happened。

　　其次，为完成中央商务区等片区综合整治项目，昆明基础控股子公司昆明盘江通过合营企业昆明盘融置业有限公司向中融国际信托融资32.1亿元，融资成本全部由昆明盘江承担。报告期内，已实际到账14.45亿元，累计发生资金成本2.09亿元。

second，To complete the central business district, etc for the comprehensive improvement of the project，Kunming subsidiary essay based kunming through the joint venture kunming plate melt property Co., LTD. Integrated with international in the trust financing to 3.21 billion yuan，The cost of financing for all YouKunMing essay。During the reporting period，Already practical to zhang 1.445 billion yuan，Total capital costs 209 million yuan happened。

　　再查上述信托计划，该项融资由中融国际信托作为受托人发起设立“昆明市拓东片区-民生安居保障工程单一资金信托”，信托资金规模为32.1亿元；期限2年；融资总成本为每年16.5%；还款来源：城中村改造项目土地出让收益及其他财政收入。

Look the trust plans，The financing in international trust by melting as the trustee to launch“Kunming TaDong area-the livelihood of the people live security engineering single capital trust”，The trust fund size is 3.21 billion yuan；Period 2 years；The total cost of the financing for 16.5% a year；Income source：Villages reform project land transfer income and other financial income。

　　对于该信托计划的风险控制，系由昆明发展投资集团提供不可撤销的信用增级承诺，昆明市土地储备中心以拓东片区城中村改造项目597.90亩土地收储开发整理后的406.26亩可出让土地作为履行债务的抵押担保。

For the trust plans of risk control，Department YouKunMing development investment group provides irrevocable credit enhancement commitment，Kunming land reserve center to TaDong area villages reform project 597.90 mu of land development and consolidation of the collection after 406.26 mu of land can fulfill debt as the mortgage guarantee。

　　综合以上两者，2011年末、2010年末和2009年末，昆明基础的资产负债率分别高达89.23%、89.71%、91.27%。

Comprehensive both above，By the end of 2011、By the end of 2010 and the end of 2009，Kunming foundation to asset ratio as high as 89.23%, respectively、89.71%、91.27%。

　　同时，昆明交投还为昆明基础提供工程项目管理业务，使后者收获千万元计的关联收入。

At the same time，Kunming for kunming trading base that provides project management business，Make the latter harvest ten million yuan project income of the association。

　　如黄马高速公路项目：2010年3月1日，昆明基础与昆明交投签订《黄土坡至马金铺高速公路建设项目管理合同》，昆明基础参与“征地拆迁、公路建设工程管理”等，该项目总投资35亿元，工期三年。昆明基础于报告期内按照投资进度确认管理费用收入1250万元。

Such as the yellow horse highway projects：March 1, 2010，Kunming foundation and kunming delivers signing《HuangTuPo to horse JinPu highway construction project management contract》，Based in kunming“Whose house、Highway construction project management”etc，The total investment is 3.5 billion yuan，Period three years。Kunming foundation in the reference period in accordance with the progress of the investment management fee income 12.5 million yuan confirmation。

　　又如贵昆路城区段项目：2009年9月26日，昆明基础与昆明交投签订《贵昆路城区段建设项目管理合同》，昆明基础参与“公用基础设施建设、绿地公园建设及养护”项目管理，工程投资总额17.73亿元，工期三年。昆明基础于报告期内按照投资进度确认管理费用收入2050万元。

And as the urban road for your project：On September 26,，Kunming foundation and kunming delivers signing《The urban road for your project management contract》，Based in kunming“Public infrastructure construction、Green park construction and maintenance”Project management，Engineering investment of 1.773 billion yuan RMB，Period three years。Kunming foundation in the reference period in accordance with the progress of the investment management fee income 20.5 million yuan confirmation。

　　由此可见，昆明基础在经营过程中实在难言“独立性”：资金、业务、收入、利润、以及预案未披露的人员情况，均源自控股股东的无私帮助、以及昆明市政府的行政意志。

This shows，Kunming basis in the business process really dumb“independence”：funds、business、income、profits、And the plan did not disclose the staff，All come from the controlling shareholder's selfless help、And the administration of kunming will。

　

　缺陷剖析： Defect analysis：

　　突击拼盘资产 持续盈利难判 Assault platter assets to be consistently profitable difficult

　　以上轮城投资本化浪潮中绵世股份(000609,股吧)、云南城投等顺利借壳后的经营、股价表现显示：最高点均为借壳预案公布时。其背后症结，也正是上述诸项问题所致。

Above for a wave of capitalization wheel city or the shares(000609,Shares it)、Yunnan for city such as lend hull of the business after smoothly、Share price performance shows：Highest for shell announced plans are borrowed。Behind the crux，It is also the problem caused by the items。

