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无锡尚德破产案例分析——从风险控制的视角
邓方昆
2012级ACCA专业01班,1208020116,指导老师:季小琴

摘要:尚德电力,有澳籍光伏专家施正荣一手创立的光伏企业,在短短的十余年从默默无闻的小公司,到纽交所上市,再到世界光伏产能第一,最终资不抵债破产清算,其中的跌宕起伏好似一场戏剧。然而,2005年在纽交所上市的尚德拥有萨班斯法案所要求的一切监事会以及形式上看来充分完整的内控系统,尚德的董事会成员都是具有辉煌履历的海外专家,同时施正荣自身也是光伏发电领域的翘楚。为何具有全明星班底的尚德会连连做出愚蠢的重大决定?为何技术领先的尚德最后的覆灭不是技术本身,而是人为?在中国高科技企业频繁赴美上市的大背景下,尚德失败的案例能够为如今的中国企业带来何种启示?本文采用案例分析法得出如何加强企业自身的风险控制。

关键字:尚德电力;破产;风险控制

The cause behind the fall of Suntech Power Hodlings
----From the view of risk management Abstract: Suntech Power Holding, created by the Australian Photovoltaic expert ,Dr Shi Zhenrong, grew from being one of the many new start-ups in China in 2001 to become the leading global producer of photovoltaic solar cells and modules in 2011. However, on march 18th 2013, nine creditor banks in China jointly filed a bankruptcy motion to the Wuxi Municipal Intermediate People’s court to start the reorganization of Wuxi Suntech Power Co. Ltd. Why does a company that met every criteria written in SOX and owned a board full of social elites make so many wrongful decision? Why does a high-tech company fall as a result of human factors? Under the context of Chinese high-tech companies frequently listing on foreign market, what lesson can Suntech bring to today’s Chinese companies. This article draws conclusion on how to reinforce the risk management system by using the case analysis method.

Keyword:Suntech Power holding ; bankruptcy; Risk control

绪论:
(一)选题背景与研究意义
自1637年荷兰郁金香泡沫破灭、1720年英国南海公司泡沫破灭以来,1929-1933年美国发生“大萧条”,直至2008年以来全球金融危机爆发,伴随市场范围的不断扩大以及金融工具的创新,世界经济的不确定性越來越大。市场的微观经济主体企业,在动荡的市场环境和激烈的竞争中追求价值最大化对管理者的经营管理能力提出越来越高的要求。 2013年3月20 R无锡市中级人民法院宣布根据《破产法》对无锡尚德太阳能电力有限公司(下称“无锡尚德”)进行破产重组,昔日的新兴战略性行业龙头企业在经历产能和资产规模迅速扩大后轰然倒塌,这背后有着怎样的逻辑? 本文将立足于内部控制、公司治理和企业风险管理理论,通过对无锡尚德案例的梳理,分析其经营失败的原因,从中挖掘出对我国企业经营管理有所启示的内容,通过风险管理以真正实现企业的基业长青及所有权人利益最大化。
(二)文献综述
国外对过度投资风险控制的研究。Gugler和Yurtoghi (2003)认为独立董事的引入可以有效地监督和约束管理层与大股东的过度投资行为;Chava和Roberts (2008)发现:当发生债务违约后,债权人会主动加强对企业投资行为的监督,促使其降低投资支出水平。 国内对过度投资风险控制研究。童盼和陆正飞(2005)发现负债对过度投资有一定抑制作用。负债率的高低和过度投资规模成反比,并且项目风险越高,约束作用越强。唐雪松、马如静和贺明明(2007)通过研究发现现金股利可以有效降低企业的自由现金流,进而抑制管理层的机会主义动机,有效缓解企业过度投资。刘星和窦炜(2009)发现在绝对控股条件下大股东的持股比例会影响企业投资行为;存在多个大股东时,股东之间的制约与合谋也会影响企业过度投资行为。袁建国和蒋瑜峰(2009)发现上市公司信息披露程度会影响过度投资行为:在公司现金流充裕的情况下,信息披露质量与投资规模表现出更显著的负相关关系。叶建芳、李丹蒙和赵胜男(2012)认为机构投资者会监督上市公司过度投资水平,且持股越高,过度投资水平越低。

