我国ST上市公司资产重组的重组绩效研究

发布时间：2018-01-22 23:46

本文关键词： 资产重组 ST上市公司事件研究法重组绩效　出处：《南京大学》2012年硕士论文　论文类型：学位论文

【摘要】：ST上市公司是我国特有的经济现象,是出于对投资者的保护而采取的一种对出现异常情况上市公司进行风险标识和预警的制度。上市公司一旦被宣布为ST,前景有三种：要么被重组；要么通过自身努力来改善经营和财务状况,重新回到正常的交易市场中；要么沦落为PT公司,退出市场。由于资产重组能够快速提升公司盈利能力、改善公司资产质量,所以很多ST上市公司首选通过资产重组来解救企业的困境。近些年来,ST上市公司的资产重组无论是交易频率还是交易规模都占据了我国资本市场的重要份额,其投资价值也越来越受到广大投资者的重视,重组事件往往受到各路资金的追捧。但是重组是不是能够促进ST上市公司股东财富的增加?是不是真的能够改善ST上市公司的经营业绩?ST上市公司还应该在哪些方面改进重组绩效?这些都是本文所关注的、值得深入研究且具有现实意义的问题。本文分5个章节来对我国ST上市公司资产重组的重组绩效进行研究,第1章主要阐述了本文的研究背景和研究意义,回顾了国内外对于资产重组绩效的研究方法和研究成果,总结了现有研究中存在的不足。第2章首先研究了资产重组的概念、分类、作用和发展历程,然后对重组绩效的相关理论进行了研究分析。第3章从基本概念、出现原因、演变历程和发展现状等角度对我国上市公司特别处理制度进行了分析。第4章首先介绍了ST公司重组绩效实证研究设计思路,详细介绍了事件分析法的内容、分析过程和计算步骤,为后续研究分析提供理论基础；然后采用事件分析法,对选取的2008年发生重组的全部ST上市公司的重组绩效进行实证性研究,对研究结果进行分析和描述。第5章根据上一章节获得的实证性结果对ST上市公司的重组绩效进行分析,并针对存在的问题提出对策建议。本文将研究对象定位在我国被冠以预警标志、在二级市场上掀起若干重组神话的ST上市公司,采用实证研究的方法,对ST上市公司的资产重组绩效进行研究,分析不同的重组方式、重组信息公告日对股价的短期影响。从理论上来讲,对如何研究ST上市公司乃至全部上市公司资产重组绩效的理论和研究方法做了一定的探索；从实践上来讲,为监管当局制定更为合理有效的交易规则、为上市公司选取合适的重组方式、为投资者的投资决策提出了相关建议。
[Abstract]:St listed company is a unique economic phenomenon in our country. It is a risk marking and warning system for listed companies with abnormal conditions. Once listed companies are declared St. There are three prospects: either reorganized; Either through their own efforts to improve the operating and financial situation, return to the normal trading market; It can be reduced to PT company and withdraw from the market. Because asset reorganization can improve the profitability of the company and improve the quality of the company's assets. Therefore, many St listed companies first through asset restructuring to rescue the plight of enterprises. In recent years, the asset restructuring of St listed companies has occupied an important share of the capital market in China, both in terms of transaction frequency and scale, and its investment value has been paid more and more attention to by the majority of investors. Restructuring events are often sought after by various funds. But can restructuring promote the wealth of St listed companies? Will it really improve the operating performance of St listed companies? What other aspects should St listed companies improve restructuring performance? These are the issues of concern, worth further study and practical significance. This paper is divided into five chapters to study the restructuring performance of St listed companies in China. Chapter 1 mainly describes the research background and significance of this paper. Reviewed the domestic and foreign research methods and research results on the performance of asset restructuring, summarized the shortcomings of the existing research. Chapter 2 first studied the concept, classification, role and development of asset restructuring. Then the relevant theory of restructuring performance is studied and analyzed. Chapter 3 from the basic concept, the reasons. The evolution process and development status of the special treatment system of listed companies in China are analyzed. Chapter 4 first introduces the St company restructuring performance empirical research and design ideas, detailed introduction of the content of the event analysis method. The analysis process and calculation steps provide the theoretical basis for the subsequent research and analysis. Then using the event analysis method, the paper makes a positive study on the restructuring performance of all the St listed companies that took place in 2008. Chapter 5 analyzes the restructuring performance of St listed companies according to the empirical results obtained in the previous chapter, and puts forward countermeasures and suggestions for the existing problems. In this paper, the research object is defined as the warning sign in our country, and a number of St listed companies in the secondary market are raised in the secondary market, and the empirical research method is adopted. This paper studies the performance of asset restructuring of St listed companies, analyzes the different restructuring methods, the short-term impact of restructuring information announcement date on the stock price. Theoretically speaking. How to study the St listed companies and even all listed companies asset restructuring performance of the theory and research methods to do a certain exploration; In practice, it makes more reasonable and effective trading rules for the regulatory authorities, selects appropriate restructuring methods for listed companies, and puts forward relevant suggestions for investors' investment decisions.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275

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