同方股份分拆同方泰德上市效应的实现路径分析

发布时间：2018-07-23 13:41

【摘要】：对企业而言,通过并购的方式来扩大经营范围能够获得更高的经济利益,并且能使企业产业多元化从而分散经营风险。因此,很多企业都热衷于将并购作为提升企业价值的工具。20世纪80年代,并购在美国风靡一时。但当企业规模扩张到一定程度时,多元化经营带来的一系列消极影响逐渐显现,例如企业筹集与配置资金的压力增加、管理效率低下以及各产业无法均衡发展等。于是,许多企业开始试图寻找企业规模的合理边界,分拆上市逐渐受到了前所未有的关注。分拆上市本质上是一种收缩性的资产重组方式。因为在完成分拆上市之后,母公司对子公司的实际控制程度降低,整个集团的产业结构和股权结构也会随之发生变化,母子公司能够通过分拆上市提供集中资源经营各自的业务,从而消除多元化经营带来的价值损耗。除此之外,企业还能通过分拆上市拓宽融资渠道,激励管理层进而实现母子公司价值的提升。分拆上市在欧美国家和中国香港的资本市场上早就已经非常普遍。相比之下,我国内地分拆上市起步晚且发展缓慢,但随着各项制度的日益完善,国内上市公司分拆子公司上市将面临更多机遇。全文共分为五个章节。第一章阐述了本文的研究背景、研究意义、研究方法和思路并介绍了全文的基本框架,然后对国内外学者关于分拆上市动因和绩效的研究进行了梳理。第二章是关于分拆上市的理论概述。首先,本文对分拆上市和价值效应这两个概念进行了解释,并在已有文献的基础上结合分拆上市的动因归纳出企业利用分拆上市提升企业价值主要体现在三个方面:拓宽了融资渠道、母子公司集中资源经营各自的业务、子公司接受更为严格的外部监管和执行更有效的激励制度以实现管理效率的提升。因此,本文将分拆上市为企业带来的价值效应进一步划分为融资效应、经营效应和管理效应。其次,阐述了本文的主要的理论依据:信息不对称理论、产业生命周期理论和委托代理理论。最后,详细解释了实现融资效应、经营效应和管理效应的路径以及评价效应实现程度的方法。第三章对同方股份分拆同方泰德上市的案例进行了介绍,包括同方股份和同方泰德公司的内部环境及行业概况、此次分拆上市的动因、过程和为母子公司带来的经济效果。第四章详细阐述了同方股份分拆同方泰德上市后实现融资效应、经营效应和管理效应的路径。其中,在融资效应方面,本文分析了同方泰德进行配股再融资和换股并购两条路径,并通过获得现金的能力、支付现金的能力和资本负债结构三个方面的财务指标得出评价结果:尽管分拆上市拓宽了融资渠道、改善了企业的融资结构并在短期内提高了其融资能力,实现了较为显著且积极的正融资效应,但长期来看融资效应逐渐减弱。在经营效应方面,本文分析了同方泰德出售海外业务集中资源拓展国内市场、调整产业架构、创新运营模式等三条路径,并通过分析企业规模和获利能力两方面的财务与非财务指标变化得出评价结果:分拆上市后同方泰德不断扩大市场并提高盈利水平,取得了较为显著的经营效应。在管理效率方面,本文分析了通过分拆上市完善组织架构、改善管理层激励机制和开展互惠合作三条路径,并通过分析费用控制水平和资产管理水平对管理效应的实现程度进行评价:分拆上市后同方泰德的资产管理水平有所提高,费用也明显下降,但与竞争对手相比仍有进步空间。最后第五章是案例启示。本文在前文分析的基础上总结出了同方泰德分拆上市后成功提升企业价值的经验:合理利用上市平台融资是发展的基础、不断进行改革创新是取得竞争优势的重要途径、不断深化多方合作是取得盈利的保障。然后提出了同方泰德在今后的发展中应该重视的问题:母子公司应该平衡发展以及不能通过关联交易等手段损害中小股东的利益。
[Abstract]:For the enterprise, the expansion of the scope of business through merger and acquisition can gain higher economic benefits, and can diversify the enterprise industry and spread the risk. Therefore, many enterprises are keen to make merger and acquisition as a tool to improve the value of the enterprise. In the 80s of.20 century, mergers and acquisitions were all the rage in the United States. In a certain degree, a series of negative effects of diversification are gradually emerging, such as the increasing pressure on the raising and allocation of funds, the low management efficiency and the unbalanced development of various industries. So, many enterprises have begun to seek the reasonable boundary of the scale of the enterprise. The city is essentially a contractile way of reorganizing the assets, since the actual control of the parent company has been reduced after the completion of the split listing, and the industrial structure and ownership structure of the whole group will also change. In addition, the enterprise can expand the financing channels by splitting the market and encourage the management to improve the value of the parent and subsidiary company. The split listing is very common in the European and American countries and the capital market of Hongkong, China. With the increasing perfection of various systems, the listing of the domestic listed companies will be faced with more opportunities. The full text is divided into five chapters. The first chapter expounds the research background, research significance, research methods and ideas, and introduces the basic framework of the full text, and then studies the domestic and foreign scholars on the motivation and performance of the split listing. The second chapter is an overview of the theory of split listing. First, this paper explains the two concepts of split listing and value effect, and concludes that the enterprise uses split and listed companies to raise the value of the main