　　在上述经营背景下，以昆明基础为代表的二三线城投企业，在运作借壳过程中，通过靓丽业绩与业务保障，获得畸高的评估增值；同时却又难掩缺失的持续盈利能力。

In the above business background，Based in kunming as a representative of the two, three lines city for enterprise，In the operation process of lend hull，Through the beautiful beautiful performance and business security，Get the excessively high value evaluation；But at the same time also difficult to mask the continued lack of profitability。

　　再看*ST金果方案：九华城投成立于2011年4月，去年前10个月累计实现营收0元，实现净利润-22万。

Again see * ST kingo scheme：Nine huacheng cast was established in April 2011，The first 10 months of last year accumulative achieve revenue $0，Net profit-220000。

　　查公司资产明细，截至2011年10月31日资产总额19977.99万元，主要是预付款项及货币资金——具体为支付湘潭九华示范区财政局前期整理开发资金15000万元及货币资金4912.07万元；再查九华城投经营情况，核心业务仅系半年前与湘潭市九华示范区管理委员会签订的《湘江流域BT合同》等项目协议。

Look into the company assets details，By the end of 2011 on October 31, the total assets of 199.7799 million yuan，Mainly prepayments and monetary capital-to pay for specific xiangtan jiu hua demonstration area the bureau of finance finishing development fund 150 million yuan and monetary fund 49.1207 million yuan；Look for nine huacheng operating condition，The core business is only six months ago and xiangtan city jiu hua demonstration area management committee of the sign《BT contract in xiangjiang river basin》Project agreement。

　　基于此，预案披露九华城投预估值为64175.69万元，相对账面净资产值增值44198.4万元，增值率达221.24%，是湘潭九华示范区3270亩土地整理开发项目及湘江流域BT项目合同权益预估增值所致；而这“合同权益”评估，又是通过对合同项目在2011年11月至2015年未来现金流进行预测、折现、求和而得出。

Based on this，Plan disclosure for nine huacheng estimates for 641.7569 million yuan，Relative book value net asset value of 441.984 million yuan，Increment rate of 221.24%，Xiangtan jiu hua demonstration area is 3270 mu of land consolidation and development project in xiangjiang river basin BT project contract rights estimated value be caused by；And this“Contract rights”assessment，And through to the contract project in November 2011 and future cash flow forecast、discount、Summation come。

　　*ST金果案例明确告知市场：突击设立一个城投项目公司、凑上5000万现金再与地方政府签一堆合同，由此无需盈利记录便可评估增值两倍，成为注入上市公司的优质资产。

* ST kingo case told the market：Assault set up a city for the project company、Make 50 million cash with the local government to sign a pile of contract，Thus no earnings record and can be assessed value added two times，Become the high quality assets into the listed company。

　　此外，即便上述项目按计划顺利推进，预计最多4年内即可完成，九华城投此后的业务发展及收入来源存极大不确定性；而对这些决定重组后*ST金果持续盈利能力的关键内容，预案再无更多着墨。

In addition，Even if the project is progressing smoothly as planned，Up to four years is expected to finish，Nine huacheng business development and cast after this source of income with great uncertainty；And the decision after kingo continue restructuring * * * * ST profitability of the key content，No more plan describes。

　　以上轮城投资本化浪潮中绵世股份、云南城投、黑牡丹顺利借壳后的经营、股价表现显示：最高点均为借壳预案公布时。其背后症结，也正是上述诸项问题所致。

Above for a wave of capitalization wheel city or the shares、Yunnan for city、Black peony smoothly through the shell of the business after、Share price performance shows：Highest for shell announced plans are borrowed。Behind the crux，It is also the problem caused by the items。

　　在此背景下，城投借壳运作存在两种不确定性。首先是中小股东用脚投票，展示其“力拒”态度。

In this context，City by shell operation exists for two kinds of uncertainty。First is the medium and small shareholders voting with their feet，Show the“Force rejected”attitude。

　　回到本文最初ST沪科颓靡的股价表现，而此前，在6月29日的股东大会上，持有公司1049万股的“牛散”吴鸣霄对公司的常规性议案和增补董事等议案都投出反对票，传导出明显的“消极信号”，重组不确定性陡增。

