上海建工整体上市的绩效研究

发布时间：2018-03-24 19:46

本文选题：上海建工　切入点：整体上市　出处：《石河子大学》2017年硕士论文

【摘要】：我国经济在过去飞速发展的30多年中,建筑业的经济地位越来越稳固。目前,中国处于经济结构调整阶段,建筑类企业在经济危机后缓漫复苏,也面临诸多问题。这些问题严重影响了企业的经济效益。建筑业是资金密集型、劳动力密集型的行业,建筑类企业想要又好又快发展,须结合自身实际情况,加速重组,整合资源。整体上市成为建筑类企业实现自身目标的一种有效途径。此种方式不仅符合国家以资产证券化为亮点的国企深化改革,同时,也契合了地方政府提出的把整体上市作为国有企业深化改革的重要途径。我国资本市场在建立之初,监管部门对上市公司有一些硬性的指标要求。在严格的制度要求下,有募资需求的国有企业为了达到上市的标准,在上市的时候都把部分优质资产剥离出来分拆上市。然而,我国的经济社会不断发展下,证券市场也在不断发展和完善,上市子公司和控股企业集团间产生了大量关联交易,而且母子公司同业竞争的问题越来越严重。面对这样问题,上市公司的大股东将原来由上市公司剥离出来的资产重新注入到上市公司,进而使整个企业集团都上市。本文以上海建工通过向其母公司上海建工集团定向增发其新股,反向收购上海建工集团的主业资产,实现集团公司主业整体上市为案例研究对象,进行了深入研究。首先,本文介绍并探讨了研究背景和研究意义,同时对国内外学者有关整体上市研究现状进行回顾和总结;其次,总结有关概念和理论基础,介绍企业整体上市的模式进和各种模式的特点;再次,介绍了案例公司概况,对上海建工进行整体上市的动因、上海建工实施整体上市的方案及过程进行了探讨;最后,应用事件研究法对事件的公告效应和财务指标法对公司财务绩效进行了对比研究;发现上海建工整体上市的事件有正的公告效应,股东得到了超额收益;同时,公司的财务绩效前后对比发现都有较大提升;并对影响上海建工整体上市财务绩效前后变化因素进行了分析,发现主要原因是:整体上市完善了产业链、减少了关联交易、扩大了规模、形成了规模效应、增强了核心竞争力。最后,得出本文研究结论:认为上海建工的整体上市获得了良好的市场效应,短期绩效得到提升;整体上市的这种提升作用虽然不具备长期持久性,但为企业未来发展打下坚实的基础。鉴于目前我国整体建筑行业的市场现状,希望本文研究可以为国有建筑类企业改革和案例公司本身的发展提供借鉴意义。然后,总结了案例研究给我国建筑类企业整体上市几点启示:(1)整体上市时选择适合自己的模式;(2)整体上市时必须关注上市资产质量和关联性;(3)完成整体上市企业集团,利用整合资源带来的协同效应、规模效应等。
[Abstract]:During the past 30 years or so of rapid economic development in China, the economic position of the construction industry has become more and more stable. At present, China is in the stage of economic restructuring, and construction enterprises are recovering slowly after the economic crisis. They also face many problems. These problems seriously affect the economic benefits of enterprises. The construction industry is a capital-intensive and labour-intensive industry. If construction enterprises want to develop well and quickly, they must combine their own actual situation and accelerate the restructuring. Integrating resources and listing as a whole has become an effective way for construction enterprises to achieve their goals. This approach is not only in line with the deepening reform of state-owned enterprises with asset securitization as its bright spot, but also, at the same time, It also fits in with the local government's proposal to take the overall listing as an important way to deepen the reform of state-owned enterprises. At the beginning of the establishment of the capital market in China, the regulatory authorities had some rigid index requirements for listed companies. Under strict system requirements, In order to meet the standards of listing, state-owned enterprises that have the need to raise funds have spun off some high-quality assets for listing. However, with the continuous development of our country's economy and society, the securities market is also developing and improving. There have been a large number of affiliated transactions between listed subsidiaries and holding enterprise groups, and the problem of peer competition between parent and subsidiary companies is becoming more and more serious. Faced with such a problem, The major shareholders of the listed company re-inject the assets that were originally spun off by the listed company into the listed company, thus making the entire enterprise group listed. The reverse acquisition of the main assets of Shanghai Construction Industry Group and the realization of the overall listing of the main industry of the group company are the object of the case study. Firstly, this paper introduces and discusses the research background and significance. At the same time, the domestic and foreign scholars on the overall listing research status quo is reviewed and summarized; secondly, summarize the relevant concepts and theoretical basis, introduce the overall corporate listing model and the characteristics of various models; thirdly, introduced the case of the company overview, This paper probes into the motivation of Shanghai Construction Industry's overall listing, the scheme and process of Shanghai Construction Engineering's implementation of the whole listing, and finally, applies the event study method to compare the financial performance of the company with the event announcement effect and the financial index method. It is found that the events of Shanghai Construction Industry listed as a whole have a positive announcement effect, and shareholders get excess returns; at the same time, the financial performance of the company before and after the comparison found that there is a greater improvement; The factors influencing the financial performance of Shanghai Construction Industry before and after listing are analyzed. The main reasons are as follows: the whole listing improves the industrial chain, reduces the associated transactions, expands the scale and forms the scale effect. Finally, this paper concludes that the overall listing of Shanghai Construction Industry has achieved a good market effect and improved short-term performance. But lay a solid foundation for the future development of enterprises. In view of the current market situation of the whole construction industry in our country, I hope this study can provide reference significance for the reform of state-owned construction enterprises and the development of the case companies themselves. This paper summarizes the enlightenment of the case study to the overall listing of construction enterprises in our country: 1) choosing a suitable mode for the overall listing. (2) the quality and relevance of listed assets should be paid attention to when the whole listed enterprises are listed as a whole, and the whole listed enterprise group should be completed. Make use of the synergy effect, scale effect and so on brought by the integrated resources.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.92;F406.7;F832.51

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