新疆上市公司资产重组绩效实证研究

发布时间：2018-05-20 08:18

本文选题：新疆上市公司 + 资产重组　；参考：《新疆大学》2012年硕士论文

【摘要】：近年来，新疆上市公司资产重组活动愈加频繁。资产重组作为实现社会资源合理配置的重要手段对新疆上市公司良性发展起到了重大的作用。资产重组作为证券市场里最能体现市场效率、最具创新活力的一环，在过去几年里一些上市公司通过几年的重组，基本面大大改善，融资能力也得到提升，从而上市公司和投资者实现了双赢。从积极角度看，资产重组对上市公司的良性发展起到了重大的作用。但也有些公司进行资产重组，不是为了实现公司做大、做强，而是为了粉饰利润，避免被摘牌或特殊处理，由此带来的不良后果也将逐渐显现。本文主要运用财务指标的变化实证研究法对新疆上市公司资产重组绩效进行分析。因为研究方法和样本的局限性，本文首先将选择符合实证研究条件的上市公司—新疆天山纺织有限公司作为研究对象，对其资产重组绩效进行评价，通过比较重组前后的经营业绩来衡量资产重组活动是否产生实质性的绩效。然后借助SPSS17.0，对2007年新疆上市公司中选择重组规模超过500万的上市公司作为样本，对其进行主成分分析。2007年有18家公司符合上述条件，其中6家为股权转让类，5家为资产剥离类，5家为收购兼并类和2家为资产置换类。通过综合分析得出：在这四种类型的重组方式中，资产置换类上市公司的重组绩效最好，其次是股权转让类的重组绩效。资产重组绩效最差的是剥离资产类，该类重组公司的业绩到最后更加糟糕了，而收购兼并类重组公司没有发生太大的业绩变化。从总体样本来看，资产重组活动是提高了新疆上市公司的总体绩效。最后根据得出的结论提出了一些建议，主要包括，在新疆上市公司中盲目的进行资产重组现象比较严重，很多公司只是为了改善当前情况，不顾长期的效果盲目的进行资产重组，这最后导致公司业绩的更加糟糕，所以首先要端正重组动机。还有一个问题是认识资产重组缺乏战略性，在进行资产重组时，大部分公司只重视形式，却轻视实质，很显然他们的目的不是公司的长期发展，却是在短期内提升上市公司业绩，实现扭亏、保壳及配股的目的，对这种公司建议在进行资产重组前需要全面深刻的考虑资产重组的可行性，从长远发展战略的角度分析问题。本文主要包括以下内容：第一章阐述了研究背景，阐明了本文的研究目的和意义，进而界定了研究方法和内容，还对已有的资产重组绩效国内外研究现状进行总数及分析；第二章的内容主要是有关上市公司资产重组绩效的基础理论；第三章介绍了新疆上市公司现状和资产重组状况；第四章以天山纺织为例对新疆上市公司资产重组绩效进行了实证分析；第五章是本文的重点章，在本章主要分析在不同方式的资产重组活动下的样本公司的业绩变化情况，并在各种不同类型之间进行了比较。最后一章提出了新疆上市公司在资产重组方面的问题并以重组为契机发展新疆经济的相应建议，旨在维护和保持新疆上市公司的可持续发展，并促进新疆地区经济的持续稳定发展。
[Abstract]:In recent years, the assets reorganization of the listed companies in Xinjiang has been more and more frequent. As an important means to realize the rational allocation of social resources, asset reorganization has played an important role in the benign development of Listed Companies in Xinjiang. After several years of restructuring, the basic level of the company has been greatly improved and the financing capacity has been promoted, thus the listed companies and investors have achieved a win-win situation. From a positive point of view, asset restructuring has played a major role in the benign development of the listed companies. To trim profits, avoid delisting or special treatment, the adverse consequences will also gradually appear.
This paper mainly uses the empirical research method of the change of financial indicators to analyze the performance of the assets reorganization of the listed companies in Xinjiang. Because of the research methods and the limitations of the sample, this paper first selects the listed company of Xinjiang Tianshan Textile Co., Ltd., which is in line with the empirical research conditions, as the research object, and evaluates the performance of its assets reorganization. After comparing the business performance before and after the restructuring to measure the substantial performance of the asset restructuring activity, with the help of SPSS17.0, the listed companies in the listed companies in Xinjiang in 2007 were selected as samples of more than 5 million of the listed companies. The principal component analysis of the listed companies in 2007 had 18 public companies in line with the above conditions, of which 6 were equity transfer. 5 are assets divestiture, 5 are acquisition and annexation and 2 are asset replacement. Through comprehensive analysis, it is concluded that in the four types of reorganization, asset replacement listed companies have the best reorganization performance, followed by the restructuring performance of equity transfer. The worst performance of asset restructuring is the divestiture of assets, such as the restructured company industry. The performance was even worse at the end of the year, and the merger and acquisition restructured company did not have much performance changes. From the overall sample, the asset restructuring activity has improved the overall performance of the listed companies in Xinjiang.
Finally, some suggestions are put forward on the basis of the conclusion, which mainly include that the blind asset reorganization in the listed companies in Xinjiang is more serious. Many companies are just trying to improve the current situation and reorganize their assets blindly regardless of the long-term effect. This leads to the worse performance of the company. One more problem is the lack of strategic asset reorganization. In the process of asset restructuring, most companies focus only on the form but disregard the essence. It is clear that their purpose is not the long-term development of the company. It is the purpose of improving the performance of the listed companies in the short term, realizing the goal of turning losses, protecting the shell and supporting shares, and making a proposal for the company. Before restructuring, we need to consider the feasibility of asset reorganization comprehensively and deeply, and analyze the problems from the perspective of long-term development strategy.
This article mainly includes the following contents: the first chapter expounds the research background, clarifies the purpose and significance of the study, then defines the research methods and contents, and also carries out the total and analysis of the existing research status of asset restructuring at home and abroad. The second chapter is mainly about the basic theory of the performance of the assets reorganization of the listed companies. The third chapter introduces the status of the listed companies in Xinjiang and the status of assets reorganization; the fourth chapter takes Tianshan textile as an example to make an empirical analysis on the performance of the assets reorganization of the listed companies in Xinjiang; the fifth chapter is the key chapter of this article. In this chapter, the paper mainly analyzes the performance changes of the Sample Firms under the different ways of asset reorganization, and in this chapter The last chapter puts forward the relevant proposals of the Xinjiang listed companies in asset restructuring and the opportunity to reorganize the Xinjiang economy, in order to maintain and maintain the sustainable development of the listed companies in Xinjiang and to promote the sustainable and stable development of the Xinjiang economy.
【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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