基于整体上市公司股东价值评估模型研究

发布时间：2018-06-18 19:38

本文选题：整体上市 + 股东价值评估　；参考：《北京化工大学》2012年硕士论文

【摘要】：本文以整体上市公司为研究背景,探究股东价值评估方法,并通过实证分析研究整体上市对股东价值的影响。通过股东价值评估理论分析以及衡量指标的对比研究,以经济增加值为主要指标推导股东价值评估模型。根据评估的结果,选取6个指标作为解释变量,用面板数据模型对结果进行分析,通过解释变量与经济增加值之间的相关性,探索整体上市影响股东价值的变化。本文通过实证研究的结果,得出以下结论：(1)股东价值的创造与资本规模和资本成本率密切相关,较低的资本成本,会带来较高的股东价值；(2)总资产净利润率对整体上市效果的正向影响最大,因此,企业提高对企业资产的利用效果是整体上市过程中最重要的任务,有助于增加经济增加值,从而增加股东价值：(3)资产规模与经济增加值正相关,说明目前中国企业整体上市过程中,大部分是优质资产整合的整体上市,随着资产规模的扩大,产生了一定的协同效应；(4)中山公用的整体上市效果最好,上海汽车和东方电气次之。中国船舶、上港集团、东软集团三家企业整体上市的效果最差。本文希望通过研究提供整体上市企业股东价值的评估方法,判断整体上市是否对股东价值产生影响,为其他正在准备或将来准备整体上市的公司,关于评价股东价值有一定的参考价值。
[Abstract]:This paper takes the whole listed company as the research background, probes into the shareholder value evaluation method, and studies the influence of the whole listing on the shareholder value through the empirical analysis. Through the theoretical analysis of shareholder value evaluation and the comparative study of measurement index, the model of shareholder value evaluation is deduced by taking economic added value as the main index. According to the evaluation results, six indicators are selected as explanatory variables, and the results are analyzed by panel data model. By explaining the correlation between variables and economic added value, the paper explores the effect of the overall listing on the value of shareholders. Based on the results of the empirical study, this paper draws the following conclusion: (1) the creation of shareholder value is closely related to capital scale and capital cost ratio, and lower capital cost will bring higher shareholder value; (2) the net profit rate of total assets has the greatest positive impact on the overall listing effect. Therefore, it is the most important task for enterprises to improve the utilization effect of enterprises' assets in the whole listing process, which helps to increase the added value of economy. Therefore, the increase of shareholder value: 3) the scale of assets is positively related to economic added value, which indicates that in the process of overall listing of Chinese enterprises, most of them are listed as a whole with the integration of high quality assets, and with the expansion of asset scale, there is a certain synergy effect. Zhongshan public overall listing effect is the best, followed by Shanghai Motor and Dongfang Electric. Chinese ships, Hong Kong Group, Neusoft Group as a whole three companies listed the worst effect. This paper hopes to provide a method to evaluate the shareholder value of the whole listed enterprise, to determine whether the overall listing has an impact on the shareholder value, so as to provide other companies that are preparing or preparing for the overall listing in the future. There is certain reference value on evaluating shareholder value.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】