【资本论坛】华宸资本华海波：注册制下传统上市公司转型与私募股权基金相结合的投资并购策略

来源：界面新闻

6yue8ri，youhainanshenggongyehexinxihuatingzuoweizhidaodanwei，shanghaibaoyejituan|jiemianxinwenzhuban，haikouguojiagaoxinqu、haikoujiangdongxinquguanlijuzuoweizhichidanwei，tribunekantai、huachenzibenzuoweizhichiqiyedediliujie【zibenluntan】zaihaikouguanlanhudujiajiudianyuanmanluomu。huachenzibendongshizhanghuahaibochuxibenciluntan，bingfabiaotiwei《zhucezhixiachuantongshangshigongsizhuanxingyusimuguquanjijinxiangjiehedetouzibinggoucelve》dezhuzhiyanjiang。

以下为华海波演讲实录：

ganxiezuweihuijiwozheicijihui，shijianguodehenkuai，shangyicicanjiahuodonghaishizaiyunnan，jintianlaidaolehainan。zheicidewoyanjiangdehuatishi《zhucezhixiachuantongshangshigongsizhuanxingyusimuguquanjijinxiangjiehedetouzibinggoucelve》。qishizheigeyitiyanzhechengzongdehuatijiangde，chengzongshicongerjishichangdejiaodukandaozhucezhideyingxiang，womenshicongyijishichangguquantouzideshijiaokandaizhucezhiduizhongguoshangshigongsideyingxiang。

gangcaichengzongshuole，zhucezhiduiwomenzibenshichangyouhenduozhongyaodeyingxiang，qishihendadeyingxiangshishangshigongsi“jin”he“chu”deyingxiang。womenzuoleyigetongji，qunianquannianzhongguoaguyou52jiashangshigongsituishide，neimedaojinnian5yue1rigongjichenggongipode103jia，tongshijiezhi5yue1ri，mingquetuishideyou28jia，dadaotuishibiaozhunde57jia，zheigejibenshanggenchengweizongdetongjixiangwenhe。jinnianhaimeiguoyiban，yijingdadaoqunianquanniandetuishishuliang。

zibenshichangxiangshuichiyiyang，youjinyouchuyouliudongcaiyougengdadeyiyi。zheiyangjiuduiwomenchuantongdeshangshigongsijiudailaileyigewenti，ruguobutiqianzuozhunbeizhuanxingdehua，henyoukenengbeishichangzhubutaotai，chuxianyejibuwending、caiwuwentizhujianehuadeqingkuangxia，youkenengzibenshichangyongjiaotoupiao，zaigongsigujia1kuaiqianjiagexiamianpaihuai，neimejiangmianlinhaoburongyishangshiquebuxingchengweituishi。

suoyicongtouzibinggouxuqiucejiaodulaikan，youdonglihedongyinlianggefangmiancuchengshangshigongsiyoutouzibinggoudeshuqiu：

diyigedonglishishizhi。shangshigongsidouyouzuodashizhidedongli，neimeduishizhidesuqiudehexinzhanlveluojijiushitouzibinggoudecelvedaodishiyinian、sannian、haishiwuniandecelve。touzibinggouduishizhilaishuofenneiyanshihewaiyanshi，neiyanshishiduichuantongyewudetisheng，waiyanshishiduixindejihuihefazhanfangxiang，zheishiduishizhifazhanzuiyoubangzhudeyizhongfangshi。dangranruguocelveshizaiyinian、sanniandengduanshijianneitishengshizhi，jiujiangmianlinruguobinggoubushihaodezichan，huozhebinggouzhenghenenglidabudaoyidingshichangyaoqiudehua，wunianyihoukenengshiluoyongdezhuangtai。

diergejiushidongyin，shangshigongsidetouzibinggouyouzuoshangxiayouzhenghede、youzuoyewulianzhenghede、youjinruxinlingyude，youzheiyangdedongyin，haiyaoyouzheiyangdejiyuancainengzhenzhengzuoqilai。

