国电集团分拆上市龙源电力经营绩效研究
发布时间：2018-09-05 18:59
【摘要】：随着我国国有企业混合所有制改革的不断推进,国有企业分拆上市引起了社会各界的广泛的关注。一些国有企业为响应国家号召,贯彻落实国家指导意见,选择将下属子公司或子业务板块进行分拆上市。企业可以通过分拆上市满足母子公司的融资需求,实现改善激励机制、完善公司治理结构等目标。然而,由于目前我国资本市场不够健全,中请境内主板上市的流程复杂、审批周期长,大部分国有企业选择将下属子公司或子业务板块分拆后在香港上市。目前我国成功实现分拆上市的案例较少,且大部分国内企业很难达到香港交易所对申请上市公司制定的标准,若企业盲目选择分拆上市很容易遇到一系列阻碍,因此企业需要从分拆上市后企业经营绩效能否提升,分拆上市的目标能否得到实现等方面考量企业是否真正适合进行分拆上市。采用理论分析、案例分析与指标分析研究相结合的方法,对分拆上市后的龙源电力经营绩效进行分析。通过参考国内外大量分拆上市的相关文献,对分拆上市的基础理论进行介绍;引入国电集团分拆上市龙源电力的案例,对案例企业的背景、分拆动因、分拆过程等进行分析;设计财务指标评价体系,对龙源电力经营绩效进行财务指标分析,从业务优势、企业发展规模等几个方面对龙源电力进行非财务指标的分析,研究分拆上市后龙源电力经营绩效的变化情况;将理论知识与案例分析结果相结合,提出国电集团分拆上市的启示与建议。以子公司龙源电力的经营绩效作为主要研究对象,希望通过对龙源电力分拆后的经营绩效的分析,总结出提升子公司经营绩效的意见和建议,为希望提升分拆上市后子公司经营绩效的其他企业提供可行性参考。
[Abstract]:With the development of mixed ownership reform of state-owned enterprises in China, the split-listing of state-owned enterprises has attracted wide attention from all walks of life. In response to the call of the state, some state-owned enterprises have chosen to split their subsidiary companies or sub-business sectors to carry out the guidance of the state. Enterprises can meet the financing needs of parent and subsidiary companies by splitting and listing, and achieve the goal of improving the incentive mechanism and perfecting the corporate governance structure. However, because the capital market of our country is not perfect at present, the process of listing the main board in China is complicated and the examination and approval period is long, most state-owned enterprises choose to go public in Hong Kong after splitting up their subsidiaries or sub-business sectors. At present, there are few cases of successful splitting and listing in China, and it is very difficult for most domestic enterprises to meet the standards set by the Hong Kong Stock Exchange for companies applying for listing. It is easy for enterprises to meet a series of obstacles if they blindly choose to split up and list on the stock market. Therefore, enterprises need to consider whether they are really suitable for splitting and listing from the aspects of whether the performance of enterprises can be improved and whether the objectives of splitting and listing can be realized. The paper analyzes the performance of Longyuan electric power after listing by theoretical analysis, case analysis and index analysis. By referring to a large number of related literature at home and abroad, this paper introduces the basic theory of splitting and listing, introduces the case of Guodian Group into the listing of Longyuan Power, and analyzes the background, motivation and process of the case. The financial index evaluation system is designed to analyze the financial performance of Longyuan electric power, and the non-financial index of Longyuan electric power is analyzed from the aspects of business advantage, enterprise development scale, etc. This paper studies the changes of the performance of Longyuan electric power after the splitting and listing, combines the theoretical knowledge with the results of case analysis, and puts forward the enlightenment and suggestions of the break-up and listing of Guodian Group. Taking the operating performance of Longyuan Electric Power Company as the main research object, the author hopes to summarize the opinions and suggestions to improve the operating performance of the subsidiary company through the analysis of the operating performance of Longyuan Electric Power Company after the separation of Longyuan Electric Power Company. It provides a feasible reference for other enterprises that wish to improve the operating performance of their subsidiaries after splitting and listing.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F406.7
本文编号：2225172
[Abstract]:With the development of mixed ownership reform of state-owned enterprises in China, the split-listing of state-owned enterprises has attracted wide attention from all walks of life. In response to the call of the state, some state-owned enterprises have chosen to split their subsidiary companies or sub-business sectors to carry out the guidance of the state. Enterprises can meet the financing needs of parent and subsidiary companies by splitting and listing, and achieve the goal of improving the incentive mechanism and perfecting the corporate governance structure. However, because the capital market of our country is not perfect at present, the process of listing the main board in China is complicated and the examination and approval period is long, most state-owned enterprises choose to go public in Hong Kong after splitting up their subsidiaries or sub-business sectors. At present, there are few cases of successful splitting and listing in China, and it is very difficult for most domestic enterprises to meet the standards set by the Hong Kong Stock Exchange for companies applying for listing. It is easy for enterprises to meet a series of obstacles if they blindly choose to split up and list on the stock market. Therefore, enterprises need to consider whether they are really suitable for splitting and listing from the aspects of whether the performance of enterprises can be improved and whether the objectives of splitting and listing can be realized. The paper analyzes the performance of Longyuan electric power after listing by theoretical analysis, case analysis and index analysis. By referring to a large number of related literature at home and abroad, this paper introduces the basic theory of splitting and listing, introduces the case of Guodian Group into the listing of Longyuan Power, and analyzes the background, motivation and process of the case. The financial index evaluation system is designed to analyze the financial performance of Longyuan electric power, and the non-financial index of Longyuan electric power is analyzed from the aspects of business advantage, enterprise development scale, etc. This paper studies the changes of the performance of Longyuan electric power after the splitting and listing, combines the theoretical knowledge with the results of case analysis, and puts forward the enlightenment and suggestions of the break-up and listing of Guodian Group. Taking the operating performance of Longyuan Electric Power Company as the main research object, the author hopes to summarize the opinions and suggestions to improve the operating performance of the subsidiary company through the analysis of the operating performance of Longyuan Electric Power Company after the separation of Longyuan Electric Power Company. It provides a feasible reference for other enterprises that wish to improve the operating performance of their subsidiaries after splitting and listing.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F406.7
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