This paper first back to Shanghai, the share prices of TuiMi ST performance，And the，On June 29, a shareholder meeting，Holding company of 10.49 million shares“Cow scattered”WuMingXiao on the company's routine bill and update the director has cast a "no" vote，Conduction of clear out“Negative signal”，Restructuring uncertainty sharply。

　　另一个不确定性在监管政策。种种迹象显示，证监会对借壳重组的审核口径正持续收紧、监管要求已大大增强。

Another uncertainty in the regulatory policies。Various signs，Securities regulatory commission to borrow the audit of the shell restructuring caliber is continuing to tighten、Regulatory requirements has greatly enhanced。

　　如证监会新发布的《并购重组共性问题审核意见关注要点》等文件，对重组方案的“盈利能力与预测”、“持续经营能力”、“挽救上市公司财务困难的重组方案可行性”等方面提出明确要求；又如《关于修改上市公司重大资产重组与配套融资相关规定的决定》，对借壳上市企业的基本盈利能留与累计经营时间均定出明确标准。

If securities regulatory commission issued a new《M&a common problems review opinions attention points》And other documents，For the restructuring plan“Profitability and prediction”、“Sustainable business capability”、“Save the listed company financial difficulties of restructuring plan feasibility”Put forward the specific requirements；And as《On amending of material assets reorganization of listed companies and supporting the relevant regulation of the financing decisions》，To borrow shell the listed companies with total can leave basic earnings management time are set clear standards。

　

　“纾困”法门： “bailout”The practice：

　

　融资平台运筹股市纾困“四重奏” Financing platform strategy stock market bailout“quartet”

　　融资平台推动旗下城投企业的股权多元化、乃至上市，既是分散国资风险的现实考虑，也为未来通过资本市场再融资打下基础。

Financing platform to promote its city of diversified ownership for enterprise、And even listed，Is the reality of the inspected scattered risk consideration，Also for the future through the capital market and then financing to lay the foundation。

　　二三线地方政府不惜“揠苗助长”，为其城投企业集群性谋划借壳上市运作，背后“动因”何在？

Two three line at the local government“Push them”，For the enterprise cluster plots for city of lend hull listed operation，behind“drivers”is？

　　首先，目前一般城投企业的股权结构为：最上层，实际控制人为地方国资委或地方政府；中间层，控股主体为国资公司、交投公司等地方融资平台；最下层，才是城投企业。

first，At present general for enterprise ownership structure of the city：The top，The actual control human place state-owned assets supervision or local governments；layer，Holding company for inspected subject、Trading company place such as the financing platform；Most lower level，The city is for enterprise。

　　记者采访了多地融资平台负责人，其初衷为：在土地财政紧缩、自主发债被阻、平台贷款清理等宏观背景下，将旗下城投企业推向资本市场成为“纾困”法门之一。

The reporter interviewed more financing platform in charge，The purpose for：Fiscal tightening in the land、Independent translated by resistance、Platform loans macro background cleaning, etc，Its enterprise to the capital markets for city become“bailout”One of the practice。

　　6月26日，第十一届全国人大常委会第二十七次会议对《中华人民共和国预算法修正案（草案）》进行了二次审议。全国人大法律委删除了预算法修正案（草案）中关于对地方政府债务实行限额管理的规定，也叫停了2011年刚刚开闸的地方自主发债试点。

June 26,，11 th the National People's Congress standing committee meeting 27 to《The People's Republic of budget act amendment（draft）》For the secondary deliberation。Legal committee of the National People's Congress to delete the budget act amendment（draft）For local government debt on the regulations of the administration of quota，Also called for a 2011 years just the place actually independent pilot translated。

　　“目前，二三线城市、中西部地区的土地财政依赖严重，若自主发债最后无法开闸，且地产调控持续严厉，未来该类地区财政压力将非常巨大，对应地方融资平台风险陡增。”有保荐机构负责人对记者说，“正因此，融资平台推动旗下城投企业的股权多元化、乃至上市，即是分散国资风险的现实考虑，也为未来通过资本市场再融资打下基础。”

“At present，Two three city、The Midwest land financial dependence on serious，If you can't actually last independent translated，And real estate regulation continue strict，This financial pressure in the future will be very great，Corresponding place financing platform risk sharply。”Have the sponsor chief told reporters，“Is so，Financing platform to promote its city of diversified ownership for enterprise、And even listed，That is the reality of the inspected dispersed risk consideration，Also for the future through the capital market and then financing to lay the foundation。”

