中国电建整体上市绩效研究

发布时间：2018-03-23 19:29

本文选题：整体上市　切入点：绩效　出处：《广东工业大学》2017年硕士论文

【摘要】：我国早期证券市场规模较小,对企业资质要求较高,大型企业只能分拆一部分优质资产上市融资。但随着市场不断发展,由此带来的上市公司与母集团公司同业竞争、非公允关联方交易和大股东恶意占用资金等问题不断增多,影响企业及我国资本市场的健康发展。因此,整体上市逐步成为解决分拆上市弊端的重要途径。同时,在混合所有制改革的背景下,我国监管层也不断鼓励支持国有大型企业通过集团整体上市或主业资产整体上市的方式推进国有企业改革,提升国有企业综合实力。整体上市在实务中逐步成为企业战略实施的有效途径,同时在理论界也得到广泛的关注。国内理论界对整体上市的理论分析大多集中在整体上市的动因、模式和意义上,对于企业整体上市的案例及其绩效研究相对较少。因此,整体上市是如何解决分拆上市弊端的,在具体企业的实践中会对企业绩效的影响如何,同时又会为其他大型企业集团在操作中带来哪些借鉴,这些都具有研究价值。本文运用理论研究与具体案例相结合的方法,以中国电建反向收购母公司电建集团资产,推进电建集团主业资产整体上市为研究案例,围绕“整体上市对公司绩效影响”问题进行分析和探究。首先对本文的研究背景及意义进行分析,并总结回顾了国内外学者关于整体上市绩效的研究现状;其次,对相关概念和理论依据进行了概况,并分析总结了目前企业整体上市采用的几种模式及各自的特点;接着在对中国电建整体上市案例简要概述的基础上,对中国电建整体上市的绩效进行研究分析,对整体上市后企业在规模优势、同业竞争、关联交易及协同效应四个因素上的变化进行论述并预期其可能对绩效产生的影响,而后利用事件研究法、财务指标法、经济增加值法和定量分析的方法分别对整体上市的短期市场反应、财务绩效及非财务绩效进行研究,发现中国电建整体上市引起了正向公告效应,为股东带来超额收益,同时企业的财务绩效较整体上市前及同行业均有较大幅度的提升,非财务绩效中人力资源及技术创新方面也得到较大提升,为今后发展奠定基础。最后通过对理论和案例的研究总结,得出以下结论:整体上市不仅有效地解决了同业竞争及关联方交易的难题,注入的优质资产也带动了企业规模优势和协同效应的增长并进而改善了企业的财务业绩,提升了企业的盈利能力和股票价值,为股东带来了真正的财富,对企业绩效的改善带来了正面效应。同时,本文也针对其他整体上市企业、投资者以及监管层提出以下启示和建议:企业集团应基于自身战略和外部环境,制定切实可行的方案进行整体上市;投资者应关注资产注入的质量,理性对待整体上市;监管层应积极推动整体上市并加强对上市公司资产质量的监管。
[Abstract]:Early Chinese securities market smaller, higher requirements on the qualification of the enterprise, large enterprises can only spin off part of the quality of assets of listed financing. But with the continuous development of the market, the listed company and the parent company of group of trade competition, unfair related party transactions and large shareholders malicious occupancy of funds and other issues continue to increase, and affect the healthy development of enterprises China's capital market. Therefore, the overall market has gradually become an important way to solve the drawbacks of the spin off. At the same time, in the context of mixed ownership reform, China's regulators also continue to encourage and support state-owned enterprises through the overall listing of the group listed as a whole or main assets by way of advancing the reform of state-owned enterprises and enhance the comprehensive strength of the state-owned enterprises. The overall market in practice has become an effective way for enterprises to implement the strategy, also received wide attention in the theoretical circles. The domestic theoretical circles The theoretical analysis of the overall market are mostly concentrated in the motivation of the overall market, pattern and meaning, for the case of overall listing and its performance research is relatively small. Therefore, the overall market is how to solve the drawbacks of the spin off, how to influence on the performance of enterprises in practice in the enterprise, but also for other large enterprise groups what are the lessons in operation, which has research value. This paper uses the method of theoretical research and combining the specific case, to China power construction reverse acquisition of the parent company of electric power construction group assets, promote the electric power construction group business assets listed as a whole as the study case, around the "overall listing effect" on company performance analysis and inquiry at first the research background and significance of this paper is analyzed, and a review of the domestic and foreign scholars on the research status of overall market performance; second, to The concepts and theoretical basis for the analysis of general situation, and summarizes several modes of enterprises listed as a whole and the respective characteristics; then based on the China power construction overall listing cases a brief overview on the research and analysis of Chinese power construction overall market performance of the industry in the overall market size advantage, competition change, related transactions and the synergistic effect of the four factors were discussed and expected its likely impact on the performance, and then use the event study method, financial index method, economic analysis method and quantitative method to increase the value of the different of the short-term market reaction of the overall market, research on the financial performance and non-financial performance, found China electric power construction overall market caused a positive announcement effect, bring the excess returns for shareholders, and corporate financial performance than before the overall market and the industry has greatly improved, non The financial performance of human resources and technological innovation has been greatly improved, and lay the foundation for future development. Finally, through the research on the theory and case summary, draw the following conclusions: the overall market not only can effectively solve the problem of competition and related party transactions, to inject high quality assets also led to the advantage of the enterprise scale and synergy the growth and improve the enterprise's financial performance, enhance the company's profitability and stock value, brings real wealth for shareholders on corporate performance improvement brought positive effect. At the same time, this paper also for other whole listed companies, investors and regulators put forward the following suggestions: the enterprise group should own strategy and based on the external environment, formulate feasible scheme for the overall market; investors should be concerned about the quality of assets, rational treatment of whole city regulators; We should actively promote the overall listing and strengthen the supervision of the quality of the assets of the listed companies.

【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.92

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