央企集团公司整体上市研究及其绩效分析
发布时间：2018-10-16 16:22
【摘要】：由于历史原因，在资本市场早期，我国的国企无法满足上市条件，选择了分拆上市，即从其经营性资产中剥离出一块发展前景好、盈利性高的资产进行上市。从而产生了一些弊端，如股权结构不合理、公司治理结构不合理、上市公司非公允关联交易、同行业竞争、大股东侵占中小股东利益、违规担保等。2004年以来，整体上市作为我国证券市场的一项制度创新，TCL、武钢和宝钢等集团公司先后整体上市所引起的示范效应更让整体上市引起市场的广泛关注。集团公司整体上市大多都得到了市场的肯定和热捧，，主要表现在其股价的变动上。然而，集团公司整体上市后的实际财务绩效情况究竟如何，整体上市后的财务绩效是否真正获得了提升，又能否获得持续稳定的提升是本文研究的主要内容。 本文在阐述我国央企集团公司整体上市相关理论的基础上，对整体上市的动因、条件和模式进行了描述，在分析了集团公司整体上市发展现状的情况下，运用事件分析法和财务指标分析法，对采集的近几年整体上市中央企业的样本数据进行分析和研究。研究结果表明，不同的中央企业要根据自身条件来选择整体上市的时间和模式，整体上市后，短期绩效增长明显，但是长期绩效并没有平稳增长。对相关政府部门、上市的央企及投资者提出相关建议，具有重大的理论意义和现实价值。
[Abstract]:Due to historical reasons, in the early stage of the capital market, the state-owned enterprises in our country could not meet the listing conditions. They chose to split up and list on the market, that is to say, the assets with good development prospects and high profitability were spun off from their operating assets to be listed on the market. As a result, there are some disadvantages, such as unreasonable ownership structure, unreasonable corporate governance structure, unfair related party transactions of listed companies, competition in the same industry, encroachment by large shareholders on the interests of small and medium shareholders, illegal guarantee, etc. Since 2004, As a system innovation in China's stock market, the demonstration effect caused by the whole listing of TCL, WISCO and Baosteel has aroused wide attention in the market. Group companies listed as a whole have been recognized and popular in the market, mainly in the movement of its stock price. However, the main content of this paper is how the actual financial performance of the group company after the overall listing, whether the overall financial performance after the listing has really been improved, and whether to obtain a sustained and stable promotion. On the basis of expounding the relevant theories of the whole listing of the group companies in our country, this paper describes the reasons, conditions and models of the whole listing, and analyzes the present situation of the whole listing of the group companies. By means of event analysis and financial index analysis, the sample data of the whole listed central enterprises in recent years are analyzed and studied. The results show that different central enterprises should choose the time and mode of overall listing according to their own conditions. After the overall listing, the short-term performance increases obviously, but the long-term performance does not increase smoothly. It is of great theoretical and practical value to put forward relevant suggestions to relevant government departments, listed central enterprises and investors.
【学位授予单位】：景德镇陶瓷学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51
本文编号：2274963
[Abstract]:Due to historical reasons, in the early stage of the capital market, the state-owned enterprises in our country could not meet the listing conditions. They chose to split up and list on the market, that is to say, the assets with good development prospects and high profitability were spun off from their operating assets to be listed on the market. As a result, there are some disadvantages, such as unreasonable ownership structure, unreasonable corporate governance structure, unfair related party transactions of listed companies, competition in the same industry, encroachment by large shareholders on the interests of small and medium shareholders, illegal guarantee, etc. Since 2004, As a system innovation in China's stock market, the demonstration effect caused by the whole listing of TCL, WISCO and Baosteel has aroused wide attention in the market. Group companies listed as a whole have been recognized and popular in the market, mainly in the movement of its stock price. However, the main content of this paper is how the actual financial performance of the group company after the overall listing, whether the overall financial performance after the listing has really been improved, and whether to obtain a sustained and stable promotion. On the basis of expounding the relevant theories of the whole listing of the group companies in our country, this paper describes the reasons, conditions and models of the whole listing, and analyzes the present situation of the whole listing of the group companies. By means of event analysis and financial index analysis, the sample data of the whole listed central enterprises in recent years are analyzed and studied. The results show that different central enterprises should choose the time and mode of overall listing according to their own conditions. After the overall listing, the short-term performance increases obviously, but the long-term performance does not increase smoothly. It is of great theoretical and practical value to put forward relevant suggestions to relevant government departments, listed central enterprises and investors.
【学位授予单位】：景德镇陶瓷学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51
【参考文献】
相关硕士学位论文 前1条
1 兰国旺;我国集团公司整体上市研究[D];厦门大学;2007年
本文编号：2274963
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