我国纺织业上市公司资产重组绩效的实证研究

发布时间：2018-11-04 14:06

【摘要】：在经济全球化大趋势下,中国的纺织企业也不可避免地融入到世界纺织经济发展的大潮中。入世以来,我国纺织业不断接受严峻考验,其发展不仅受到自身资源和国内市场需求不振的双重约束,并且面临着越演愈烈的国际市场竞争压力。中国纺织企业要发展,要适应新经济增长方式,必须根据外部宏观环境及自身内部条件,走优化资源配置,产业不断升级的道路,实现的方式无外乎进行资产重组,或扩大企业规模,或完善产业链,或改良主业,只有变身为拥有著名品牌和自主知识产权、具有较强核心竞争能力的大公司和企业集团,才能参与国际竞争,从而取代现今纺织行业自律性差,国内纺织企业恶性竞争的现状,走上成熟规范的市场化和现代化道路。但是在实际操作中,纺织业的重组并不完全是基于战略性意图,很多只是出于财务性动机,即使初衷正确,却不见其效,这使得重组是否真正能改善业绩遭到了质疑。本文旨在结合资产重组传统理论,浅析我国纺织行业发展现状,所处的国内国际环境,提出在当前形势下纺织企业通过资产重组改善业绩的必要性,并对目前纺织企业资产重组的情况进行阐述,后通过实证分析和访谈相结合的方法对比不同类型的资产重组绩效,深入挖掘重组后绩效优化或恶化的原因并得出结论——主要源于资产重组动机的不同以及经营管理水平的差异。在实证分析过程中,尝试使用新的绩效指标评价体系——“超额利润增长率”进行研究,后用传统的会计研究法进行验证以确保结果的可信度,结果证明“超额利润增长率”指标体系考虑到了机会成本和经济利润,因此更有解释力。文章结尾根据实证分析结果总结目前中国上市纺企在资产重组过程中还存在的问题及产生原因,提出如何才能使资产重组发挥积极而重要的作用。
[Abstract]:Under the trend of economic globalization, Chinese textile enterprises are inevitably integrated into the tide of world textile economic development. Since China's entry into WTO, the textile industry of our country has been subjected to a severe test. Its development is not only constrained by its own resources and the weak demand of domestic market, but also faced with the increasing pressure of international market competition. In order to develop and adapt to the new economic growth mode, Chinese textile enterprises must, according to the external macro environment and their own internal conditions, take the road of optimizing the allocation of resources, continuously upgrade their industries, and carry out asset restructuring in no other way. Only by expanding the scale of enterprises, perfecting the industrial chain, or improving the main industry, can they be transformed into large companies and enterprise groups with famous brands and independent intellectual property rights and strong core competitiveness, so that they can participate in international competition. In order to replace the present situation of poor self-discipline of textile industry and vicious competition of domestic textile enterprises, we should take the road of marketization and modernization of mature norms. But in practice, the restructuring of textile industry is not entirely based on strategic intentions, many are only out of financial motives, even if the original intention is correct, but not its effect, which makes whether the restructuring can really improve performance has been questioned. Based on the traditional theory of asset reorganization, this paper analyzes the present situation of textile industry development in China, the domestic and international environment, and points out the necessity of improving the performance of textile enterprises through asset restructuring under the current situation. And the current situation of textile enterprises asset restructuring is described, and then through empirical analysis and interviews to compare the performance of different types of asset restructuring, The reasons for the optimization or deterioration of performance after reorganization are deeply explored and the conclusion is drawn, which is mainly due to the differences in the motivation of asset restructuring and the level of management. In the process of empirical analysis, we try to use the new performance index evaluation system-" excess profit growth rate "to study, and then use the traditional accounting research method to verify the results to ensure the credibility of the results. The results show that the indicator system of "excess profit growth rate" takes opportunity cost and economic profit into account, so it is more explanatory. At the end of this paper, according to the results of empirical analysis, this paper summarizes the existing problems and causes in the process of asset restructuring of listed textile enterprises in China, and puts forward how to make asset restructuring play an active and important role.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.81;F832.51;F224

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