房地产上市公司资产重组绩效的实证分析
发布时间：2018-09-04 06:38
【摘要】：随着我国加入WTO,企业与国际接轨程度日益加深,我国上市公司资产重组交易大量发生,并逐年增加,涉及资本的金额也越来越大。文章选择房地产上市公司作为研究对象,主要对房地产上市公司资产重组的绩效进行研究,试图帮助房地产上市公司根据自身具体情况以及所处环境特点,树立正确的重组动机、选择适合自己的资产重组方式以及重组过程中着重需要改善哪些财务指标,使资源得到更有效地配置。并试图为政府机构、企业管理者和投资者各方的决策提供参考。 文章选取公司财务绩效的衡量指标,以我国房地产上市公司年报为基础,整理出评价房地产上市公司资产重组效果的衡量指标。主要采用实证分析的方法,在研究时采用财务指标分析和主成份分析相结合的方法,同时综合运用了多种研究方法。在具体的实证分析过程中,首先对房地产行业以及样本公司资产重组发生前后整体绩效进行研究,然后对比不同资产重组模式发生前后绩效的变化,最后分析资产重组成功与失败的房地产上市公司,试图找出影响资产重组绩效的因素。 文章的研究结果主要有：(1)样本公司的绩效在重组后一年有所提高,在重组后的第二年出现较大幅度的下降,随着时间的推移,重组公司的绩效在重组后第三年与重组后第二年相比稍有改善,资产重组存在短期化的现象。与之前学者的研究相比,重组后第三年获得重组绩效的公司所占的比重相对来说较大,这说明我国房地产上市公司资产重组的整体绩效与其他行业相比还是比较乐观的。(2)资产置换对房地产上市公司业绩改善作用最为显著,重组事件在当年即发挥效应,业绩的改善非常明显。(3)资产重组成功的原因总是相似的,但是资产重组失败的公司却各有各的原因。房地产上市公司资产重组应该着重每股收益、净利润增长率、主营业务增长率和总资产现金回收率这些指标的提高。
[Abstract]:With China's entry into the WTO, and the deepening of the degree of international integration, asset restructuring transactions of listed companies in China have occurred in a large number and increased year by year, and the amount of capital involved is also increasing. This article chooses the real estate listed company as the research object, mainly carries on the research to the real estate listed company's assets reorganization performance, attempts to help the real estate listed company according to its own specific situation and the environment characteristic, Set up the correct recombination motive, choose the suitable assets reorganization way and the financial index that need to be improved in the process of reorganization, so that the resources can be allocated more effectively. It also tries to provide reference for government agencies, business managers and investors to make decisions. Based on the annual report of the listed real estate companies in China, this paper selects the financial performance of the company to evaluate the assets restructuring of the listed real estate companies. This paper mainly adopts the method of empirical analysis, the method of combining financial index analysis and principal component analysis, and synthetically uses a variety of research methods. In the specific empirical analysis process, first of all, the real estate industry and sample companies before and after the overall performance of asset restructuring, and then compare the changes of performance before and after different asset restructuring models. Finally, it analyzes the successful and failed real estate listed companies, and tries to find out the factors that affect the performance of asset restructuring. The main results of this paper are as follows: (1) the performance of the sample companies improved a little one year after the reorganization, and decreased significantly in the second year after the reorganization, with the passage of time, Compared with the second year after reorganization, the performance of the recombination company improved slightly. Compared with previous studies, the proportion of companies that achieved restructuring performance in the third year after restructuring was relatively large. This shows that the overall performance of real estate listed companies is optimistic compared with other industries. (2) Asset replacement plays a most significant role in improving the performance of listed real estate companies. The improvement of performance is very obvious. (3) the reasons for the success of asset restructuring are always similar, but the companies that fail in asset restructuring have their own reasons. Asset restructuring of listed real estate companies should focus on earnings per share, net profit growth rate, main business growth rate and total asset cash recovery.
【学位授予单位】：山西大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F299.233.4
本文编号：2221306
[Abstract]:With China's entry into the WTO, and the deepening of the degree of international integration, asset restructuring transactions of listed companies in China have occurred in a large number and increased year by year, and the amount of capital involved is also increasing. This article chooses the real estate listed company as the research object, mainly carries on the research to the real estate listed company's assets reorganization performance, attempts to help the real estate listed company according to its own specific situation and the environment characteristic, Set up the correct recombination motive, choose the suitable assets reorganization way and the financial index that need to be improved in the process of reorganization, so that the resources can be allocated more effectively. It also tries to provide reference for government agencies, business managers and investors to make decisions. Based on the annual report of the listed real estate companies in China, this paper selects the financial performance of the company to evaluate the assets restructuring of the listed real estate companies. This paper mainly adopts the method of empirical analysis, the method of combining financial index analysis and principal component analysis, and synthetically uses a variety of research methods. In the specific empirical analysis process, first of all, the real estate industry and sample companies before and after the overall performance of asset restructuring, and then compare the changes of performance before and after different asset restructuring models. Finally, it analyzes the successful and failed real estate listed companies, and tries to find out the factors that affect the performance of asset restructuring. The main results of this paper are as follows: (1) the performance of the sample companies improved a little one year after the reorganization, and decreased significantly in the second year after the reorganization, with the passage of time, Compared with the second year after reorganization, the performance of the recombination company improved slightly. Compared with previous studies, the proportion of companies that achieved restructuring performance in the third year after restructuring was relatively large. This shows that the overall performance of real estate listed companies is optimistic compared with other industries. (2) Asset replacement plays a most significant role in improving the performance of listed real estate companies. The improvement of performance is very obvious. (3) the reasons for the success of asset restructuring are always similar, but the companies that fail in asset restructuring have their own reasons. Asset restructuring of listed real estate companies should focus on earnings per share, net profit growth rate, main business growth rate and total asset cash recovery.
【学位授予单位】：山西大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F299.233.4
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相关期刊论文 前3条
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