gangcaijiangdeshixuqiuce，youxuyaoyexuyaoyougongjicainengcuchengshangshigongsigongjicedexiangmugenshangshigongsixuqiucewenhe。womenhuizongqiyefazhandequxian，chanyefazhanshizhujianjizhongdudeguocheng，congxiaodaodawanghouzaifazhan，congjizhongdaoguatoudefazhan，fazhanguochengzhongyouhenduoqiyehuiyoushenglietai，birunengyuanqichededonglidianchixingyezuiduodadao300duojia，zuiyouxiaodegonghuodeyejiuqian10jia，bushiqian10jiahennandadaowendingdefazhanzhuangtai。guochengdangzhongruoganqiyebeitaotaihuozhebinggou，xiangmudegongjifangzaizhenggegongjiguochengdangzhongyeyouyidingdequxian，butongdefazhanjieduan，kenengxuyaobutongdejinronggongjuyuzhixiangpipei、xiangjiehe，shixianzibenhuacehuozheqiyefazhandezhanlvezhidao。zaizhenggegongjicelimianzibengongjuhexiangmudegongjidouyoubutongdesuqiutixian，chuchuangqideshihouyibannavchuozhenape，qiyedaoyidingguimodeshihou，mianlinmboshougou，youshihouzuolmbozuogangganxingrongzishougou，ruguonengduliipojiudulishangshile。

gongjicedeqiyelimian，zhongjimubiaoyishangshiweimude，dangranshangshiyebushizhongjimude，zhishiyizhongrongzishouduan，zibenshichangshangmiannengshixianjiazhigengdahua，huozheshichangyingxiangligengdahua，shixianqiyedezhangzhijiuan，ruguobunengduliipodeqiyejiujiangmianlinchanyebinggoule。

gongjicehexuqiuceyoule，jiafangheyifangyejiuyoule，zheishihoujiuxuyaoyoulebingfang——simujigou——canyudaojiafangheyifangzhijianhezuodelingyulimianlai，womenzuoweisimujijinguanlijiegou，zijihuizongsimujigouyouruxiadeduteyoushi：

diyigeqiaoliangzuoyong，cuchenglexinxidehutong，cujinliangxingdegoutong。

dierjiushizhongxingtouzijigouyouzhuanyedetuandui，womentuanduilimianjiejin20geren，putongdeshangshigongsitouzibuyejiu3-5geren，women20gerenlitihuadetuandui，keyijinitigongbinggouguochengdangzhongduoyuanhuadesuqiu。

disan，simujijinkeyigongtongtouzi。chuantongdetouxingzhishicuchengjiaoyi，womensimujijinbujincuchengjiaoyi，erqiewomenshijiaoyifangzhiyi，liyiwanquanbangdingzaiyiqi，wozijitouqian，mujizijinjiniyixiegangganxingshougou，bangnizuoshougouhebinggou。

disi，womensimujijinzailimiankeyijishangshigongsitigongduoyuanhuadexuqiu，birudingzengguquanjilishangshigongsijianchidoukeyi，yongwomendehuashuo，zongyouyikuanshiheni，zongshikeyizuodaoyixiehenhaodeqiji。

womenjuyigewomentuanduizai2019niankechuangbantuichuzhiqiancanyucaozuodeyigeanli：weiergufenshougouhaoweikeji。weiergufenshiyijiazuobandaotifenxiaodegongsi，shimaoyigongsi，pifa+lingshoudebandaotixinpianyewu，laobanhenlihai，xingyedangzhongjiaojiaozhe，benkeqinghuaxuetuxiangchulide，henkanzhongmeiguodehao。zheishiwomenxingyedejiechuxiaoyouchendatongxianshenglianheqinghuatixibameiguodehaoweisiyouhuahuilai，ranhoutouzibinggoudaoweiergufenlimian。

zheigeshiwomendagaidejiegou，shixianleliangxingdefazhansudu，dangshigongsidongshizhanggenwomenshuo，weier+haowei，bushi1+1dayu2dewenti，ershi1+1yaodayu5，danshijidexiaoguoshi1+1dayu17，dangnianshougou1yidelirun，houlaishougouhoudannian17yidelirun。zhihou，womenshixianjianchideshihou，dagaigujiajiejin97kuaiqian，chigushizhidadao42yi，jibenshangyigexiangmufanle10bei。

zuihouyifenzhongmiaohuiyixiahuachen，huachenzibenshihainanzouchuqudeqiye，2014nianzaihainanchuangli，kaishiguanlihainanshenggongxintingdechuangyetouzijijin，houlaiconghainanfushedaobeijing，2019nianshenqinglesimupaizhao，haikoujilewomenjinrongzhengcehezhucefangmianbianlidesuqiu，gengqidai2025“fengguan”yihoudailaiyixiegenghaozhengcejiwomen。muqianzhuyaoweirao3-4jiashangshigongsizuochanyeshangxiayoutouzi，zuochanyebinggoujijin，

queshihenrongxingzaicicanjiazheiyangdehuodong，henqidaimingnianyouhuodongdeshihou，mingnianjixucanjia，jixuzanzhuzheiyangdehuodong，xiexiedajia。