一、无锡尚德公司及其破产重组介绍
(一)无锡尚德公司介绍:
2001年9月,无锡尚德太阳能有限公司成立,创始人为施正荣。在经历了 2年亏损后,2003年小幅盈利,2004年利润接近2000万美元,其太阳能产能已经位列全球第五。2005年12月,尚德电力(Suntech)在 NYSE[1]上市。2007年12月26日,尚德电力股价达到历史最高点(88.35USD/ADR),市值超过154亿美元,公司创始人施正荣个人财富达到50亿美元。2012年9月22日,因公司股价连续低于1美元,被纽交所停牌。2013年1月15日,尚德电力恢复挂牌交易。截至2011年12月31日的年报(公开可获取数据最新部分)显示,尚德总资产超过45亿美元,负债率约80%,其中,短期借款、可转换票据等债务接近23亿美元。2012年10月25日,尚德电力的主要的融资和资产平台无锡尚德从国家开发银行[2]获得初步贷款2亿美元,并正在于多家银行组成的银团协商更大笔的贷款。最终,无锡市中级法院于2013年3月20日裁定尚德电力破产重整。
(二)无锡尚德破产重组情况
1.尚德电力破产重组方案 具体的重组方案有两种,一是直接给予债权人占总额31.55%的现金补偿,债权人将在无锡法院做出裁定后的40天内获得补偿。 第二种方案为现金+应收款方式支付。债权人按照30.85%的比例收取现金,还可以通过无锡尚德的账面应收款受偿。应收款部分将在无锡中院做出判决后三个月内执行 2.无锡市政府的反应 无锡市政出于稳定就业,增加GDP,以及增加财政税收的考量,并不愿意尚德电力 直接进入破产清算。但如果无锡政府贸然出手,则实际上是对施正荣的利益输送和对其经营失败买单,这对其他地方企业形成示范效应,加剧地方企业的道德风险,形成诸多大而不倒的地方企业,造成地方经济隐患。所以,无锡政府并未对尚德进行直接援助,转而向施正荣提出以个人资产作为担保的建议。然而施正荣拒绝后,无锡市政府决定引入国有股权重组无锡尚德,保留新兴战略性的光伏企业。除了无锡国联入资尚德,在3月18日新上任的董事会成员中,有中国光大国际有限公司的独立董事范仁鹤。 3.九家债权银行的反应 对于债权银行而言,确保本金安全,收回债权是第一要务,这也是海外债权持有人的利益关注点。债权银行提出破产重组,希望无锡尚德通过破产重组,整合有效资源,改善运营管理,摆脱经营困境。 此外,银行方面还希望,通过改组和完善治理结构,寻找合适的战略重组第三方。2013年3月15日到期的可转换债券,仍有4.51亿美元的未支付金额。这部分债权人拥有两个选择:诉讼或者与债权银行谈判。如果海外债券持有人不接受尚德电力的破产重组方案,并且向美国法院提起诉讼,则尚德电力将被移交美国托管人。如果选择谈判,则根据各自的债权比例确定各自的可收回金额。 4.大股东施正荣的反应 对于施正荣个人而言,一方面尚德是他一手创办的亲儿子,施正荣对它怀有个人情感;另一方面如果尚德破产,他因关联交易所产生的各种利益将被清算,他名下的其它资产也无法获得银行或者地方政府的支持,因此施正荣不希望无锡尚德破产,而希望地方政府注资保护。
二.无锡尚德风险破产原因分析
结合COSO[3]框架风险控制分析 1.内部环境 首先施正荣作为一个创业型兼学者型的领导,本身专业水平足够,但管理水平欠缺,虽然他试图照搬西方的公司治理模式,董事会成员也一并聘请从BP,西门子,拜耳出身的外籍高管。然而尚德的独立董事们及其机构更像是一个花瓶。原因如下,无锡尚德为尚德电力的全资子公司,并且集中了尚德电力95%的产能,然而施正荣个人以及他家族控制的D&M一同控制了尚德电力60%的股票。此外,身兼CEO和董事长的施正荣权力太大,独立董事及相关监事会完全无法撼动施正荣的决定,比如2006年施正荣签署的MEMC十年长约,09年投资三亿的薄膜技术,虽遭反对,但施正荣依然强行通过决议。此外,施正荣在诚信与道德上存疑,他安排自己的亲信任职于尚德;GSF反担保丑闻的爆发更是暴漏出整个尚德在诚信审核上严重缺失。强调创新,科技和速度的尚德忽视了风险,无形之中提高了企业的风险水平。 2.目标设定不合理 目标设定定义了一个组织的风险偏好。根据尚德的公司章程,尚德的愿景是:每个尚德人都憧憬一个绿色,永恒和和谐的未来并为之努力,为的是每个人都可以使用清洁、可再生的太阳能源。