康恩贝分拆子公司上市创业板绩效研究

发布时间：2018-01-09 07:39

本文关键词：康恩贝分拆子公司上市创业板绩效研究　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：20世纪60年代以来,许多公司成功采取了多元化扩张的策略,实现了资源聚合和快速增长。然而,多元化扩张在为公司带来竞争优势的同时,也造成了其组织臃肿、管理效率低下等问题。20世纪80年代,国外资本市场开始针对多元化扩张进行理性思考,产生了分拆上市这一新的资产重组方式,并加以运用。国内资本市场对分拆上市的运用比较晚,境内资本市场对分拆上市的诸多限制,使得很多境内上市公司选择到境外或香港分拆上市。但是,随着2009年创业板的推出以及2010年证监会公布允许符合六项要求的上市公司分拆子公司到创业板上市的相关规定,不仅为上市公司在境内分拆上市提供了环境和机会,也为其提供了相应的制度依据。2011年2月22日,康恩贝成功分拆其子公司上市创业板,成为首个在证监会从严把握之下还能突出重围的案例。本文以该案例为研究对象,采用文献研究与案例分析相结合的方法对分拆上市之后母子公司的经营绩效进行研究分析。首先,对分拆上市及其相关概念进行对比说明,并梳理分拆上市对绩效影响的相关假说;然后,对康恩贝及其子公司的概况进行简要介绍,并对康恩贝分拆子公司上市创业板的主要动因、合规性以及过程进行分析;接下来,通过运用财务指标、因子分析法和非财务指标这三种方法对分拆上市后母子公司的经营绩效进行深入的研究,发现分拆上市确实在中期内为康恩贝及其子公司的发展带来了积极作用,为公司的后续发展提供了一个良好的开端,但是公司后续发展的竞争能力仍依赖于公司对分拆之后的整合,以及制定正确的发展战略来提高。最后,基于以上结论,本文建议:康恩贝应改善自身的偿债及营运能力,正确判断外延式规划的合理性和实施中的计划遵循度,有针对性地调整其短期发展战略,制定正确的长期战略;子公司则应将筹集到的资金投入到相关研发项目,加强对公司资产管理并制定合适的发展战略;证监会应在对该资产重组方式进行严格审核的基础上,充分发挥资本市场的价值发现功能,让那些真正具有发展前景和竞争能力的公司获得成长的平台。
[Abstract]:Since 1960s, many companies successfully adopted diversified expansion strategy, realize resource aggregation and rapid growth. However, in the diversification and expansion bring the competitive advantage for the company at the same time, also caused the organization overstaffed, inefficient management and other issues in.20 80s, the foreign capital market started for the diversification and expansion of rational thinking, produced a spin off listed this new asset restructuring, and to use. The domestic capital market on the use of spin off relatively late, the domestic capital market many restrictions on the spin off, which makes a lot of domestic listed companies to choose Hongkong listing or overseas. However, with the launch of the gem in 2009 and 2010 the Commission published in line with the six allowed the spin off subsidiary of the listed company to the relevant provisions of the gem listing, not only for the listed companies listed in the territory split The environment and opportunities, but also provides a.2011 system on the basis of the corresponding year in February 22nd for the GEM Listing Conba successful spin off of its subsidiary company, became the first in the Commission under the tight encirclement can strictly grasp the case. This paper takes the case as the object of study, using the method of literature research and case analysis of a combination of spin off after the parent company's operating performance is studied in this paper. Firstly, the spin off and the related concepts comparison shows that relevant hypothesis and effect on the performance of listed spin off and then combing; a brief introduction on the general situation of Conba and its subsidiaries, and the main reason for Conba spin off subsidiaries listed on GEM, analysis of compliance and process; next, through the use of financial indicators, factor analysis and non-financial indicators of the three methods of listing after the parent company business performance Research found that the spin off indeed in the medium term for the development of Conba and its subsidiaries have a positive effect, provides a good start for the subsequent development of the company, but the subsequent development of the company's competitive ability still depends on the integration of the company after the spin off, and formulate the correct development strategy to improve. Finally, based on the above conclusions, this paper suggests that Conba should improve debt and operating capacity of its own, correct judgment of extension plan rationality and the implementation of the plan to follow, targeted to adjust its short-term development strategy, establish a long-term strategy right; subsidiary company should be to raise funds to strengthen the R & D project. The company's assets management and formulate appropriate development strategy; the Commission should be based on the strict review of the reorganization of assets, give full play to the value of the capital market. The present function allows companies that really have development prospects and competitive capabilities to get a platform for growth.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7;F832.51

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