美的集团整体上市的绩效研究

发布时间：2018-06-07 05:44

本文选题：民营资本 + 整体上市　；参考：《河南财经政法大学》2017年硕士论文

【摘要】：在中国,随着分拆上市对于企业的负面影响越来越多,整体上市渐渐被更多的企业所接受。从中国第一家成功整体上市的企业TCL集团,至今中国资本市场已经累积了十几年的经验,百余家成功企业的案例。由于消除或者避免不良的关联交易,减少已有或者潜在的同业竞争,大多数成功整体上市的企业的企业价值都得到了显著提高,同时另一方面,在完善了公司治理的角度下,也较有利于中小股东的利益保护。整体上市后协同效应的体现使得企业更容易良性规模扩张,市场占有率提高,并且可以降低企业相关成本费用。以往,已经有不少学者对于企业的整体上市的绩效进行了研究,有实证检验也有案例分析,但是纵观案例分析中的企业,大多都是国企,本文举例美的集团这一优质民企的整体上市的经典案例,可以丰富整体上市案例的多样性多元化。本文根据已有的研究成果,分析了整体上市给上市公司带来的绩效变化,通过理论分析得出结论:通过整体上市重组资产后,上市公司可以优化公司股权结构,从而加强企业本身管理能力,另一方面消除了同业竞争和减少了上市公司与母公司的关联交易,可以强化集团内部的协同效应。笔者先通过盈利能力、偿债能力、发展能力和营运能力四个方面考察美的集团在整体上市前后的变化,然后分析了整体上市前后企业所在板块的宏观经济背景,最后对整体上市对企业绩效的作用路径进行了分析,验证了大多数学者对整体上市后企业绩效的变化的结论,除了企业的营运能力没有得到本质性的提高,其他一些重要的财务指标都得到了不同程度的改善。
[Abstract]:In China, with the increasing negative impact of the split listing on enterprises, the overall listing is gradually accepted by more and more enterprises. From China's first successful overall listing of the company TCL Group, China's capital market has accumulated more than ten years of experience, more than 100 successful enterprise cases. As a result of eliminating or avoiding bad related party transactions and reducing existing or potential interbank competition, the value of most successful companies listed as a whole has been significantly increased. On the other hand, under the perspective of improving corporate governance, It is also more conducive to the protection of the interests of small and medium shareholders. The embodiment of the synergy effect after the whole listing makes it easier for enterprises to expand on a benign scale, increase market share, and reduce the related costs of enterprises. In the past, many scholars have studied the performance of the overall listing of enterprises. There are empirical tests and case studies. But throughout the case studies, most of the enterprises in the case study are state-owned enterprises. This paper gives an example of Midea, which is a classic case of high quality private enterprise listed as a whole, which can enrich the diversity and diversity of the overall listing cases. According to the existing research results, this paper analyzes the performance changes brought by the whole listing to the listed companies, and draws a conclusion through theoretical analysis: after the whole listed companies reorganize their assets, the listed companies can optimize the corporate equity structure. On the other hand, it eliminates the interbank competition and reduces the affiliated transaction between the listed company and the parent company, which can strengthen the synergistic effect within the group. The author first examines the changes of Midea before and after the whole listing from four aspects: profitability, solvency, development and operation ability, and then analyzes the macroeconomic background of the plate in which the enterprise is located before and after the whole listing. Finally, the paper analyzes the effect of overall listing on enterprise performance, validates the conclusion of most scholars on the change of corporate performance after the overall listing, except that the operating ability of the enterprise has not been improved substantially. Other important financial indicators have improved to varying degrees.
【学位授予单位】：河南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.6;F406.7

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