基于BHAR法的上市公司资产剥离后长期绩效的实证研究

发布时间：2018-10-04 20:08

【摘要】：资产剥离是上市公司重要的资产重组方式之一，无论在国外还是国内，，资产剥离的数量和规模都呈持续增长的态势。随着我国上市公司资产剥离的规模和频率不断增加，资产剥离后的长期绩效成为一个值得关注和研究的问题，但是，目前国内学者对于资产剥离后长期绩效的研究还难有定论。因此，本文将对资产剥离后的长期绩效进行研究。文章首先对资产剥离绩效理论及国内外长期绩效研究的成果进行梳理，在此基础上初步分析我国资产剥离的现状及基本特征，并分析影响资产剥离后长期绩效的因素。随后，以2005年到2007年三年间进行资产剥离的205个公司的股票为样本，运用事件研究法中的BHAR法对样本公司资产剥离后连续三年的长期绩效进行实证研究。研究结果表明：总体来看上市公司资产剥离后的长期绩效较差，并且随着时间推移绩效下降幅度逐渐加大；与股权形式的剥离行为相比，上市公司实物资产剥离后的长期绩效更差；与关联剥离相比，上市公司非关联剥离后的长期绩效更差。上市公司资产剥离后长期绩效的影响因素是复杂多样的，上市公司规模、剥离资产的相对规模以及剥离后流通股比例都会对资产剥离后的长期绩效产生影响。根据研究结果，本文认为在宏观政策方面应当加强法规和中介机构的建设，以完善对资产剥离行为的辅助和监管作用；上市公司自身应对资产剥离给予充分的重视，明晰主业，将其纳入公司的长远发展战略，当上市公司发展到一定规模，可以考虑通过资产剥离来提高内部协同效益，在进行资产剥离过程中应当控制资产剥离的规模和时机，及时完成剥离后的整合工作,让资产剥离真正促进上市公司的平稳、健康发展。
[Abstract]:Asset divestiture is one of the most important ways for listed companies to restructure their assets. Both at home and abroad, the number and scale of assets divestiture increase continuously. With the increasing scale and frequency of asset divestiture of listed companies in China, the long-term performance after divestiture has become a problem worthy of attention and research. However, at present, it is difficult for domestic scholars to study the long-term performance of assets divestiture. Therefore, this paper will study the long-term performance after asset divestiture. Firstly, this paper analyzes the theory of asset divestiture performance and the research results of long-term performance at home and abroad, and on this basis, analyzes the present situation and basic characteristics of asset divestiture in China, and analyzes the factors that affect the long-term performance after asset divestiture. Then, based on the stock of 205 companies from 2005 to 2007, using the BHAR method of the event research method, the long-term performance of the sample company after the divestiture for three consecutive years is studied empirically. The results show that: overall, the long-term performance of listed companies after divestiture is poor, and the decline of performance gradually increases with the passage of time; compared with the behavior of equity divestiture, The long-term performance of the listed companies after the physical assets divestiture is worse, and the long-term performance of the listed companies after the non-affiliated divestiture is worse than that of the affiliated divestiture. The factors that affect the long-term performance of the listed company after divestiture are complex and diverse. The scale of the listed company the relative scale of the assets stripped and the proportion of circulating shares after the divestiture will affect the long-term performance after the divestiture. According to the results of the study, this paper holds that the construction of laws and regulations and intermediary institutions should be strengthened in order to improve the auxiliary and supervisory role of the divestiture of assets, and the listed companies themselves should pay full attention to the divestiture and clarify the main business. When the listed company develops to a certain scale, it can be considered to improve the internal synergistic benefit by means of asset divestiture, and the scale and timing of the divestiture should be controlled in the process of asset divestiture. Timely completion of the integration after the divestiture, so that asset divestiture really promote the smooth and healthy development of listed companies.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.6;F224

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