我国上市ST公司资产重组绩效及市场反应的研究

发布时间：2018-02-10 11:51

本文关键词： ST公司资产重组财务分析法事件分析法累计超常收益率（CAR）　出处：《山西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着全球经济一体化进程的加快，我国的资本市场也在不断完善和发展，资本运作的手段越来越呈现多元化。企业为增强其在资本市场的竞争力，就必须对不合理的资源配置和企业结构进行调整，在这样的市场要求下，资产重组就成为各企业优化资源配置的重要手段。加之证券市场上一直存在对资产重组概念不间断的炒作行为，，也会引来大量的投机者，这样的情况下也就必定会在证券市场上发生很多的不规范交易与行为。尤其是在1998年中国证监会发布上市公司特别处理制度（ST制度）之后，由于被冠以ST特别处理的上市公司面临第三年再不盈利将会被终止上市的危机，它便急切的想要改善公司的经营状况。所以相较于一般公司而言，ST上市公司对于进行资产重组的意愿就更为急迫。只是，究竟ST公司在进行资产重组之后，其业绩会不会增加，财务状况会不会变好，公司的股东财富又能否因此得到增值，这在目前为止都还是一个值得探究的问题。本文针对ST上市公司进行资产重组的财务绩效及其市场反应为问题展开研究，以2010年发生资产重组的28家ST类公司为样本，采用财务绩效研究和市场绩效研究两种方法，深入研究ST类公司在资产重组前后的经营绩效及其市场绩效的变化情况。研究表明：①运用财务分析法分析样本公司的资产重组绩效，发现资产重组对公司业绩的影响效果并不具有长久持续性，并且不同重组方式取得的财务绩效情况间存在很大差异。②通过运用事件分析法分析样本公司的累计超常收益（CAR）在事件考察期的分布，可以看出大部分ST样本公司的股东可以在重组信息被正式公布之前一段时期内获得正的累计超常收益，而在公告日之后则无法获得像公布之前那样高额的累计超常收益，这说明在ST公司的资产重组信息在被正式公布之前，存在信息被提前泄露出去的情况。这都表示我国ST上市公司在进行资产重组过程中存在很多问题使得其业绩及市场反应并不能达到预期目标，本文也将进一步对存在的问题进行剖析同时提出与之相对应的优化建议。
[Abstract]:With the acceleration of the process of global economic integration, China's capital market is constantly improving and developing, and the means of capital operation are becoming more and more diversified. The unreasonable allocation of resources and the structure of the enterprise must be adjusted in such a way as to meet the requirements of the market. Asset restructuring has become an important means for enterprises to optimize the allocation of resources. In addition, there has been constant speculation on the concept of asset restructuring in the securities market, which will also attract a large number of speculators. Under such circumstances, a lot of non-standard transactions and behaviors will certainly occur in the securities market, especially after the 1998 China Securities Regulatory Commission issued the special treatment system for listed companies and the St system. As the listed companies, which are called St special treatment, are facing the crisis that no profit for the third year will be terminated, It is eager to improve the company's operating conditions. Therefore, the willingness of St listed companies to carry out asset restructuring is more urgent than that of ordinary companies. It is just whether St companies will increase their performance after the restructuring. Whether the financial situation will improve, and whether the company's shareholders' wealth can be added to it, is still a question worth exploring so far. This paper studies the financial performance and market reaction of St listed companies. Taking 28 St companies with assets recombination in 2010 as a sample, this paper adopts two methods: financial performance research and market performance research. This paper studies the changes of St companies' performance and market performance before and after asset restructuring. The study shows that the performance of asset restructuring of the sample company is analyzed by using the financial analysis method, and it is found that the effect of asset restructuring on the performance of the company is not sustainable for a long time. And the financial performance of different reorganization methods is very different. 2 by using the event analysis method to analyze the distribution of the cumulative extraordinary income of the sample company (car) in the event investigation period. It can be seen that the shareholders of most St sample companies can obtain positive cumulative extraordinary returns during the period before the reorganization information is officially announced, but after the announcement date, they cannot obtain the same amount of accumulated extraordinary returns as before the announcement. This means that prior to the release of St Company's asset restructuring information, There is a situation in which information is leaked out in advance. All this indicates that there are many problems in the process of asset restructuring of St listed companies in our country, so that their performance and market response cannot reach the expected goal. This paper will further analyze the existing problems and put forward corresponding optimization suggestions.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【相似文献】