China National Coal Group Corporation

长期以来,同业竞争是上市公司监管审核中的重点关注问题之一,随着2019年科创板推出、2020年创业板注册制改革以及2023年全面注册制实施,证券监管机构逐步明确了对同业竞争审核的量化指标。能源央企集团由于资产规模庞大、下属经营主体众多、不同子公司盈利水平差异较大、同行业央企重组整合等因素,下属控股上市公司之间存在同业竞争的情况较为普遍。近年来,国务院国资委大力推进央企战略性重组和专业化整合,高效解决同业竞争问题,有利于推动更多优质资源向上市公司汇聚,提升核心竞争力和市场影响力。通过总结证券监管机构及国务院国资委对于央企上市公司同业竞争问题相关的政策法规,梳理研究能源央企上市公司解决同业竞争问题的市场参考案例,围绕“纵向一体化”及“横向多元化”两种业务整合策略,对能源央企上市公司的同业竞争解决思路进行探讨。

For a long time, related-party competition among listed companies has been one of the key issues of the Chinese securities regulation. With the launch of the Science and Technology Innovation Board(STAR market) in 2019, the reform of the registration-based system for the Growth Enterprise Market in 2020, and the implementation of the full registration-based system in 2023, securities regulatory authorities have gradually clarified the quantitative indicators for related-party competition. State-owned energy enterprises usually have large asset sizes, numerous operating entities, significant differences in profitability among subsidiaries, and other factors such as the integration of same-industry enterprises, it is common for state-owned listed companies to have competition with related parties. In recent years, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) has actively promoted strategic restructuring and integration of state-owned enterprises, which can effectively solve the problem of related-party competition and promote the convergence of more high-quality resources to listed companies, thereby enhancing their core competitiveness and market influence. This paper summarizes the policies and regulations of securities regulatory authorities and SASAC regarding the related-party competition problem of state-owned listed companies, and sorts out the typical market references of solving the related-party competition problem for state-owned energy listed companies. Based on two different reformation strategies:"vertical integration" and "horizontal diversification", this paper discusses the thinking on solving the problem of related-party competition for state-owned energy enterprise listed companies.

郭巍. 关于能源央企上市公司同业竞争解决方案思路探讨. 煤炭经济研究. 2024, 44(10): 95-100

GUO Wei. Discussion on the solution ideas of competitions among listed central state-owned companies within energy industry. Coal Economic Research. 2024, 44(10): 95-100