美的集团整体上市的财务绩效研究

发布时间：2018-03-18 10:22

  本文选题：整体上市　切入点：美的集团　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：资本市场是经济发展到一定阶段的必然产物,国外资本市场起步较早,发展较为规范,企业可以通过上市来拓宽融资渠道。在我国,虽然资本市场起步较晚,但企业上市并不鲜见,我国上市的企业在1994年之前都是采取整体上市的形式,但由于我国当时特殊的历史背景,对公司上市设定了较高的条件和标准,一些整体资质达不到上市要求的企业,便选择优质资产分拆上市,由此产生了分拆上市与整体上市并存的局面。但随着我国经济体制的发展完善以及资本市场的逐渐成熟,分拆上市的缺陷越来越成为企业发展的桎梏,例如母公司与上市公司之间数额巨大的关联交易、违规占用上市公司资金等,这些问题严重困扰了国家对上市公司的治理以市场对资源的配置。相较之下,整体上市则有效避免了分拆上市的弊端,不少专家学者也通过实证研究指出,整体上市不仅可以保证公司资产和产业链的完整性,也能改善公司的治理结构,有效避免母子公司之间的关联交易,维护资本市场的制度,促进我国上市公司规模化、规范化发展,为我国经济建设提供不竭的动力。本文以前人对整体上市的研究成果为基础,从理论上分析了整体上市产生的规模效应、协同效应、强化公司控制权以及扩大企业边界的效应,而这些效应又能反过来促进企业的发展,改善企业的财务绩效。文中选取了美的集团整体上市的案例,首先采用财务指标分析法,对美的集团整体上市前后的偿债能力、营运能力、盈利能力和成长能力进行对比分析,并建立杜邦分析体系综合分析了美的集团整体上市前后财务绩效的变化,发现美的集团整体上市后三年的财务指标较其整体上市前三年有明显的改善;其次本文引入EVA绩效分析法,作为对财务指标分析法的补充,进一步计算分析了美的集团整体上市前后经济增加值的变化,发现美的集团整体上市后企业经济增加值有了显著提升。本文通过案例研究,得出了整体上市改善了美的集团的长期财务绩效、进一步增加了集团股东的财富、为企业创造了新的价值的研究结论,证实了美的集团此次整体上市是一次成功之举,对集团长期财务绩效带来了正效应。
[Abstract]:Capital market is the inevitable outcome of economic development to a certain stage. Foreign capital markets started earlier and developed more standardized. Enterprises can broaden financing channels by listing. In China, although capital markets started relatively late, However, the listing of enterprises is not uncommon. Before 1994, the listed enterprises in our country took the form of holistic listing. However, due to the special historical background of our country at that time, high conditions and standards were set for the listing of companies. Some enterprises whose overall qualifications are not up to the requirements of listing have chosen to split up and list their high-quality assets, which has resulted in the coexistence of split listing and overall listing. However, with the development of China's economic system and the gradual maturity of the capital market, The defects of splitting up and listing have become the shackles of the development of enterprises, such as the huge related transactions between the parent company and the listed company, the illegal occupation of the capital of the listed company, and so on. These problems have seriously troubled the national governance of listed companies and the allocation of resources by the market. In contrast, the overall listing effectively avoids the drawbacks of splitting up and listing, and many experts and scholars also point out through empirical research. The overall listing can not only guarantee the integrity of the company's assets and industrial chain, but also improve the corporate governance structure, effectively avoid the affiliated transactions between parent and subsidiary companies, maintain the capital market system, and promote the scale of listed companies in China. The standardization development provides the inexhaustible motive force for the economic construction of our country. Based on the previous research results of the whole listing, this paper theoretically analyzes the scale effect and the synergistic effect of the whole listing. In this paper, we choose the case of Midea's overall listing, which can promote the development of enterprises and improve the financial performance of enterprises. This paper makes a comparative analysis of Midea's solvency, operating ability, profitability and growth ability before and after the overall listing, and establishes a DuPont analysis system to comprehensively analyze the changes of financial performance before and after the overall listing of Midea. It is found that the financial index of Midea after the whole listing three years is obviously improved compared with the three years before the overall listing. Secondly, this paper introduces the EVA performance analysis method as a supplement to the financial index analysis method. After further calculation and analysis of the changes of economic added value before and after Midea's overall listing, it is found that the economic added value of the enterprise has been significantly improved after the overall listing of Midea. It is concluded that the overall listing has improved Midea's long-term financial performance, further increased the wealth of the shareholders of the group, created new value for the enterprise, and confirmed that the overall listing of Midea is a successful move. It has a positive effect on the group's long-term financial performance.
【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】：F426.6;F406.7
，

本文编号：1629181