整体上市对企业价值影响的研究

发布时间：2018-01-11 19:12

本文关键词：整体上市对企业价值影响的研究　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：企业价值的含义是广泛而又丰富的,包括了企业的可持续性发展、战略性和风险性等诸多方面,实质上就是企业资源合理配置和资源利用效率的表现形式。企业价值是企业满足其利益关联者的程度的体现,也是反映着企业管理和企业效能所表现的企业内部运行机制的有效程度,都是通过企业的盈利效能呈现出来。无论是从宏观政策大环境还是微观市场环境来看,企业的整体上市既能够有效的提升资本市场资源的配置效率,扩大证券交易市场的范围,促使规模效应的形成,又能够很好的提高我国证券市场的资源配置作用和操作效率。2004年以来,整体上市成为了我国证券交易市场的一项新的制度,作为创新的制度,立即成为证券交易市场谈论最多的话题。尤其是随着TCL集团和武钢股份整体上市成功运作以后,在央企和民营企业迅速得到相应,有很多都有整体上市的想法和愿望,在那时候“整体上市”的概念迅速成为我国证券交易市场的一个热门炒作题材。企业整体上市是一个全新的概念和想法,然而它能否可以优化其公司治理结构和运行机制,减少关联交易并发挥规模经济的效应,进而提升企业价值是大家最受关注的焦点,一直用基础理论与实践操作来加以验证。已经有这样的先例的条件下,对整体上市进行从理论到实践的系统研究,分析其对企业价值产生的影响,为我国各大企业的企业价值的提升提供理论基础和经验总结,具有重大的理论意义和现实价值。本文将通过对TCL集团上市的实例研究,对整体上市进行从理论到实践的系统分析,为我国上市公司的资产经营整合提供思路。首先对公司上市和企业价值的相关研究进行了综述,分析了目前国内外上市的不同路径和模式,并重点阐述了通过定向增发方式实施整体上市的运作模式。以TCL集团的上市为研究案例,剖析了TCL集团的经营模式,关于其上市的条件和背景；根据公司财务状况、继续优势产业的发展、市场竞争力、公司管理等多方面,阐述了公司在整体上市后企业价值的提高。在理论分析结合案例的基础上,本文对公司整体上市和企业价值的提升及公司经营状况的改善提出了策略,希望能对国内上市公司的运作和整合提供经验总结。
[Abstract]:The meaning of enterprise value is extensive and rich, including the sustainable development of enterprise, strategic and risk and many other aspects. In essence, it is the manifestation of the rational allocation of enterprise resources and the efficiency of resource utilization. Enterprise value is the embodiment of the degree to which the enterprise satisfies its stakeholders. It also reflects the effective degree of the internal operation mechanism of the enterprise, which reflects the enterprise management and the enterprise efficiency, which is presented through the profit efficiency of the enterprise, whether from the macro policy environment or the micro market environment. The overall listing of enterprises can effectively improve the efficiency of the allocation of capital market resources, expand the scope of the securities market, and promote the formation of scale effect. Since 2004, the overall listing has become a new system in China's securities market, as an innovative system. Immediately became the most talked about in the stock exchange market, especially with the successful operation of TCL Group and WISCO stock market, in the state-owned enterprises and private enterprises quickly get the corresponding. At that time, the concept of "holistic listing" quickly became a hot topic of speculation in China's securities market. The whole listing of enterprises is a new concept and idea. However, whether it can optimize its corporate governance structure and operational mechanism, reduce related party transactions and play the role of economies of scale, and then enhance the value of enterprises is the focus of most attention. It has been verified by the basic theory and practice operation. Under the condition of such precedent, the systematic research from theory to practice has been carried out on the whole listing, and the impact on the enterprise value has been analyzed. It is of great theoretical significance and practical value to provide the theoretical basis and experience summary for the promotion of the enterprise value of each big enterprise in our country. This paper will study the example of TCL Group listing. The whole listing from theory to practice system analysis, for our listed companies to provide ideas for the integration of asset management. First of all, listed companies and corporate value related studies were summarized. This paper analyzes the different paths and modes of listing at home and abroad, and focuses on the operation mode of implementing the whole listing through the way of directional additional issuance. Taking the listing of TCL Group as a case study. This paper analyzes the management mode of TCL Group, the conditions and background of its listing. According to the financial situation of the company, the development of the continuing advantage industry, market competitiveness, company management and other aspects, this paper expounds the improvement of the corporate value after the overall listing. On the basis of theoretical analysis and case study. This paper puts forward the strategies for the whole listing of the company, the promotion of the enterprise value and the improvement of the management condition of the company, hoping to provide a summary of the experience of the operation and integration of the domestic listed company.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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