摘 要:随着我国资本市场开放的深入，我国企业发展已进入到一个“资本经营”的新时代，资本经营的好坏直接影响到企业今后的生存和发展，影响企业在行业中的竞争能力。金融危机以来，不少上市公司迎风而上，实行了一系列的兼并扩张之路，通过资本经营的杠杆效应，企业的竞争力因此而大幅提升。但是也有一些公司资本经营不善而导致失败的，他们或是与政府的关系处理不当，或是做些与自身产业毫无相关的资本扩张，或是文化无法融合，或是无法得到投资者支持等等。

资本经营是以资本增值为目的的，以价值形态经营为特征、通过对生产要素的优化配置和资本结构的动态调整、对企业资产进行综合运营的一系列经济活动。资本经营的方式主要有兼并，收购，重组，股份回购，资产剥离，股权出售，股份制改造，公司分拆上市，企业清算等。这些资本经营的方式各有各的适用条件和环境，在适当的时候资本经营运用得当，就能达到资本增值的目的。公司从产品经营到资本经营是个巨大的跨度，上市公司治理层有必要了解资本经营的各种方式，了解经济环境并进行适当的资本经营，以实现公司资源的有效利用，从而实现公司价值最大化。

本文将挑选近几年资本经营成功与失败的若干案例，分析其原因，以找出日后上市公司进行资本经营可能会遇到的问题并提出适当的解决方法以供参考。

关键词： 资本经营；上市公司；资本增值

ABSTRACT:With a new era of the opening-up of China's capital market, corporate development in China has entered into a capital operation, capital operation is impacting the survival and development of enterprises in the future, affecting the competitiveness of enterprises in the industry.Since the financial crisis, many companies come to face the windward and begin to merger and expand, run through the capital leverage, the competitiveness of enterprises increased dramatically. But there are also some of the company's capital to poor management and lead to failure, or relationship with the Government handled properly, or do no capital expansion with its own industry, or culture can not be integrated, or can not get investors to support the and so on. Capital operation is for the purpose of capital appreciation, form of value management is characterized by the factors of production optimization configuration and the dynamic adjustment of the capital structure, and corporate assets integrated operational range of economic activities. The capital management mergers, acquisitions, restructuring, share repurchases, divestitures, stake sale, joint-stock reform, Spin-off Company, liquidation of the enterprise. Each have their own capital management applicable conditions and environment, capital operation at the appropriate time, used properly, can achieve the purpose of capital appreciation.From product management to capital operation is a huge span, corporate governance layer is necessary to understand the various ways capital management to understand the economic environment and the appropriate capital operation in order to achieve effective use of company resources, enabling the company to maximize the value.

This article will selecte capital operation cases of successed or failure in recent year, then analysis of the reasons to identify listed companies in the future capital operation may encounter problems and propose appropriate solutions for reference.

Keywords: Capital operation; Listed companies; Capital appreciation