企业整体上市前后绩效的实证研究

发布时间：2018-01-31 18:44

  本文关键词： 整体上市 绩效 事件研究法 多元回归法　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：2003年9月,TCL集团公司通过吸收合并子公司实现母公司上市,这一模式为解决“分拆上市”提出了一个新的思路。之后,有大量的公司纷纷效仿TCL集团公司这一做法实现“整体上市”。政府也鼓励公司通过“整体上市”来改善公司的治理结构,提升公司的绩效。由于整体上市可以增加资产规模、改善资产质量、调整产业结构、减少关联交易、改善公司治理等,因此整体上市一度成为股市中最热的题材之一。那么,整体上市后公司的绩效到底如何,是否真的提高了公司的价值,给公司创造了财富,是否为股东和投资者带来了财富?本文通过对企业整体上市前后绩效进行实证研究,分析不同方式整体上市前后企业的绩效,用事件研究法分析股票市场对企业整体上市的反应,验证整体上市能否提高公司的价值；用回归分析法研究影响企业整体上市的绩效的因素有哪些,以及是如何影响的,可以为企业管理者、投资者和政府监管机构提供一些操作启示和决策依据。因此,对企业“整体上市”这一现象进行分析研究,具有重要的理论意义和现实意义。 本文采用规范分析和实证检验相结合的方法对企业整体上市前后的绩效进行研究,规范分析主要是对相关理论和概念进行阐述,结合市场有效性假说、委托代理理论、信息不对称和企业边界等相关理论对整体上市的涵义、方式和意义以及对企业绩效的影响进行阐述分析,提出本文的5个假设；接着采用事件研究法和多元回归分析法对企业整体上市前后的绩效进行实证研究。在事件研究法中,分别计算样本公司整体上市预案公告日前后10天的平均超额收益率和累计超额收益率,并进行t检验。在多元回归分析中,用企业整体上市预案公告日前后10天的累计超额收益率作为被解释变量,综合考虑公司治理、公司经营、整体上市的方式、股权结构、行业、年度等方面的信息,构建回归模型,进行回归检验以验证假设是否成立。本文的实证检验结果是整体上市后股票市场有正财富效应；通过定向增发实现整体上市的股票市场的正财富效应要比通过换股方式实现整体上市的正财富效应大；注入公司的资产规模越大,整体上市后股票市场的正财富效应也就越大；第一大和第二大股东持股比例越高,整体上市后股票市场的正财富效应越大；股票市场对国有控股的公司整体上市的正财富效应要大于非国有控股的公司的。 本文分为五个部分,第一部分是绪论,主要介绍文章的研究背景和研究意义,国内外关于整体上市企业绩效的研究现状和趋势,以及本文的研究内容、方法和拟创新点。第二部分是理论部分,介绍与整体上市相关的一些理论以及整体上市与企业绩效的相关概念,为后面提出假设做铺垫。第三部分是文章的研究假设、研究方法和模型的构建,根据前面的理论分析,文章提出了五个研究假设,并相应的定义了变量以构建多元回归分析实证模型。第四部分是样本选取和实证检验,这是本文的核心部分。本文选择2004—2010年在沪深两市的A股市场整体上市的企业为样本,选好样本后,利用SPSS软件进行实证检验,对回归结果和事件研究法的结果进行分析和论证。这一部分研究整体上市前后公司的绩效,哪些因素影响整体上市前后的公司绩效,以及如何影响的。本文选择两种方法进行实证分析,用事件研究法分析整体上市前后公司的绩效,用回归分析法分析影响整体上市公司绩效的因素。这两种方法互相补充,克服了单一方法的局限性。第五部分是结论及建议,总结前面的理论分析和实证检验结果,得出本文的结论,并提出相关的建议。
[Abstract]:In September 2003, TCL group, the parent company listed through the merger of subsidiaries, this model to solve the "put forward a new idea of listing". After that, a large number of companies have to follow the TCL group, this approach to achieve the overall market. The government also encourages companies to improve the corporate governance structure through "the overall market, enhance the company's performance. The overall listing can increase the size of assets, improve asset quality, adjust the industrial structure, to reduce the related party transactions, improve corporate governance, so the overall market had become one of the hottest topics in the stock market. So, the overall listing of the company's performance in the end how to really improve the company the value of the company to create wealth, wealth is brought to the shareholders and investors? This paper makes an empirical study on the performance of the overall listed companies before and after the analysis of different parties. Integral before and after the listing of the performance of enterprises, using the event study method to analyze the stock market on the overall listing, verify the overall listing can improve the corporate value; what are the factors analysis method to study the effect of overall listing of enterprise performance by regression, and how to influence, can help enterprise managers, provide some enlightenment and operation the decision basis for investors and government regulatory agencies. Therefore, analyzing the phenomenon of enterprises "overall listing", has important theoretical significance and practical significance.
This paper uses the method of normative analysis and empirical analysis combining the research of the enterprise before and after the overall listing of the performance specification, analysis is mainly on the related theories and concepts, combined with the efficient market hypothesis, principal-agent theory, information asymmetry and enterprise boundary theory related to the overall listing the meaning, methods and significance as well as the influence of enterprise performance is analyzed, and then put forward 5 hypotheses; then using the method of event study and multiple regression analysis before and after the overall listing method of enterprise performance by empirical research. In the event study method, calculated the average excess return of 10 days of Sample Firms overall listing plan announcement before and after rate and cumulative abnormal return. And t test. In multivariate analysis, with 10 days of overall listing plan announcement before and after the cumulative abnormal return as explanatory variables, Considering corporate governance, company management, overall listing, ownership structure, industry, and other aspects of the annual information, build the regression model, the regression test to verify the hypotheses. The empirical results of this paper is a positive wealth effect after the listing of the overall stock market; through a private placement to achieve the overall listing of the stock wealth effect the market than to realize the positive wealth effect of overall listing through a share swap; into the company's assets scale is larger, the positive wealth effect after the listing of the overall stock market is bigger; the first and second largest shareholder equity ratio is higher, the positive wealth effect after the listing of the overall stock market is bigger; the positive wealth effect the overall stock market listing of state-owned holding companies than non state-owned holding companies.
This paper is divided into five parts, the first part is the introduction, mainly introduces the research background and significance, the overall performance of listed companies on the domestic and foreign research situation and tendency, as well as the research content, methods and innovation points. The second part is the theoretical part, introduce some theories related with the overall market and related the concept of the overall market and enterprise performance, and puts forward the assumption to pave the way. The third part is the research hypothesis, research on the construction of the model and method, according to the above theoretical analysis, this paper puts forward five hypotheses, and the corresponding definition of variables to establish the regression model. The fourth part is the empirical analysis of sample selection and empirical test, this is the core part of this paper. This paper chooses 2004 - 2010 in Shanghai and Shenzhen two A A-share market listed companies as samples, selected samples, using SPSS software An empirical study on the regression results, and the results of event study and analysis. This part of the overall listed company before and after the performance, the factors which affect the overall market and corporate performance, and how to influence. This paper selects two methods of empirical analysis, analysis of the company's overall performance before and after the listing by event study analysis of influencing factors, the overall performance of listed companies by regression. These two methods complement each other, to overcome the limitations of single method. The fifth part is the conclusion and suggestion, theoretical analysis and empirical test results summarized above, the paper draws the conclusion, and puts forward relevant suggestions.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】

