ST公司不同重组模式对重组绩效影响的比较研究

发布时间：2018-03-18 17:02

本文选题：ST公司　切入点：重组模式　出处：《武汉理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：资产重组作为企业提高经营效率和综合竞争力的一种重要方式,近年来一直是专家学者的研究热点之一。随着我国证券市场的不断发展,上市公司的重组活动越老越多,不论是重组次数还是重组金额都已经达到了很大规模,重组方式也是层出不穷。特别是1998年证监会推出特别处理制度以来,ST公司便成为了资产重组的主体,是资本市场上备受关注的焦点,越来越多的ST公司试图通过资产重组进行资源整合,使公司摆脱经营困境,达到摘帽保牌的目的。但ST公司通过资产重组是否可促进股东财富增加、改善公司财务绩效,目前的研究并未达成共识。本文将从国内外关于ST公司资产重组的理论和实证研究的出发,探讨资产重组对ST公司重组绩效的影响状况,并对不同的重组方式对公司绩效的影响进行了比较研究。研究的目的是对ST公司的重组绩效进行客观公平的评价,为提高ST公司的重组绩效提供建议,为ST公司重组模式的选择提供参考。本文通过理论和实证研究,从市场绩效和财务绩效两个角度对ST公司不同重组模式对重组绩效的影响展开研究。研究内容主要包括以下几个部分：第一章为绪论,主要阐述本文研究的背景和意义,分析国内外的研究现状,对ST公司重组绩效的国内外研究成果进行综述,并介绍本文研究的主要内容和方法等。第二、三章是理论研究部分,主要是介绍ST公司重组及重组绩效的理论基础,并对ST公司资产重组现状与问题进行分析。第四章是实证研究,也是本文的核心部分。主要是对ST公司资产重组的市场绩效和财务绩效分析,首先对研究方法和样本选取进行了介绍,然后选取2008年进行资产重组的35家ST公司为样本,采用事件分析法和财务分析法对ST公司重组的市场绩效和财务绩效进行了实证分析。第五章主要是针对前文的理论与实证研究,提出改善ST公司资产重组绩效的对策与建议。第六章是结论部分,主要是对本论文研究的总结。本文的研究结论为：总体看来,资产重组可给ST公司的股东带来一定的超额收益,也能在一定程度上改善公司的财务绩效；从分类研究来看,不同的重组模式对ST公司市场绩效和财务绩效的影响程度与影响角度有所不同；ST公司的资产重组绩效往往缺乏持续性。
[Abstract]:As an important way for enterprises to improve their management efficiency and comprehensive competitiveness, asset restructuring has been one of the hot research topics of experts and scholars in recent years. With the continuous development of China's securities market, the reorganization activities of listed companies become more and more. Both the number of times of reorganization and the amount of reorganization have been achieved on a very large scale, and the reorganization methods have been emerging in endlessly. Especially since the introduction of the special treatment system by the Securities Regulatory Commission in 1998, St companies have become the main body of the reorganization of assets. It is the focus of attention in the capital market. More and more St companies try to integrate their resources through asset restructuring to get the company out of the business predicament. But whether St company can promote shareholder wealth and improve financial performance through asset restructuring, The current research has not reached a consensus. This paper will discuss the impact of asset restructuring on the performance of St company restructuring from the theoretical and empirical research on St company restructuring at home and abroad. The purpose of the study is to evaluate the restructuring performance of St company objectively and fairly, and to provide suggestions for improving the restructuring performance of St company. For St company restructuring model selection to provide a reference. Through theoretical and empirical research, this paper studies the impact of different restructuring models on restructuring performance of St companies from the perspectives of market performance and financial performance. The research content includes the following parts: chapter one is introduction. This paper mainly describes the background and significance of this study, analyzes the current research situation at home and abroad, summarizes the domestic and foreign research results of St company restructuring performance, and introduces the main contents and methods of this study. It mainly introduces the theoretical basis of St company reorganization and its performance, and analyzes the current situation and problems of St company asset restructuring. Chapter 4th is an empirical study. It is also the core part of this paper. It mainly analyzes the market performance and financial performance of St company asset restructuring. Firstly, it introduces the research method and sample selection, then selects 35 St companies which carry out asset restructuring in 2008 as the sample. This paper uses event analysis and financial analysis to analyze the market performance and financial performance of St company restructuring. Chapter 5th mainly focuses on the previous theoretical and empirical research. Chapter 6th is the conclusion, which is the summary of this paper. The conclusions of this paper are as follows: in general, asset restructuring can bring certain excess income to St company shareholders, but also can improve the financial performance of the company to a certain extent. Different restructuring modes have different influence on St company's market performance and financial performance.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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