长江电力股份有限公司资产重组的绩效研究

发布时间：2018-01-12 00:02

本文关键词：长江电力股份有限公司资产重组的绩效研究　出处：《安徽大学》2014年硕士论文　论文类型：学位论文

【摘要】：市场经济条件下,如何通过资本积聚和资本集中获取竞争优势,以谋求可持续发展成为众多上市公司的首选战略目标。资产重组是调整经济产业结构,合理配置企业资源,盘活企业存量资产的有用工具,有利于调整产业结构,优化国民经济布局,在世界现代经济发展中起着相当重要的作用。在上市公司中,资产重组是企业求生存、求发展,扩张资产规模,实现资源有效配置的重要手段。剖析上市公司资产重组的动因和业绩评价是财务学科研究的重要课题,具有理论和现实意义。本文以资产重组相关理论为基础,运用案例研究和规范研究相结合的方法系统阐述我国上市公司资产重组的现状,分析了我国上市公司资产重组的动因,并以长江电力股份有限公司资产重组为案例,深入剖析其资产重组的动因,并从会计指标和财务指标对其重组前后的绩效进行分析对比。从而得出研究结论：一是资产重组提升了公司的价值。二是资产重组放大了投资价值。三是资产重组对行业整合影响深远。上市公司重组过程中也存在着一些问题：一是关联方交易的问题。二是重组过程中信息披露不规范。三是存在地方行政壁垒,放大了逆向选择行为的效应本文的结构安排如下：第一章引言段,对本文的研究背景、研究意义、研究内容与方法及本文创新进行介绍；第二章主要对资产重组的理论基础进行介绍；第三章主要对国内上市公司资产重组现状的研究及动因分析。第四章是长江电力股份有限公司的案例分析。介绍了长江电力股份有限公司的基本情况,重组的业务流程,资产重组的动因,长江电力股份有限公司资产重组前后财务状况的对比分析,进行盈利能力,营运能力,偿债能力,发展能力的分析；长江电力股份有限公司重组后的对策。第五章是本文的主要结论与对策建议。本文创新点主要体现在一是通过对长江电力股份有限公司财务状况的重组前后的对比,财务报表数据各项指标的分析使大家更加清晰的看到资产重组对于上市公司的深刻影响。二是文章使用了市盈率法和市净率法和均价估值法,分析了长江电力的投资价值,得出了结论：长江电力股份有限公司的股票价值目前被低估,周期越长,差距越大。资产重组给公司带来了较好的长期投资价值,持有的时间越长,投资的回报就越高。
[Abstract]:Under the condition of market economy, how to obtain competitive advantage through capital accumulation and capital concentration in order to achieve sustainable development has become the first strategic target of many listed companies. Asset restructuring is to adjust the economic industrial structure. The rational allocation of enterprise resources and the activation of useful tools of enterprise stock assets are helpful to adjust the industrial structure, optimize the layout of national economy, and play a very important role in the development of the world's modern economy. Asset restructuring is an important means for enterprises to survive, develop, expand the scale of assets and realize the effective allocation of resources. It is an important subject of financial science to analyze the motivation and performance evaluation of asset restructuring of listed companies. It has theoretical and practical significance. Based on the theory of asset restructuring, this paper systematically expounds the current situation of asset restructuring of listed companies in China by the method of case study and normative study, and analyzes the causes of asset restructuring of listed companies in China. And the Yangtze Electric Power Co., Ltd. assets restructuring as a case, in-depth analysis of the causes of its asset restructuring. And from the accounting indicators and financial indicators to its performance before and after the reorganization of the analysis and comparison, so as to draw the conclusions of the study:. The second is that asset restructuring magnifies the investment value. Third, asset restructuring has far-reaching impact on industry integration. There are also some problems in the process of reorganization of listed companies. One is the related party transaction, the other is the non-standard information disclosure in the process of reorganization. The third is the existence of local administrative barriers. Amplifies the effect of adverse selection behavior The structure of this paper is arranged as follows: the first chapter introduces the research background, research significance, research contents and methods, and innovation of this paper. The second chapter mainly introduces the theoretical basis of asset restructuring; Chapter 3 is the case study of the listed companies in China. Chapter 4th is the case study of the Yangtze Electric Power Co., Ltd., which introduces the basic situation of the Yangtze Electric Power Co., Ltd. The business process of the reorganization, the motivation of the assets reorganization, the comparative analysis of the financial situation before and after the reorganization of the assets of the Yangtze Electric Power Co., Ltd., and the analysis of the profitability, the operating ability, the solvency and the development ability of the company; Chapter 5th is the main conclusion and suggestion of this paper. The innovation of this paper is mainly reflected in the first is the comparison before and after the reorganization of the financial situation of the Yangtze Electric Power Co., Ltd. The analysis of each index of financial statement data makes us see the deep influence of asset reorganization on listed company more clearly. Second, the article uses the price-to-earnings ratio method and the price-to-book ratio method and the average valuation method. This paper analyzes the investment value of the Yangtze Electric Power Company and draws a conclusion: the stock value of the Yangtze Electric Power Co. Ltd. is undervalued at present. The longer the period is, the bigger the gap is. The reorganization of assets brings a better long-term investment value to the company. The longer you hold it, the higher the return on your investment.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61;F275

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