ST公司资产重组问题及对策研究

发布时间：2018-01-28 14:00

本文关键词： 资产重组财务危机动机问题绩效　出处：《哈尔滨商业大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国证券市场发展的二十几年,被烙上了深刻的“中国化”印记。为了推进我国资本市场的形成和发展,轰轰烈烈的股份制改造,造就了我国资本市场上第一批上市公司。它们大多数由国有企业改制而来,采用全部资产统一上市的方式,没有来得及剥离劣质资产,导致这些上市公司资产质量偏低,在证券市场高速发展的同时,各种弊端都突显出来,难以继续盈利,部分上市公司出现连续亏损情况,被戴上ST的帽子。自1993年,深宝安收购延中实业拉开我国上市公司重组的帷幕以后,1997年大规模的资产重组登上舞台,成为各种有退市风险的上市公司的青睐对象。最近几年,在退市新政的压力下,上市公司都加快了重组的步伐。本研究在阅读大量文献的基础上,结合管理学、经济学、财务学和统计学多方面学科,对我国民营企业资产重组的现状进行了大量的调查研究,为ST公司进行资产重组提供了理论依据。我国的资产重组具有多种模式,综合来看,先破产再进行并购重组的方式,成功率最高,效果最好,很多ST公司为了改善经营管理,保住上市公司资格,都积极寻找高质量的重组方,力求脱帽；重组方也为了获取上市资格,拓宽融资渠道,努力寻找性价比高的“壳”资源；各地方政府为了促进本地经济发展,也在极力推动和促进上市公司的资产重组行为。在奠定了理论基础后,从我国现阶段民营企业中,ST公司重组的现状入手,比较其资产重组行为的相似性及差异性,剖析重组行为存在差异的成因,找出存在的问题,如监管制度不完善,法律法规不健全,公司治理的缺陷,造成了信息的极度不对称等情况。进而选取近期华数传媒成功对*ST嘉瑞进行重组作为案例,对民营企业重组的基本情况和动机,重组方案的选择与实施,以及重组完成后的绩效进行了细致的研究。作者通过对资产重组相关理论的阐述和案例的研究分析,可以在理论上,为之后对民营企业重组的深入研究提供理论基础,同时为政府制定相关对策提供参考依据；实践中,通过探寻企业陷入财务困境后如何重组再次上市,并从宏观方面、市场方面、企业自身方面对资产重组提出相关建议,就重组中中小股东利益的保护和重组后的整合等问题提供可操作的指导意见,达到为以后陷入财务困境被风险警示的上市公司提供借鉴和参考的目的。
[Abstract]:In the 20 years of the development of China's securities market, it has been branded with profound "Sinicization" mark. In order to promote the formation and development of our country's capital market, the vigorous share-holding system reform has been carried out. It has created the first batch of listed companies in the capital market of our country. Most of them come from the reform of state-owned enterprises. They adopt the way of unified listing of all assets and have no time to divest inferior assets. As a result of the low asset quality of these listed companies, the rapid development of the securities market at the same time, a variety of shortcomings are highlighted, difficult to continue to make profits, some listed companies appear continuous losses. Since 1993, Shenzhen Baoan acquisition of Yanzhong industry opened the curtain of the restructuring of listed companies in China, 1997 large-scale asset restructuring mounted the stage. In recent years, under the pressure of the New deal of delisting, the listed companies have accelerated the pace of restructuring. On the basis of reading a large number of literatures, this study has carried out a large number of investigations and studies on the current situation of asset restructuring of private enterprises in China, in combination with management, economics, finance and statistics. For St company to provide a theoretical basis for asset restructuring. China's asset restructuring has a variety of models, in a comprehensive view, the first bankruptcy and then mergers and acquisitions, the highest success rate, the best effect. In order to improve the management and keep the qualifications of listed companies, many St companies are actively looking for high-quality reorganization parties, and strive to take off their hats; In order to obtain the qualification of listing, widen the financing channel and seek the "shell" resource with high performance-to-price ratio; In order to promote the development of local economy, local governments are also trying to promote and promote the asset restructuring of listed companies. After laying a theoretical foundation, from the current stage of private enterprises in China. Start with the current situation of St company reorganization, compare the similarities and differences of assets reorganization behavior, analyze the causes of the differences in reorganization behavior, find out the existing problems, such as imperfect regulatory system, imperfect laws and regulations. The defects of corporate governance, resulting in extreme asymmetry of information, etc., and then selected the recent success of Huasu Media restructuring of St Jiarui as a case, the basic situation and motivation of the reorganization of private enterprises. The selection and implementation of the reorganization scheme, as well as the performance after the completion of the reorganization were carefully studied. The author can provide the theoretical basis for the further study of private enterprise reorganization in theory by expounding the related theory of asset reorganization and studying and analyzing the case. At the same time for the government to formulate relevant countermeasures to provide reference; In practice, by exploring how to reorganize and re-list after falling into financial distress, and from the macro aspect, market aspect, the enterprise itself put forward the relevant suggestions on asset restructuring. This paper provides operational guidance on the protection of the interests of minority shareholders and the integration after the reorganization, so as to provide reference and reference for listed companies that fall into financial distress and be warned of the risks in the future.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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