發(fā)布時間：2018-03-23 19:29

  本文選題：整體上市　切入點：績效　出處：《廣東工業(yè)大學(xué)》2017年碩士論文

【摘要】：我國早期證券市場規(guī)模較小,對企業(yè)資質(zhì)要求較高,大型企業(yè)只能分拆一部分優(yōu)質(zhì)資產(chǎn)上市融資。但隨著市場不斷發(fā)展,由此帶來的上市公司與母集團公司同業(yè)競爭、非公允關(guān)聯(lián)方交易和大股東惡意占用資金等問題不斷增多,影響企業(yè)及我國資本市場的健康發(fā)展。因此,整體上市逐步成為解決分拆上市弊端的重要途徑。同時,在混合所有制改革的背景下,我國監(jiān)管層也不斷鼓勵支持國有大型企業(yè)通過集團整體上市或主業(yè)資產(chǎn)整體上市的方式推進國有企業(yè)改革,提升國有企業(yè)綜合實力。整體上市在實務(wù)中逐步成為企業(yè)戰(zhàn)略實施的有效途徑,同時在理論界也得到廣泛的關(guān)注。國內(nèi)理論界對整體上市的理論分析大多集中在整體上市的動因、模式和意義上,對于企業(yè)整體上市的案例及其績效研究相對較少。因此,整體上市是如何解決分拆上市弊端的,在具體企業(yè)的實踐中會對企業(yè)績效的影響如何,同時又會為其他大型企業(yè)集團在操作中帶來哪些借鑒,這些都具有研究價值。本文運用理論研究與具體案例相結(jié)合的方法,以中國電建反向收購母公司電建集團資產(chǎn),推進電建集團主業(yè)資產(chǎn)整體上市為研究案例,圍繞“整體上市對公司績效影響”問題進行分析和探究。首先對本文的研究背景及意義進行分析,并總結(jié)回顧了國內(nèi)外學(xué)者關(guān)于整體上市績效的研究現(xiàn)狀;其次,對相關(guān)概念和理論依據(jù)進行了概況,并分析總結(jié)了目前企業(yè)整體上市采用的幾種模式及各自的特點;接著在對中國電建整體上市案例簡要概述的基礎(chǔ)上,對中國電建整體上市的績效進行研究分析,對整體上市后企業(yè)在規(guī)模優(yōu)勢、同業(yè)競爭、關(guān)聯(lián)交易及協(xié)同效應(yīng)四個因素上的變化進行論述并預(yù)期其可能對績效產(chǎn)生的影響,而后利用事件研究法、財務(wù)指標(biāo)法、經(jīng)濟增加值法和定量分析的方法分別對整體上市的短期市場反應(yīng)、財務(wù)績效及非財務(wù)績效進行研究,發(fā)現(xiàn)中國電建整體上市引起了正向公告效應(yīng),為股東帶來超額收益,同時企業(yè)的財務(wù)績效較整體上市前及同行業(yè)均有較大幅度的提升,非財務(wù)績效中人力資源及技術(shù)創(chuàng)新方面也得到較大提升,為今后發(fā)展奠定基礎(chǔ)。最后通過對理論和案例的研究總結(jié),得出以下結(jié)論:整體上市不僅有效地解決了同業(yè)競爭及關(guān)聯(lián)方交易的難題,注入的優(yōu)質(zhì)資產(chǎn)也帶動了企業(yè)規(guī)模優(yōu)勢和協(xié)同效應(yīng)的增長并進而改善了企業(yè)的財務(wù)業(yè)績,提升了企業(yè)的盈利能力和股票價值,為股東帶來了真正的財富,對企業(yè)績效的改善帶來了正面效應(yīng)。同時,本文也針對其他整體上市企業(yè)、投資者以及監(jiān)管層提出以下啟示和建議:企業(yè)集團應(yīng)基于自身戰(zhàn)略和外部環(huán)境,制定切實可行的方案進行整體上市;投資者應(yīng)關(guān)注資產(chǎn)注入的質(zhì)量,理性對待整體上市;監(jiān)管層應(yīng)積極推動整體上市并加強對上市公司資產(chǎn)質(zhì)量的監(jiān)管。
[Abstract]:Early Chinese securities market smaller, higher requirements on the qualification of the enterprise, large enterprises can only spin off part of the quality of assets of listed financing. But with the continuous development of the market, the listed company and the parent company of group of trade competition, unfair related party transactions and large shareholders malicious occupancy of funds and other issues continue to increase, and affect the healthy development of enterprises China's capital market. Therefore, the overall market has gradually become an important way to solve the drawbacks of the spin off. At the same time, in the context of mixed ownership reform, China's regulators also continue to encourage and support state-owned enterprises through the overall listing of the group listed as a whole or main assets by way of advancing the reform of state-owned enterprises and enhance the comprehensive strength of the state-owned enterprises. The overall market in practice has become an effective way for enterprises to implement the strategy, also received wide attention in the theoretical circles. The domestic theoretical circles The theoretical analysis of the overall market are mostly concentrated in the motivation of the overall market, pattern and meaning, for the case of overall listing and its performance research is relatively small. Therefore, the overall market is how to solve the drawbacks of the spin off, how to influence on the performance of enterprises in practice in the enterprise, but also for other large enterprise groups what are the lessons in operation, which has research value. This paper uses the method of theoretical research and combining the specific case, to China power construction reverse acquisition of the parent company of electric power construction group assets, promote the electric power construction group business assets listed as a whole as the study case, around the "overall listing effect" on company performance analysis and inquiry at first the research background and significance of this paper is analyzed, and a review of the domestic and foreign scholars on the research status of overall market performance; second, to The concepts and theoretical basis for the analysis of general situation, and summarizes several modes of enterprises listed as a whole and the respective characteristics; then based on the China power construction overall listing cases a brief overview on the research and analysis of Chinese power construction overall market performance of the industry in the overall market size advantage, competition change, related transactions and the synergistic effect of the four factors were discussed and expected its likely impact on the performance, and then use the event study method, financial index method, economic analysis method and quantitative method to increase the value of the different of the short-term market reaction of the overall market, research on the financial performance and non-financial performance, found China electric power construction overall market caused a positive announcement effect, bring the excess returns for shareholders, and corporate financial performance than before the overall market and the industry has greatly improved, non The financial performance of human resources and technological innovation has been greatly improved, and lay the foundation for future development. Finally, through the research on the theory and case summary, draw the following conclusions: the overall market not only can effectively solve the problem of competition and related party transactions, to inject high quality assets also led to the advantage of the enterprise scale and synergy the growth and improve the enterprise's financial performance, enhance the company's profitability and stock value, brings real wealth for shareholders on corporate performance improvement brought positive effect. At the same time, this paper also for other whole listed companies, investors and regulators put forward the following suggestions: the enterprise group should own strategy and based on the external environment, formulate feasible scheme for the overall market; investors should be concerned about the quality of assets, rational treatment of whole city regulators; We should actively promote the overall listing and strengthen the supervision of the quality of the assets of the listed companies.

【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F426.92

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