整体上市的动机及其绩效研究

发布时间：2018-04-04 12:29

本文选题：整体上市　切入点：同业竞争　出处：《复旦大学》2012年硕士论文

【摘要】：由于历史原因,我国有相当一部分上市公司是从集团公司中拆分出一块盈利性相对较好的资产进行上市。这种分拆上市的做法虽然在资本市场发展的初期阶段起到了一定的推动的作用,但其也为上市公司的正常运营及公司治理都留下了诸多隐患。而整体上市可以通过将集团公司将其全部资产或主要的经营性资产或是已上市的其他子公司整合到一家上市公司内,较为彻底的消除同业竞争问题,减少集团公司与上市公司之间的关联交易问题。因此,为解决分拆上市带来的各种问题,国家各部委都推出了各种政策鼓励有条件的集团公司尽快实现整体上市,整体上市逐渐成为我国资本市场上的一个热门的话题。但由于整体上市总体来说还是一个较新兴的事务,可供研究的样本还相对较少,理论界对于整体上市的研究主要还停留在理论分析及案例讨论上,比较集中于讨论集团公司整体上市的具体模式及某具体公司实现整体上市对公司后续发展是否有正面的作用。相对来说,对于实证分析方面还比较少,仅有的一些实证研究还主要停留在整体上市的宣告效应的验证。对于整体上市的动机及其绩效的研究,实证方面的讨论还相对比较少。那么,上市公司选择整体上市的动机究竟是什么?整体上市对于上市公司的绩效会产生什么样的影响?这两个问题的答案,不仅有助于帮助我们从理论研究的角度上理解实践中上市公司实施整体上市的动机及其相应的经济后果,也为实务界中尚未实施整体上市的集团公司、投资者、市场监管者等资本市场的各方参与者了解整体上市问题提供一定的参考和借鉴。本文主要采用规范研究和实证研究相结合的方法,对整体上市的动机及其绩效进行研究。本文首先对我国目前整体上市的概况加以回顾,并对整体上市、公司治理等相关文献进行梳理总结,在此基础上,分析我国上市公司选择整体上市的动机及整体上市对上市公司绩效的影响。本文针对公司整体上市的动机提出了三个研究假说：存在同业竞争问题的公司更有动机选择整体上市；关联交易程度越高的公司越有动机选择整体上市；股权集中度越高的公司越有动机选择整体上市。在此基础上,本文针对整体上市对上市公司绩效的影响提出了研究假说四：整体上市将提高上市公司的绩效。为验证本文的四个研究假说,本文选取了2003年1月1日至2011年12月31日所有已宣告并完成整体上市的A股公司为研究样本,并按照同行业、规模最接近的标准选取了配对样本,从选择整体上市的上市公司和配对组的未选择整体上市公司的公司特征进行比较分析,对本文的三个整体上市的动机的研究假说进行了验证；在此基础上,分别采用了事件研究法与会计研究法对本文的研究假说四整体上市对于上市公司绩效的影响分别从市场绩效和会计绩效两个角度进行了实证研究。本文的研究结果发现,存在同业竞争问题、关联交易程度高、股权集中度高的公司更有动机选择整体上市,说明上市公司的整体上市的动机主要是解决同业竞争问题、降低关联交易,提高上市公司的经营独立性和资产独立性。整体上市对于上市公司的市场绩效及会计绩效都有较为显著的正面影响,说明投资者对于上市公司选择整体上市持正面的态度,而整体上市对于上市公司的会计绩效也有较为显著的提升作用。本文的实证研究结论将有助于理解我国上市公司选择整体上市的动机及整体上市对上市公司绩效的影响。
[Abstract]:Due to historical reasons, there are a considerable part of the listed company is split out from the company in a relatively good profitability of the assets listed. This spin off approach although the early stages of development in the capital market has played a certain role in promoting, but also for its normal operation and corporate governance of listed companies have left a lot of hidden dangers. The overall market can the corporation will all of its assets or main business assets or other subsidiaries listed into a listed company, the complete elimination of competition issues, reduce the related transactions between group companies and listed companies. Therefore, in order to solve the various problems spin off the national ministries have introduced various policies to encourage the company to achieve the overall market conditions as soon as possible, the overall market has gradually become the Chinese capital A hot topic in the market.
But because the overall market overall is still a relatively new transaction, for the study sample is relatively small, the theory for the study of the overall market is still in the discussion of theoretical analysis and case comparison, focuses on the whole group of companies listed the specific pattern and a specific company to achieve the overall market will have a positive effect for the company's further development. Relatively speaking, the empirical analysis is still relatively small, some empirical studies only verified mainly stays on the announcement effect of overall listing. For the study of the motivation and performance of the overall market, the empirical discussion is relatively less. So, the listed companies choose the overall market motivation is what? The overall market for the performance of listed companies will produce what kind of impact? The answers to these two questions, not only can help us from theory research Understanding the practice of Listed Companies in the implementation of the overall listing of the motivation and economic consequences of the corresponding, for practitioners have not yet implemented the overall listing of the company, investors, to provide a certain reference to understand the overall market participants market regulators and other capital markets.
This paper mainly adopts the method of combining normative research and empirical research, the study of the overall listing of the motivation and performance. This paper reviews the current situation of our country to be listed as a whole, and the overall market, corporate governance and other related literature summary, based on the analysis of China's listed companies choose the effect of holistic listing the motivation and the overall market performance of listed companies. According to the company's overall listing motivation puts forward three research hypotheses: the existence of competition of company have incentive to choose the overall market; related to the higher degree of the company has more incentive to choose the overall market; the higher the degree of ownership concentration, the more motive to choose the overall market. On this basis, according to the overall market impact on the performance of listed companies and puts forward the research hypothesis four: the overall market will improve listed companies Achievements.
To verify the four hypotheses, this paper selects the January 1, 2003 to December 31, 2011 all declared and completed A shares listed companies as research samples, and in accordance with the same industry, the scale of the closest standard selected paired samples, from the selection of listed company features the overall listing of the listed companies and the matched group did not choose the whole company comparative analysis of three of the overall market hypothesis of this motivation is verified; on this basis, the research hypothesis of this event study method and accounting research method four overall market impact on the performance of listed companies from two aspects of market performance and accounting performance by empirical research.
The results of this study found that the existence of competition, the degree of related transactions is high, the high concentration of shareholding companies have more motivation to choose the overall market, the overall listing of listed companies shows that the main motivation is to solve the problem with the competition, reducing the related transactions of listed companies, improve the independence of operations and assets are listed as a whole. Significant positive effects on the market performance of listed companies and accounting performance, suggesting that some investors listed positive overall selection of listed companies and the overall market attitude, but also enhance the effect is more significant for the listed company's accounting performance. The conclusion of empirical research in this paper will help to understand the choice of Listed Companies in China affect the overall listing the motivation and the overall market performance of listed companies.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【参考文献】