中国期刊全文数据库 前10条

1 潘照安;;浅议企业整体上市对公司发展的影响[J];北方经济;2007年15期

2 黄汉利;佘晓燕;;大小非解禁市场反应实证研究——来自沪深A股市场的证据[J];财会通讯;2009年18期

3 黄济外;钱晓岚;;企业整体上市的思考[J];发展研究;2007年12期

4 魏成龙;许萌;郑志;魏荣桓;;国有企业整体上市绩效及其影响因素分析[J];中国工业经济;2011年10期

5 南开大学公司治理研究中心公司治理评价课题组;李维安;;中国上市公司治理指数与公司绩效的实证分析——基于中国1149家上市公司的研究[J];管理世界;2006年03期

6 王志彬;周子剑;;定向增发新股整体上市与上市公司短期股票价格的实证研究——来自中国证券市场集团公司整体上市数据的经验证明[J];管理世界;2008年12期

7 钱岩松;刘银国;朱龙;;公司绩效与股票价格的相关性分析[J];合肥工业大学学报(社会科学版);2009年05期

8 陈丽萍;李盼;;国有企业整体上市对企业价值影响的实证分析[J];黑龙江对外经贸;2009年01期

9 姜付秀;张继东;樊晓松;;公司整体上市有利于改善投资者利益保护吗?[J];经济科学;2007年05期

10 许晓璇;凌春华;;整体上市的财务效应研究——对于金属与非金属企业的实证研究[J];经济论坛;2009年05期

中国硕士学位论文全文数据库 前6条

1 纪磊磊;我国集团公司整体上市财务绩效研究[D];北方工业大学;2011年

2 刘庆华;整体上市国有控股公司治理问题研究[D];对外经济贸易大学;2007年

3 郑二兵;整体上市企业绩效分析[D];复旦大学;2008年

4 罗静;我国企业集团整体上市绩效实证研究[D];中南大学;2008年

5 张华;不同股权结构的集团公司整体上市对绩效的影响[D];复旦大学;2010年

6 曲树红;集团公司整体上市的股票市场反应实证研究[D];东北大学;2008年

，

本文编号：1479739