body in three aspects: broadening the financing channels, mother and son, and the mother and son on the basis of the existing literature. The company concentrates resources to manage their own business, the subsidiaries accept more stringent external supervision and more effective incentive system to improve the efficiency of management. Therefore, this paper further divides the value effects brought by the separation of the listed companies into financing effect, management effect and management effect. Secondly, the main part of this paper is expounded. The theory is based on information asymmetry theory, industrial life cycle theory and principal-agent theory. Finally, it explains in detail the ways to realize the financing effect, the path of management effect and management effect and the method of realizing the evaluation effect. The third chapter introduces the case of the shares split and Fang taid listed by the same party, including the shares of the same party and the same party. The internal environment and industry profile of Ted company, the motivation, process and economic effect for parent and subsidiary companies. The fourth chapter expounds the financing effect, management effect and management effect of the shares split and Fang Tai de listing in detail. There are two routes of refinancing and merger, and the evaluation results are obtained through the ability to obtain cash, the ability to pay cash and the financial index of capital and debt structure in three aspects. Although the split and listing broadens the financing channel, it improves the financing structure of the enterprise and improves its financing ability in the short term. The effect of financing is extremely positive, but in the long run, the effect of financing has gradually weakened. In terms of operating effect, this paper analyses three ways of selling overseas business centralized resources to expand domestic market, adjusting industrial structure and innovating operation mode, and analyzing the changes of financial and non-financial indicators in two aspects of enterprise scale and profitability. The results are as follows: after the opening of the market, tongtaid continuously expands the market and improves the profit level, and has achieved a more significant operating effect. In terms of management efficiency, this paper analyzes the three ways to improve the management incentive mechanism and the mutual cooperation through the separation and listing, and through the analysis of the cost control level and the capital. The level of management effect is evaluated by the level of production management: the asset management level of Tongfang taid is improved and the cost is obviously reduced after the split of the listed company, but there is still room for progress compared with the competitors. The last fifth chapters are the case inspiration. The experience of enterprise value: rational use of listed platform financing is the basis of development, and continuous reform and innovation is an important way to obtain competitive advantages. Continuous deepening of multi-party cooperation is the guarantee of profit. Then it puts forward the questions that should be paid attention to in the future development of Tongfang taid: mother and child company should be balanced development and cannot pass through The means of related transactions harm the interests of small and medium shareholders.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275;F832.51

【参考文献】