山东能源集团有限公司是经山东省委、省政府批准，由新汶矿业集团、枣庄矿业集团、淄博矿业集团、肥城矿业集团、临沂矿业集团、龙口矿业集团六家企业重组而成的省属国有独资公司，目前已经发展成为以煤炭生产为基础，电力、煤化工、装备制造、物流贸易、医疗健康等产业协同发展的特大型综合性能源集团，是山东省资产规模最大、效益最好的省管企业和世界500强企业。中央和地方国有大型煤炭企业利用上市公司作为资本运作平台不断发展壮大的实践证明，改制上市是推动企业突破传统模式、做优做强、实现跨越式发展的重要举措，但是，山东能源集团缺少主业上市公司资本运作平台。因此，加快推进重组改制上市工作是山东能源集团实现建设国际化、现代化大型能源集团战略目标的必然选择。研究改制上市战略对于推动山东能源集团持续、健康、快速发展具有举足轻重的作用。 　　　本文在立足山东能源集团现状和未来发展目标的基础上，通过对国有大型煤炭企业改制上市情况进行系统研究，借鉴和吸取相关经验教训，结合监管政策，提出了符合山东能源集团实际的改制上市模式和路径，即通过首次公开发行股票（IPO）方式，将山东能源集团煤炭、煤化工、装备制造、电力、现代物流等具有上下游关系、产业关联度高、发展比较成熟的主营业务和资产整体改制并在国内A股市场与香港H股市场上市，形成山东能源集团煤基产业群整体上市公司。 本文提出的山东能源集团煤炭主业及其关联产业整体改制上市战略解决了山东能源集团改制上市所具有的国有大型煤炭企业特殊问题和企业本身的个性问题，主要体现在：上市资产的选择应从符合煤炭企业自身需要、对投资者的财务吸引力等角度出发，通过资本市场的放大效应实现公司价值最大化；综合考虑各个产业板块间业务关联度、互相依赖程度、未来发展的协同效应，确保重组能有利于集团战略的实施和各板块业务未来的长期生存与发展，实现上市资产与存续部分共同良性发展；上市资产及运营模式应符合监管要求，无法律缺陷和障碍；统筹规划股份公司的整体股权结构，保持国有股东的绝对控股地位和良好的后续融资能力；重组上市应符合有关政策导向，在省内、行业内和资本市场上具有相当的影响力，从而为获取相关政策支持创造条件。

Shandong Energy Group Co., Ltd. is a state-owned provincial-directed company approved by the Shandong provincial government and comprised by Xinwen Mining Group, Zaozhuang Mining Group, Zibo Mining Group, Feicheng Mining Group, Linyi Mining Group, Longkou Mining Group after the reorganization. Shandong Energy Group Co., Ltd. has developed into a vast integrated energy enterprise with main business coordinately expanded into coal production, electricity, coal chemical industry, equipment manufacturing, logistics, trade, healthcare and other industries. Shandong Energy Group is the largest and most profitable Province-direted enterprise as well as one of the Fortune 500 companies. Practice of the central and local state-owned large-scale coal enterprises using listed company as a capital operation platform to promote long-term development has proven that restructuring and listing would be an important measure which encourages enterprises to break through the traditional mode and to achieve leapfrog development. But Shandong Energy Group lacks listed main-business companies as capital operation platform. Therefore, accelerating the restructuring and listing is the inevitable choice for the strategic objectives of Shandong Energy Group, which is to build an international, modern large-scale energy Group. Research about restructuring and listing strategy plays a decisive role for the promotion of sustained, healthy and rapid development of Shandong Energy Group. 　　　Based on the current status and future development goals of Shandong Energy Group, this essay conducted a systematic study on restructuring and listing of large state-owned coal enterprises. It learns from the relevant experiences and takes into consideration the regulatory policies. The essay proposes the mode and path for restructuring and listing of in line with the actual situation of Shandong Energy Group, that is, to restructure the main business and assets of Shandong Energy Group with upstream and downstream association, high industrial relevance and maturity, like coal chemical industry, equipment manufacturing, electricity, modern logistics, and to list them in the domestic A-share market and the Hong Kong H-share market by the initial public offering (IPO), so as to form a listed-company group of coal-based industry of Shandong Energy Group. 　　　The overall restructuring and listing strategy of the main coal industry and its related industries of Shandong Energy Group presented in this essay has addressed the special problems of large state-owned coal enterprises and individual problems that Shandong Energy Group will encounter in the listing process: the choice of the listed assets should be in line with the need of coal enterprises and the financial attractiveness for investors, to maximize the value of the company by the amplification effect of the capital market; comprehensive consideration of degree of relevance, mutual dependence, synergies effect for the future development for each industry sector, so as to ensure that the restructuring are conducive to group strategy implementation and the long-term survival and development of all sectors; to achieve common benign development of the listed assets and the surviving part; to keep the listed assets and operation mode in line with regulatory requirements, be free of legal defects and obstacles; to coordinately plan the overall ownership structure of the company in order to maintain absolute control of the state-owned shareholders and good follow-up financing capacity; restructuring and listing should be consistent with the policy-oriented consideration in the province, to achieve enough influence in industry and capital markets, so as to create conditions for policy support.