中行分拆中银航空租赁的动因及绩效研究

发布时间：2018-03-18 21:38

本文选题：分拆上市　切入点：绩效　出处：《石河子大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的迅猛发展,我国资本市场正在向着更规范、更成熟逐步发展,为了促进企业的市场价值提升,各个企业都在积极探索最合理的资源配置方式。分拆上市是一种收缩型的重组方式,在国外资本市场经过很长时间发展,市场监管和制度建设两个方面都已经发展的非常成熟,运作体系都很规范。由于我国资本市场并没有全面的相关制度,所以分拆上市在境内主板市场一直受到各方面阻碍。2004年,证监会发布“关于规范境内上市公司所属企业到境外上市有关问题的通知”,开放对分拆上市的限制,在政策上准许上市公司的子公司从境内分拆到境外市场上市,在此政治环境下,大多数国内企业将子公司分拆上市到境外市场,而中行分拆中银航空租赁作为银行领域的首个分拆案例,具有一定研究和参考的价值。论文通过对中行分拆中银航空租赁进行研究,探讨分拆上市对公司绩效的影响以及公司进行分拆上市的动因,为以后关于分拆上市的研究提供一些借鉴。但是这种资产重组方式在我国资本市场的适用性还有待探讨,并且在我国目前的资本市场环境下,分拆上市能否为企业股东带来收益,提升企业价值,这些都值得我们研究分析,同时也有利于对分拆上市公司绩效研究。本文采用文献综述、理论研究和案例分析三者结合的研究方法。首先对国内外关于分拆上市的概念、理论等进行阐述,分析了分拆上市给企业的绩效以及资本市场带来的影响,其次结合分拆上市在我国的现状与发展方向,对分拆上市的准入条件进行分析;最后引入中行分拆中银航空租赁的案例,对公司选择分拆上市的背景、动因等进行分析,从财务绩效和资本市场两个方向出发对分拆上市后中国银行的表现进行分析。在财务绩效上,对中国银行的安全性、流动性、盈利性和成长性四个方面进行了分析;在资本市场方面,用事件研究法分析个股收益率进行研究并利用母公司分拆上市前后的股价情走势行对比,研究分拆上市后公司绩效变动情况。最后,总结出论文的研究结论并为完善上市公司分拆上市提出了几点建议,企业要充分了解分拆上市并结合自身发展需求,选择适合自己的运营方式,才能获得最大的收益。中行分拆中银航空租赁在香港成功上市,说明我国在深化体制并进行机制改革,在理论创新、制度创新方面正在进行着有力的探索,这会为我国上市公司分拆上市带来新的曙光。希望我国政府能进一步深化体制改革,借鉴和学习境外资本市场成功的先进经验,与国际市场接轨,降低入市门槛,同时完善监管机制,使我国企业能够享受分拆上市带来的实惠,满足国家与企业双赢或多赢。同时中银航空租赁分拆上市的成功,证明了境内上市公司将子公司分拆到香港上市在我国资本市场是可行的,并得到了如下启示:第一,要理性看待分拆上市,充分结合企业自身的需要选择是否进行分拆上市,不能单纯为了眼前的利益为进行盲目的分拆;第二,避免因公众持股比例不足影响上市,保证子公司独立性;第三,防止股权稀释带来的威胁,保证母公司的控股地位。
[Abstract]:With the rapid development of China's economy, China's capital market is moving towards a more standardized, more mature and developed gradually, in order to promote the market value of the enterprise, all enterprises are actively exploring the reasonable allocation of resources. The spin off is a way of restructuring contraction, after a long time of development in foreign capital markets. The two aspects of market regulation and system construction of development has been very mature, operation system are standardized. As China's capital market is not related to a comprehensive system, so the listing in the territory of the motherboard market has been hit by the way of.2004, the Commission issued "on the norms of domestic listed companies listed companies related issues notice to the outside, open to spin off limits in the policy to a subsidiary of a listed company listed from the territory split to the overseas market, the political environment, large Most of the domestic enterprises will spin off subsidiaries to overseas markets, the Bank of China split BOC aviation as the first split case in the banking sector, it has a certain value in research and reference. Through the research on the bank split BOC aviation, to investigate the spin off effect to the performance of the company and the company spin off for the cause. A spin off of the research to provide some reference. But this reorganization of assets in China's capital market is still to be explored, and in China's current capital market environment, listing can bring benefits for corporate shareholders, enhance corporate value, these are worthy of our research and analysis, but also conducive to the performance of listed the company to spin off. This paper adopts literature review, theoretical research and case analysis methods to study the combination of the three. At home and abroad to spin off Listed the concept of theory in this paper, analysis of the spin off to affect the performance of enterprises and capital market, followed by the combination of spin off in the current situation and development direction of our country, to spin off access conditions were analyzed; finally the introduction of BOC BOC aviation leasing Split case, the companies choose to spin off background motivation, such as analysis, from the financial and capital markets in two directions of analysis of the spin off Chinese bank performance. In financial performance, security, China bank liquidity, analyzes the four aspects of profitability and growth; in the capital market, the rate of return of stocks study and use the parent company listed on the stock market price trend comparison before and after the situation by event study analysis, study on the spin off company performance changes. Finally, the conclusion of the paper And for the improvement of listed company spin off and put forward some suggestions, enterprises should fully understand the spin off and combine their development needs, choose their own mode of operation, in order to obtain the maximum benefits. The bank split BOC aviation successfully listed in Hongkong, China in deepening the system and mechanism reform, innovation in theory, system innovation is a powerful exploration, this will be for our listed companies to spin off bring a new dawn. I hope our government can further deepen the reform of the system, and learn advanced experience from the overseas capital market success, with the international market, low barriers to entry and improve the regulatory mechanism, the enterprises in China to enjoy the benefits of listing, meet the state and enterprise win-win. At the same time, BOC aviation listing success proved that domestic listed companies will subsidiaries Our spin off listing in Hongkong is feasible in China's capital market, and get the following enlightenment: first, rational view of the spin off, fully integrated enterprises have to choose whether to spin off, not only for the blind to split the immediate interests; second, to avoid the lack of public stake in listed, guarantee the independence of the subsidiary; third, to prevent the dilution of the threat that the parent holding position.

【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F832.33

【参考文献】