使命是:站在当今时代的前沿,面对亟待解决的“明日能源危机”。尚德的目标设定是成为世界新能源引领者。 然而在具体战略的落实中,尚德不断追求地却是行业内的老大地位,这与施正荣的争强好胜的个人性格也是吻合的。在尚德一味追求规模,速度,行业地位的发展路途中,尚德不仅忽视了业绩的提升,更不注重市场的消化容量。即使在2008年金融危机后,作为尚德主要市场份额的欧美国家纷纷开展反倾销以高税收政策后,尚德依然坚全面扩张战略而并非考虑缩减成本以及改善资产负债情况。光伏产业本是高科技产业,其核心竞争力往往来源于企业自身的核心技术,虽然施正荣贵为澳大利亚薄膜光伏的专家,然而在中国的尚德的核心优势更多的是来自国内低廉的劳动力以及地方政府的各类优惠政策。因此,光伏产业的门槛在中国政府的帮助下被大大降低了,随着尚德的崛起,各地的地方政府为了自身的政绩争相模仿“尚德模式“,在2005年尚德纽交所上市后,短短的五年时间内中国兴起了上百家光伏企业,竞争日趋白热化,从而导致了光伏组件价格大幅降低,利润空间缩水严重。在这种情况下,尚德应该转头将目标设定为提升自己的核心科技而不是一味地盲目扩张。 3.事项识别错误 事项识别是指一个公司必须建立一个评估系统来鉴别影响公司的内外部事项,从而区分出风险和机会。 在尚德,财务风险预警系统并未建立。2007年以后,尚德在每年负债率超50%的情况下依然大量借债,同时不合理的长短期借款比也让尚德陷入了极高的财务风险。地方政府的高补贴以及银行的贷款让尚德产生了一种自身实力强劲的错觉。 光伏产业属于战略新兴型产业,波动性极大,具体表现在市场需求和价格波动上。尚德电力的对外依存度高达90%,一旦遭遇冲击尚德面临的风险将是巨大,然而施正荣人为光伏能源作为未来能源前景广阔,产能有多大,需求就有多大。因此,尚德电力并未建立一个成熟的目标识别系统来区分机会和风险。 4.风险评估与风险应对有误 在项目识别环节上成功区分出风险与计划于之后,企业应当对风险进行评估并提出相应的风险解决方案。风险评估主要通过风险的可能性以及其影响程度这两个标准进行考量。就尚德来说,应当根据其经营状况,负债情况,行业状态计算出现金流断裂,无法偿债,净利润大幅下滑的可能性。然而这在尚德的年度财报中和其他公开资料中并无找到相应说明,证实了其风险应对的不完善。 5.控制活动失效 控制活动就是确保风险应对得以实施的政策和程序。它贯穿于整个组织,遍及各个层级和各个职能机构,包括一系列活动:批准、授权、验证、调节、经营业绩评价、资产安全和职责分离。然而在尚德,最基本的职责分离都未实现,兼任CEO和董事长的施正荣理论上导致了他的权力无限扩大。比如在和MEMC签署期限十年总价高达60亿美元的合同时,仅凭他个人拍板,完全没经过董事会科学民主充分的论证。亦或者3亿美元投资薄膜技术最后却一无所获。尚德的重大决策基本依托施正荣的个人判断,这在尚德初期规模不大时,精英的领导却是可以凭借一己之力和远见卓识带领公司飞速发展,然而在尚德成长为一个规模百亿美元级别的巨头时这种带有浓重主管色彩的决策方法将之置于巨大的风险中。
三、无锡尚德破产的启示
为了避免企业破产,必须做到以下几点
(一)建立完善的治理机制与强化风险意识
尚德电力应该建完善内部的公司治理机制,发挥内部审计,注册会计师监督,法律监督以及社会监督的内外部监督作用。即使领导者做出个人决定也要遵循相应程序,尤其重大决策时应该实行集体协商机制。尚德可考虑引进职业经理人,施正荣作为技术专家可退居二线专心科研。此外,还可通过公司章程明确管理层指责以及工作流程。除开公司治理机制外,还应当注重培养重视风险的企业文化。
(二)根据企业的比较优势确定战略目标
企业应该根据自身的比较优势确立战略目标,目标的确定应该符合企业未来的战略发展方向。无论企业的目标是利润导向,规模导向或者是风险导向,它都应该建立在企业的核心竞争力之上。尚德的比较优势在于施正荣的专业知识以及无锡政府的政策支持。因此,尚德的战略应该是提高自身的核心竞争力,如多晶硅电池的转化率[4],争取每次技术突破能够提高1%-2%的转化率[5],并依托地方政策适当扩张国内市场,而不是接着地方银行源源不断的贷款无视国外市场的萎缩局面激进扩大规模。

