中国铝业资产剥离动因及其绩效分析

发布时间：2018-05-05 11:42

本文选题：中国铝业 + 资产剥离　；参考：《江西财经大学》2017年硕士论文

【摘要】：严重影响和制约国有企业生存与发展的主要原因有两个,第一是发展快速且越来越完善的社会主义市场经济,第二是迅速形成的世界经济一体化,所以目前中国国有企业面临的形势十分不利。一个企业的健康发展有两个重要的且相对的运作方式,分别是资产剥离和扩张型并购。资产剥离获得了务实界与西方财务理论研究者的研究重视,并且伴随着西方发达国家数次兼并活动的发展。资产剥离在三个方面有无法比拟的优势,第一,优化市场经济资源配置;第二,盘活存量资产;第三,适当调整产业结构。国有企业利用资产剥离在国有资产保值增值、转换经营机制、深化企业内部改革、企业良性发展方面均能起到促进作用。本文的理论支撑主要来源于国内外理论相关文件中的归核化、融资理论假说、资源优化配置、委托代理和效率等理论,同时本文也将国内与国外的资产剥离实践的发展进行了阐述。以中国铝业股份有限公司(以下简称“中国铝业”)为例,采用案例分析、比较研究、文献研究与归纳分析等方法,从两个方面来衡量资产剥离的绩效,即资产剥离的市场绩效以及财务绩效,两者分别体现了资产剥离对公司股价的影响和对公司经营绩效的影响。接着,将铝行业持续处于供求不平衡、市场竞争加剧等格局与中国铝业的实际情况进行结合,提出国有企业进行资产剥离的动因、原则,从企业盈利能力、偿债能力、发展能力、运营能力四大方面来分析资产剥离对国有企业财务绩效所产生的影响,提出了对于资产剥离的启示,不但让民众了解资产剥离对于企业发展的重大作用,也对此过程中出现的部分问题提出了切实可行的处理方法。研究并分析我国企业在资产剥离过程中碰到的难题,有利于保证国有企业资产剥离的高效性,从而为计划进行资产剥离的国有企业或目前我国国有企业改革提供了一个正当的思路和有用的经验。随着资产剥离的案例不断增多,同时也伴随着诸多问题的出现。本文从中国铝业资产剥离案例出发并以国内外研究理论为基础分析了资产剥离的动因、财务效应和市场绩效,从而提出相关启示和建议。由于本文只是对单一案例进行研究,所以可能很难得出普遍有效的结论,但是希望能够提供有益的参考给准备进行资产剥离的公司。
[Abstract]:There are two main reasons for seriously affecting and restricting the survival and development of state-owned enterprises. The first is the development of a fast and increasingly perfect socialist market economy, and the second is the rapid formation of world economic integration. So at present the situation that Chinese state-owned enterprise faces is very disadvantageous. The healthy development of an enterprise has two important and relative modes of operation: divestiture and expansionary mergers and acquisitions. Asset divestiture has been paid much attention to by the researchers of practical circles and western financial theory, and has been accompanied by the development of several mergers in western developed countries. Asset divestiture has incomparable advantages in three aspects: first, optimize the allocation of market economy resources; second, activate the stock assets; third, adjust the industrial structure appropriately. State-owned enterprises can use divestiture to maintain and increase the value of state-owned assets, to change the management mechanism, to deepen the internal reform of enterprises, and to promote the benign development of enterprises. The theoretical support of this paper mainly comes from the theories of centralization, financing hypothesis, resource optimization, principal-agent and efficiency in the relevant documents of domestic and foreign theories. At the same time, this paper also describes the development of asset divestiture practice both at home and abroad. Taking Chinalco Co., Ltd. (hereinafter referred to as "Chinalco") as an example, using the methods of case analysis, comparative study, literature study and inductive analysis, the paper measures the performance of asset divestiture from two aspects. That is, the market performance and financial performance of asset divestiture, both reflect the impact of divestiture on the share price of the company and the impact on the operating performance of the company. Then, combining the situation of aluminum industry in the imbalance of supply and demand, the market competition, and the actual situation of China Aluminum Industry, the paper puts forward the motivation, principle, profitability and solvency of state-owned enterprises for asset divestiture. This paper analyzes the influence of asset divestiture on the financial performance of state-owned enterprises from four aspects of development ability and operation ability, and puts forward the enlightenment for asset divestiture, which not only makes the public understand the important role of asset divestiture in the development of enterprises. It also puts forward some practical methods to deal with some problems in the process. The study and analysis of the difficulties encountered by Chinese enterprises in the process of asset divestiture is conducive to ensuring the high efficiency of the divestiture of state-owned enterprises. Therefore, it provides a proper way of thinking and useful experience for the reform of state-owned enterprises which are planning to divest their assets or to reform the state-owned enterprises in our country at present. With the increasing number of cases of asset divestiture, there are also many problems. This paper analyzes the causes, financial effects and market performance of asset divestiture from the case of Chinalco and based on the domestic and foreign research theories, and puts forward some relevant enlightenment and suggestions. Since this paper is only a single case study, it may be difficult to draw a general and effective conclusion, but hope to provide a useful reference for the company preparing for asset divestiture.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.32

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