华能南方公司资产重组的效果研究

发布时间：2018-01-24 23:54

本文关键词： 华能公司资产重组市场效果财务效果　出处：《天津商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：当前,电力能源企业面临着巨大的外部环境的压力:一方面,我国控制现有煤炭产量,不断地去产能,导致电力能源企业的主营业务成本居高不下,电力行业的盈利压力剧增;另一方面,受国家供给侧改革政策、国际经济的不景气,以及国内经济增速放缓等因素的影响,我国的电力行业陷入前所未有的困境,多数企业盈利急剧下滑甚至发生亏损。因此,电力能源企业要想在危机中谋求更好的发展,就需要通过资产重组这一资本市场最常见的运作方式,做强做大,以及扩大经营规模,实现可持续良性发展。然而,资产重组也并非唯一有效解决重组公司的问题的灵丹妙药,电力企业的资产重组能否取得预期的目标,产生积极的效应,既是必须研究的重要问题,也是现阶段资本市场研究的热点。本文以华能南方公司为研究对象,旨在找到能提高电力能源企业资产重组效果的“关键点”。文章首先介绍了华能南方公司资产重组的过程,分析了该公司资产重组的动因,然后就其资产重组后的市场效果进行了详细的分析。本文研究发现本次重组为华能南方公司带来了超额收益,说明资本市场对华能公司的重组持积极预期,该项重组能够改善企业的经营能力,可以为股东带来更多的财富。其次,文章采用了横向对比和纵向对比的方法,对该公司资产重组前后的财务指标进行了分析,由此发现,资产重组当年,该企业的营运能力、盈利能力、偿债能力和成长能力都有一定的提升,然而由于企业自身的财务风险较大,以及重组后的整合未完全实现,企业还存在着一些亟需解决的问题。最后,文章就分析发现的问题提出了相应的改进建议。本文认为:华能公司应当重视资产重组后的整合效率,使企业得到更好的、良性的、可持续发展。
[Abstract]:At present, the electric energy enterprise is facing the enormous external environment pressure: on the one hand, our country controls the existing coal output, unceasingly goes to the production capacity, causes the electric power energy enterprise's main business cost to be high. The pressure of profit in the power industry has increased sharply; On the other hand, under the influence of the national supply-side reform policy, the depression of international economy and the slowdown of domestic economic growth, the electric power industry of our country is in unprecedented predicament. Most companies' profits have plummeted or even lost money. Therefore, if electric energy companies are to seek better development in the crisis, they need to strengthen and expand through asset restructuring, the most common way of operating capital markets. However, asset restructuring is not the only panacea to effectively solve the problem of restructuring companies, and whether the assets restructuring of power enterprises can achieve the desired goal. To produce positive effects is not only an important issue that must be studied, but also a hot spot of capital market research at present. This paper takes Huaneng Southern Company as the research object. In order to find the "key points" which can improve the effect of assets reorganization of power energy enterprises, this paper first introduces the process of assets reorganization of Huaneng South Company, and analyzes the causes of assets reorganization of Huaneng South Company. Then it makes a detailed analysis of the market effect after the asset restructuring. This paper finds that the restructuring of Huaneng South has brought excess returns, indicating that the capital market has a positive expectation of Huaneng's restructuring. This reorganization can improve the management ability of the enterprise, can bring more wealth to shareholders. Secondly, the article adopts the method of horizontal contrast and vertical contrast. After analyzing the financial indexes before and after the assets reorganization, it is found that in the year of asset reorganization, the operating ability, profitability, solvency and growth ability of the enterprise have been improved to a certain extent. However, due to the large financial risk of the enterprise itself, and the reorganization of the integration is not fully realized, there are still some problems that need to be solved. Finally. This paper puts forward corresponding suggestions for improvement of the problems found in the analysis. This paper holds that Huaneng Company should attach importance to the integration efficiency after asset reorganization so as to make the enterprise get better, more benign and sustainable development.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F406.7

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