| Since the end of the 20th century, China’s economy has been in the critical period of reform and development. Corporations are developing from commodity production to manufacturing operation, then to the capital operation. The evolvement of joint-stock reform as well as the establishment and rapid development of capital market in the 90’s impelled corporations to seek for more rapid development. Only maintaining the existing scale of business, using the internal potentials and cutting the cost are by far not enough to maintain the sustainable growth of preponderant corporations and reach a further level. Other than manufacturing operation, it is important to optimize and restructure the internal resources and external M&A to achieve the scale operation. Capital operation is the only way to the rapid development of corporations.Capital operation is also referred to as capital utilization or capital management. As a kind of business practice, it aims to seek maximized capital appreciation, and is characterized by value-based management. By optimal allocation of production factors and dynamic adjustment of industrial structure, it could effectively utilize all capital of enterprise. Capital operation includes mergers, acquisitions, management buyouts, strategic alliances, share repurchases, corporate separation, spin-off market, asset stripping, asset restructuring, bankruptcy reorganization, debt-equity swap, lease management, managed operations and so on.At the beginning of YYTH’s foundation, capital market of China was just experiencing vigorous growth. In the transformation process from planned to market economy, the capital market grew out of nothing, and then gradually got on the right track after experiencing various risks. In the course of more than 10 years’capital operation, YYTH experienced similar crisis as well as our country’s capital market. Then, after continuously putting capital operation as priority issue, and persistently optimizing assets structure and financing structure, it has been rapidly developed and expanded. Yunnan Yuntianhua Co., Ltd. is a company limited by shares, which was founded by Yuntianhua Group Co., Ltd. and Initial Public Offerings. It’s one of the most famous chemical fertilizer manufacturing enterprises Majoring in chemical fertilizer, organic chemical industry, new glass fiber materials and business. The company involves the concept of capital operation in the entire process of operations, which successfully leads to the rapid development.This dissertation analyzes YYTH capital operation since it was listed in 1997 and draws the valuable conclusions suggesting how to make further move. It is based on its reality, linking theory to practice, realizing the maximum value of the corporation operation by means of empirical analyze. It starts form the operation strategies, takes the different capital operations as the principle line and analysis the ten-year’s capital operation of YYTH from macro-economy and self-development. It sums up experience of capital operation’s impact on the corporate image, production operation, fund management, etc. And then it offers further suggestions of the capital operation.This dissertation is divided into six chapters. The first chapter is the introduction, which includes the background, the purpose and the main points of innovation; chapter II is on the theory of capital operation; chapterⅢis the background of YYTH; chapter IV analyzes the capital operation of YYTH since it was listed, the gains and the losses and the impact to the development; chapter V is on the financing and shareholder returns; chapter VI is on the reasons of rapid development and the impact of the capital operation, which emphasizes the important status and effect of the capital operation; chapter VII is on the operation of YYTH’s future capital strategies to make more progress. Based on the previous analysis of capital operation, and combined with the reality of company and industry background, the main content of this article is in order to find out strategic for the future capital operation.Throughout the dissertation, the main part is based on the listed company YYTH as the research object. The dissertation starts with the all past capital operations since IPO, researches on the way of maximizing enterprise value. It focuses on the development of the enterprise, and seeks for the way leading to be much bigger and stronger from its own business practices. It analyze systematically the aspects of capital operations as a whole, rather then restricts to a particular theory of its own. It focuses on combining theory with practice, and is much practical.In summary, from the research we can make a conclusion that the capital operations of YYTH are very successful, especially several representative operations have lead to the rapid development of YYTH and provided financial support to industrial and scale expansion. Meanwhile through research on the main trend of capital operation, the dissertation makes a suggestion of YYTH’s capital operation in the future, in order to make a useful reference. This dissertation attempts to clarify the significance of normative operation, management and long-term development through the case study of YYTH, as well as finds a way of financing and operating in the capital market next step, offers constructive comments. Model and experience of YYTH’s capital operations could offer enlightenment to enterprises of the same industry and area, even to listed companies allover the world, which makes more opportunities and space to the enterprises. |
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