　　

二、三线城投企业有何风险？ two、Three line city what might be the risk for enterprise？

　　昆明基础相关人士对记者表示，其风险为：前期投入巨大，开发周期很长，产生实际收益取决于土地收储和交付时间，以及未来地市的价格走向。

Kunming foundation relevant personage told reporters，The risk for：Upfront input huge，Development cycle is very long，Produce actual income depends on land collection and delivery time，And the future of local prices to go to。

　　故此，二三线城市地价能否稳定成为其核心风险。

therefore，Two three line can be its urban land price stable core risk。

　　其次，二三线城投企业一般均有极高负债率，体现为财务风险巨大——这也在前述多份重组预案中有所体现。

second，Two, three lines city average all have extremely high for enterprise ratio，Embodied in the financial risk huge-and that the foregoing in more than a reorganization plan to reflect。

　　城投企业借壳上市如何为其控股股东——地方融资平台纾困？

For enterprise to lend hull city listed for its controlling shareholders how--local financing platform bailout？

　　再以ST沪科为例。首先，实现城投企业股权多元化，分散经营风险。

Again with ST Shanghai branch, for example。first，Realize the city for enterprise equity diversity，Risk dispersedly。

　　经计算，ST沪科重组完成后，昆明交投可持有3.27亿股，占比为52.07%。实际上，借壳上市即是以融资平台所持城投企业的股权兑换成上市公司的股权。经此运作后，相当于城投企业变相增加了48%的社会股东。

The calculation，ST Shanghai families after the completion of the restructuring，Kunming delivers can hold 327 million shares，Accounting for 52.07% than。In fact，Shell that is listed by the financing platform for enterprise's equity exchange city into the equity of the listed company。After the operation，The city is equivalent to a 48% increase for enterprise in disguised form of social shareholders。

　　其次，在借壳过程中，实现资产的“高溢价”评估。如昆明基础预估值为17.02亿元，评估增值率141.6%；又如前述的九华城投预估值为64175.69万元，增值率高达221.24%；再如前述的国地置业评估值为30.45亿元，增值率竟高达344%。也即，原本1元的资产，评估为2元、3元兑换为上市公司股权。

second，In the process of lend hull，Realization of assets“High premium”assessment。Such as kunming foundation estimates for 1.702 billion yuan，Evaluation increment rate 141.6%；And as the aforementioned nine huacheng cast estimates for 641.7569 million yuan，Increment rate as high as 221.24%；Be like again the kingdom to real estate evaluation value of 3.045 billion yuan，Increment rate was as high as 344%。namely，Originally the $1 assets，Evaluation for 2 yuan、3 yuan for a listed company stock exchange。

　　最后，借壳上市还可获得未来的二级市场流动性“溢价”。

finally，Borrow shell listed still can obtain the future of the secondary market liquidity“premium”。

　　第四，借用上市平台可实现多种再融资。以最简单的股权质押为例，一旦借壳完成，昆明交投即可以ST沪科股权通过信托再进行质押融资，由于此前已经评估溢价，故即使未来股价大跌，也不用担心还款风险。

The fourth，Borrow listed platform can be achieve a variety of refinancing。In the most simple equity pledge for example，Once completed by shell，Kunming delivers that can be ST Shanghai branch equity through the trust and then pledge financing，The move has evaluation premium，So even if the future stocks tumbled，Also need not worry about repayment risk。

　　同时，也可参照铁岭新城(000809,股吧)的运作模式，其在重组完成后随即启动再融资程序：拟将重组注入资产铁岭财京1.6亿元股权（占总股本40%）对应的受益权转让给吉林省信托，并签署《铁岭财京股权受益权转让及回购合同》。吉林信托同意通过设立的铁岭财京股权受益权单一资金信托计划，以存放于信托财产专户的信托资金受让公司持有的标的股权受益权。标的股权受益权之转让价款总额为4.5亿元。

At the same time，Also can consult tieling new town(000809,Shares it)Mode of operation of the，After the completion of the restructuring immediately start refinancing program：Plan to put into the assets reorganization from Beijing 160 million yuan equity wealth（The total equity of 40%）The corresponding beneficiary transferred to the trust of jilin province，And signed《The equity transfer of wealth from beneficiary and repurchase contract》。Jilin trust agreed to set up the money through from equity capital trust beneficiary single plan，In order to deposit in the trust property trust fund only door to purchase the company hold the subject matter of the distribution of the equity。Mark of beneficiary equity transfer amount for 450 million yuan。