(三)及时关注市场与行业的过度竞争等风险 对于光伏这样的新兴行业,买方市场与卖方市场的转变往往是极为迅速的。尚德应该警惕过度竞争导致的亏损以及产能过剩的风险。在光伏行业中,初期企业数量较多,因市场需求广阔而供不应求,属于卖方市场。然而随着尚德的成功,地方政府将尚德视为样板企业大力发展同类公司,导致短时期内门槛下降迅速,市场迅速进入饱和状态并出现供不应求的情况,卖方市场转向买方市场。尚德电力应该考擦自身处于行业生命周期的哪个阶段,在盈利能力尚可的时候调整市场与行业布局。
(四)通过降低成本费用等提高抗风险能力
尚德可通过降低成本、管理费用、资产负债率、平衡债务的内部结构提高企业的抗风险能力,另一方面可以通过建立行业内的战略联盟,发挥产业链条各自的比较优势,实现风险分散。对于降低成本,尚德可以通过技术研发,规模经济实现,并且在拥有严格有效的内控制度下杜绝施正荣的关联交易转移利益,选择价格更优的供应商。对于管理费用的降低,尚德的董事会成员多为海外背景的业内精英,冗员过多,尚德可精简机构,用本土化的人才代替海外的部分名气大于实力的退休董事。资产负债率得到降低以及债务结构的优化则需要尚德加强自身的财务管理能力,将目前的债务结构优化为长期债为主。

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[1] 纽约证券交易所
[2] 国家开发银行实在国务院安领导下的政策性银行,以振兴国家产业发展为己任,并非一家商业银行。
[3] COSO是全国反虚假财务报告委员会下属的发起人委员会(The Committee of Sponsoring Organizations of the Treadway Commission)的英文缩写。
[4]转化率这个指标用于衡量太阳能电池将太阳能转化为电能的能力和效率
[5] 2005年,尚德电力单晶硅和多晶硅太阳能电池的平均转化率达到15%-18%,于此对照的是,世界平均单晶硅太阳能电池转化率为15%-18%,多晶硅太阳能电池转化率为14%。…...

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