發(fā)布時(shí)間：2018-03-18 21:38

  本文選題：分拆上市　切入點(diǎn)：績效　出處：《石河子大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國經(jīng)濟(jì)的迅猛發(fā)展,我國資本市場正在向著更規(guī)范、更成熟逐步發(fā)展,為了促進(jìn)企業(yè)的市場價(jià)值提升,各個(gè)企業(yè)都在積極探索最合理的資源配置方式。分拆上市是一種收縮型的重組方式,在國外資本市場經(jīng)過很長時(shí)間發(fā)展,市場監(jiān)管和制度建設(shè)兩個(gè)方面都已經(jīng)發(fā)展的非常成熟,運(yùn)作體系都很規(guī)范。由于我國資本市場并沒有全面的相關(guān)制度,所以分拆上市在境內(nèi)主板市場一直受到各方面阻礙。2004年,證監(jiān)會(huì)發(fā)布“關(guān)于規(guī)范境內(nèi)上市公司所屬企業(yè)到境外上市有關(guān)問題的通知”,開放對(duì)分拆上市的限制,在政策上準(zhǔn)許上市公司的子公司從境內(nèi)分拆到境外市場上市,在此政治環(huán)境下,大多數(shù)國內(nèi)企業(yè)將子公司分拆上市到境外市場,而中行分拆中銀航空租賃作為銀行領(lǐng)域的首個(gè)分拆案例,具有一定研究和參考的價(jià)值。論文通過對(duì)中行分拆中銀航空租賃進(jìn)行研究,探討分拆上市對(duì)公司績效的影響以及公司進(jìn)行分拆上市的動(dòng)因,為以后關(guān)于分拆上市的研究提供一些借鑒。但是這種資產(chǎn)重組方式在我國資本市場的適用性還有待探討,并且在我國目前的資本市場環(huán)境下,分拆上市能否為企業(yè)股東帶來收益,提升企業(yè)價(jià)值,這些都值得我們研究分析,同時(shí)也有利于對(duì)分拆上市公司績效研究。本文采用文獻(xiàn)綜述、理論研究和案例分析三者結(jié)合的研究方法。首先對(duì)國內(nèi)外關(guān)于分拆上市的概念、理論等進(jìn)行闡述,分析了分拆上市給企業(yè)的績效以及資本市場帶來的影響,其次結(jié)合分拆上市在我國的現(xiàn)狀與發(fā)展方向,對(duì)分拆上市的準(zhǔn)入條件進(jìn)行分析;最后引入中行分拆中銀航空租賃的案例,對(duì)公司選擇分拆上市的背景、動(dòng)因等進(jìn)行分析,從財(cái)務(wù)績效和資本市場兩個(gè)方向出發(fā)對(duì)分拆上市后中國銀行的表現(xiàn)進(jìn)行分析。在財(cái)務(wù)績效上,對(duì)中國銀行的安全性、流動(dòng)性、盈利性和成長性四個(gè)方面進(jìn)行了分析;在資本市場方面,用事件研究法分析個(gè)股收益率進(jìn)行研究并利用母公司分拆上市前后的股價(jià)情走勢行對(duì)比,研究分拆上市后公司績效變動(dòng)情況。最后,總結(jié)出論文的研究結(jié)論并為完善上市公司分拆上市提出了幾點(diǎn)建議,企業(yè)要充分了解分拆上市并結(jié)合自身發(fā)展需求,選擇適合自己的運(yùn)營方式,才能獲得最大的收益。中行分拆中銀航空租賃在香港成功上市,說明我國在深化體制并進(jìn)行機(jī)制改革,在理論創(chuàng)新、制度創(chuàng)新方面正在進(jìn)行著有力的探索,這會(huì)為我國上市公司分拆上市帶來新的曙光。希望我國政府能進(jìn)一步深化體制改革,借鑒和學(xué)習(xí)境外資本市場成功的先進(jìn)經(jīng)驗(yàn),與國際市場接軌,降低入市門檻,同時(shí)完善監(jiān)管機(jī)制,使我國企業(yè)能夠享受分拆上市帶來的實(shí)惠,滿足國家與企業(yè)雙贏或多贏。同時(shí)中銀航空租賃分拆上市的成功,證明了境內(nèi)上市公司將子公司分拆到香港上市在我國資本市場是可行的,并得到了如下啟示:第一,要理性看待分拆上市,充分結(jié)合企業(yè)自身的需要選擇是否進(jìn)行分拆上市,不能單純?yōu)榱搜矍暗睦�益為進(jìn)行盲目的分拆;第二,避免因公眾持股比例不足影響上市,保證子公司獨(dú)立性;第三,防止股權(quán)稀釋帶來的威脅,保證母公司的控股地位。
[Abstract]:With the rapid development of China's economy, China's capital market is moving towards a more standardized, more mature and developed gradually, in order to promote the market value of the enterprise, all enterprises are actively exploring the reasonable allocation of resources. The spin off is a way of restructuring contraction, after a long time of development in foreign capital markets. The two aspects of market regulation and system construction of development has been very mature, operation system are standardized. As China's capital market is not related to a comprehensive system, so the listing in the territory of the motherboard market has been hit by the way of.2004, the Commission issued "on the norms of domestic listed companies listed companies related issues notice to the outside, open to spin off limits in the policy to a subsidiary of a listed company listed from the territory split to the overseas market, the political environment, large Most of the domestic enterprises will spin off subsidiaries to overseas markets, the Bank of China split BOC aviation as the first split case in the banking sector, it has a certain value in research and reference. Through the research on the bank split BOC aviation, to investigate the spin off effect to the performance of the company and the company spin off for the cause. A spin off of the research to provide some reference. But this reorganization of assets in China's capital market is still to be explored, and in China's current capital market environment, listing can bring benefits for corporate shareholders, enhance corporate value, these are worthy of our research and analysis, but also conducive to the performance of listed the company to spin off. This paper adopts literature review, theoretical research and case analysis methods to study the combination of the three. At home and abroad to spin off Listed the concept of theory in this paper, analysis of the spin off to affect the performance of enterprises and capital market, followed by the combination of spin off in the current situation and development direction of our country, to spin off access conditions were analyzed; finally the introduction of BOC BOC aviation leasing Split case, the companies choose to spin off background motivation, such as analysis, from the financial and capital markets in two directions of analysis of the spin off Chinese bank performance. In financial performance, security, China bank liquidity, analyzes the four aspects of profitability and growth; in the capital market, the rate of return of stocks study and use the parent company listed on the stock market price trend comparison before and after the situation by event study analysis, study on the spin off company performance changes. Finally, the conclusion of the paper And for the improvement of listed company spin off and put forward some suggestions, enterprises should fully understand the spin off and combine their development needs, choose their own mode of operation, in order to obtain the maximum benefits. The bank split BOC aviation successfully listed in Hongkong, China in deepening the system and mechanism reform, innovation in theory, system innovation is a powerful exploration, this will be for our listed companies to spin off bring a new dawn. I hope our government can further deepen the reform of the system, and learn advanced experience from the overseas capital market success, with the international market, low barriers to entry and improve the regulatory mechanism, the enterprises in China to enjoy the benefits of listing, meet the state and enterprise win-win. At the same time, BOC aviation listing success proved that domestic listed companies will subsidiaries Our spin off listing in Hongkong is feasible in China's capital market, and get the following enlightenment: first, rational view of the spin off, fully integrated enterprises have to choose whether to spin off, not only for the blind to split the immediate interests; second, to avoid the lack of public stake in listed, guarantee the independence of the subsidiary; third, to prevent the dilution of the threat that the parent holding position.

【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.39;F832.33

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