国有企业整体上市的资产定价问题研究

发布时间：2018-07-05 19:59

本文选题：国有企业 + 整体上市　；参考：《财政部财政科学研究所》2012年硕士论文

【摘要】：自从资本市场改革以来,大部分国有企业上市公司采取了将自身业务进行分拆上市的方式进入资本市场融资,而这种方式下带来的许多问题则被暂时忽略了,为了能够进一步提高上市公司质量,强化主业,扩大规模,集中资本力量,优化资源配置,使大型集团企业在国际市场上更具备竞争实力,大型企业的整体上市应运而生。通过研究可以发现,国有企业整体上市对于我国资本市场的发展和完善有着重大意义,不仅有利于促进资本市场更好地发展,深化国有企业体制改革,还可以从经营管理的方面来完善上市公司治理,优化国有企业主业,使企业做大做强,并完善资本市场的监管体系。但在国有企业整体上市的实际操作中,对于拟整体上市的资产的定价仍然是悬而未决的问题和难点,通过进一步的研究,可以有利于找到问题症结所在,从而实现对症下药,促进社会主义市场经济蓬勃发展。在整体上市中的资产定价,是将目标企业作为一个有机整体,根据该集团的整体获利能力,并考虑影响其获利能力的各项因素,从而对集团整体资产在公开市场的公允价值进行综合性评估。目标企业的资产定价是将企业拥有的全部资产看作一个整体进行评估,但整体评估并非是将企业的各项资产进行简单加总,而是对在一定的系统管理之下,遵循企业的经济文化与技术管理的关系,形成的企业的全部资源有机结合体进行价值评估。我国国有企业进行整体上市通常是采用两种方式,即母公司将资产注入到上市公司中或集团公司直接进行首次公开发行来完成,前者是由母公司将自身全部资产或其部分优质资产注入到现有的上市公司中去实现整体上市,后者则是重新组建股份有限公司进行申请审批等正常的上市程序实现整体上市。通过研究这两种整体上市的方式的利弊和特点,确定了在对目标企业资产定价时,应综合定量与定性的分析方法,考虑企业的战略目标、资产质量对资产定价的影响,决定资产如何定价。除此之外,对资产定价的财务问题进行了归纳总结并提出几点意见,为了利于市场的监督和管理,对企业的信息公开也提出相应的管理建议。
[Abstract]:Since the capital market reform, most of the listed companies of state-owned enterprises have adopted the method of splitting their businesses into the capital market for financing, and many of the problems brought about by this approach have been temporarily ignored. In order to further improve the quality of listed companies, strengthen the main industry, expand the scale, concentrate capital forces, optimize the allocation of resources, make large group enterprises more competitive in the international market, the overall listing of large enterprises emerged as the times require. Through the research, it can be found that the overall listing of state-owned enterprises is of great significance to the development and improvement of China's capital market, not only to promote the better development of the capital market, but also to deepen the reform of the state-owned enterprise system. It can also improve the governance of listed companies, optimize the main business of state-owned enterprises, make enterprises bigger and stronger, and perfect the supervision system of capital market. However, in the actual operation of the whole listing of state-owned enterprises, the pricing of assets to be listed as a whole is still an outstanding problem and difficulty. Through further research, it can help to find out where the crux of the problem lies and thus achieve the right remedy. We will promote the vigorous development of the socialist market economy. Asset pricing in the overall listing takes the target enterprise as an organic whole, taking into account the overall profitability of the group and the factors that affect its profitability. Thus, the group's overall assets in the open market fair value of a comprehensive assessment. The asset pricing of the target enterprise is to evaluate all the assets owned by the enterprise as a whole, but the overall evaluation is not to sum up the assets of the enterprise simply, but to manage the assets under a certain system. According to the relationship between economy, culture and technology management of enterprises, the whole resources of the enterprises are organically integrated to evaluate the value. There are usually two ways for Chinese state-owned enterprises to go public as a whole, that is, the parent company injects assets into the listed company or the group company carries out the initial public offering directly to complete the listing. The former is that the parent company injects all its assets or some of its high-quality assets into the existing listed company to realize the overall listing, while the latter is the normal listing procedure such as reorganizing a limited company to apply for approval. By studying the advantages and disadvantages and characteristics of these two ways, this paper determines the quantitative and qualitative analysis methods for the asset pricing of the target enterprises, considering the strategic objectives of the enterprises and the influence of asset quality on the asset pricing. Determine how assets are priced. In addition, the financial problems of asset pricing are summarized and some suggestions are put forward. In order to facilitate the supervision and management of the market, the paper also puts forward the corresponding management suggestions for the information disclosure of enterprises.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.1

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