ST公司重组绩效研究

发布时间：2018-04-18 22:33

  本文选题：ST公司 + 重组　； 参考：《湖南大学》2009年硕士论文

【摘要】： 公司重组是企业资本运作的重要内容,也一直是各国证券市场理论研究的热点之一。在过去的几十年里,各国学者对上市公司并购重组进行了广泛而深入的研究。伴随着我国证券市场的发展,上市公司重组也经历了一个从无到有、从小到大、从不规范到规范的发展历程。目前,我国上市公司重组无论从重组次数上看,还是从交易金额上看,都己经达到了一定的规模,上市公司的重组方式也层出不穷。另外,中国经济结构的调整、国民经济的发展以及国有企业的改革都与企业重组息息相关。因此,研究中国企业重组问题有着极其重要的现实意义和理论意义。特别是1998年中国证监会推出ST制度以来,越来越多的ST公司进行了重组,并试图通过整合自身资源来改善提高自身的业绩。但重组是否可以促进ST公司股东财富的增加,是否可以改善ST公司的财务状况,目前研究对此并未达成共识。本文拟针对ST公司重组绩效的相关问题展开研究,目的在于客观、公正地评价ST公司重组绩效,并为提高ST公司重组绩效提供一些意见和建议。本文从重组绩效的理论、实证两个这方面对ST公司重组的绩效展开研究。 文章主要分为三个部分:第一部分主要阐明了研究目的和意义,并对国内外公司重组绩效的研究现状进行综述,界定了本文的研究内容,并介绍了公司重组及其绩效的相关理论。第二部分是本文的主体部分。首先,对ST公司重组绩效的实证研究进行了总体设计,包括研究方法、数据来源和样本选取。进而,以2003~2005年进行重组的79家ST公司为样本,采用事件分析法和财务分析法对其绩效进行了实证分析及检验,得出的结论主要有:重组总体上能够带来ST公司市场绩效和财务绩效的提高;不同重组方式的绩效情况存在很大差异;ST公司重组绩效的持续性不足。第三部分针对研究结论分析了ST公司重组绩效的问题所在,并提出了相关的对策建议。 本文将研究范围有限度地缩小并锁定在我国资本市场中比较流行而又典型的ST公司重组上,通过实证研究揭示出其重组绩效状况,同时,在研究方法的运用上把事件分析法和财务分析法有机结合起来,为ST公司重组绩效的研究构建了一个规范性的框架。
[Abstract]:Corporate restructuring is an important part of the capital operation of enterprises, and has been one of the hotspots in the theoretical research of securities markets in various countries.In the past few decades, scholars from all over the world have carried out extensive and in-depth research on M & A of listed companies.With the development of China's securities market, the restructuring of listed companies has also experienced a process of development from scratch, from small to large, from non-standard to normative.At present, the reorganization of listed companies in China has reached a certain scale both in terms of the number of times of reorganization and the amount of transactions, and the way of reorganization of listed companies has emerged endlessly.In addition, the adjustment of China's economic structure, the development of national economy and the reform of state-owned enterprises are closely related to the reorganization of enterprises.Therefore, the study of China's corporate restructuring has an extremely important practical and theoretical significance.Especially since the introduction of St system by CSRC in 1998, more and more St companies have been reorganized and tried to improve their performance by integrating their own resources.However, there is no consensus on whether the restructuring will increase the wealth of St shareholders and improve the financial situation of St companies.The purpose of this paper is to evaluate the performance of St restructuring objectively and impartially, and to provide some suggestions and suggestions for improving the performance of St restructuring.This paper studies the performance of St company restructuring from the theory of restructuring performance and empirical two aspects.The article is divided into three parts: the first part mainly expounds the purpose and significance of the research, and summarizes the domestic and foreign research status of corporate restructuring performance, defines the research content of this paper.And introduced the company reorganization and its performance related theory.The second part is the main part of this paper.First of all, the empirical study of St corporate restructuring performance is designed, including research methods, data sources and sample selection.Furthermore, 79 St companies from 2003 to 2005 were selected as samples, and their performance was analyzed and tested by event analysis method and financial analysis method.The main conclusions are as follows: reorganization can bring about the improvement of St company's market performance and financial performance, and the performance of different recombination methods is very different, and the persistence of St company's reorganization performance is insufficient.The third part analyzes the problem of St company restructuring performance and puts forward the relevant countermeasures.In this paper, the scope of the study is limited and locked on the relatively popular and typical St company restructuring in the capital market of our country, through empirical research to reveal its restructuring performance, at the same time,In the application of the research methods, the event analysis method and the financial analysis method are combined organically to construct a normative framework for the research on the restructuring performance of St company.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F832.51

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本文编号：1770407