我国上市公司整体上市绩效及其影响因素研究

发布时间：2018-05-05 20:39

本文选题：上市公司 + 整体上市　；参考：《云南财经大学》2014年硕士论文

【摘要】：随着我国资本市场的发展以及分拆上市模式下的弊端日益显现，，上市公司实现整体上市，通过将集团公司内全部资产或主营业务资产注入上市公司，从而避免同业竞争，减少控股股东的掏空行为，进而发挥资源整合的协同效应及改善股权结构，为解决分拆上市下的弊端提供了思路。自2003年以来，证监会、国资委等国家各部委相继推出了鼓励大型企业实现整体上市的政策，基于政策的推动和上市公司自身做大做强的动力，特别是在股权分置改革之后，上市公司整体上市作为一种金融创新已逐渐成为我国资本市场上的一个热点话题，整体上市这一概念股广泛受到投资者追捧，整体上市这一新生事物也引起理论界与实务界较大的关注。然而整体上市是否能够从根本上解决分拆上市下的弊端，是否能够对上市公司绩效的提升起到促进作用，整体上市对上市公司绩效影响的作用机制是什么，主要有哪些因素影响上市公司整体上市的绩效，对这一问题的研究将有助于为政策制定者提供经验证据，为企业及投资者提供决策依据。本文结合经济学、管理学的相关理论对整体上市这一制度变迁进行理论分析，为分析整体上市对上市公司绩效的影响奠定理论基础，进而分析了实现整体上市对上市公司绩效产生影响的作用机制，最后从不同的角度分析了影响上市公司整体上市绩效的主要因素。在上述分析框架下，首先采用因子分析法对上市公司实现整体上市的绩效进行综合评价，并采用Wilcoxon秩检验的方法对整体上市绩效改善的显著性进行检验，得出结论整体上市能够有助于上市公司绩效的提升，但就短期的观测来看该效应不明显。通过因子分析能够对不同公司绩效进行横向比较也能够对同一公司绩效的变化进行纵向比较，但并不能从更微观的角度说明影响整体上市绩效的因素。进一步的，本文从整体上市注入资产质量、整体上市的不同模式、股权性质以及股权结构展开分析，通过横截面数据模型以及面板数据模型进行回归分析，研究结果表明：（1）整体上市注入资产质量对上市公司绩效的提升有较大的促进作用；（2）通过反向收购母公司模式实现整体上市的上市公司绩效优于其他整体上市模式；（3）不同股权性质的上市公司实现整体上市的绩效差异不显著，在对国有企业进行整体改制上市推动的同时也应加大对民营上市公司实现整体上市做大做强的鼓励；（4）第一大股东持股比例越大越有动力推动整体上市，并对整体上市绩效产生正向的影响；（5）实现整体上市后第一大股东持股比例对整体上市绩效的正向作用小于整体上市之前；上市公司实现整体上市能够明显提升其资产盈利能力。最后论文针对上述主要研究结论提出了相关政策建议。
[Abstract]:With the development of capital market in our country and the increasingly malpractice in the mode of splitting and listing, the listed company realizes the whole listing, by injecting all the assets or the main business assets of the group into the listed company, thus avoiding the competition of the same industry. Reducing the hollowing behavior of controlling shareholders, and then exerting the synergistic effect of resource integration and improving the ownership structure, provides a way to solve the malpractice of splitting and listing. Since 2003, the CSRC, SASAC and other national ministries have successively introduced policies to encourage large enterprises to realize the overall listing, which is based on the promotion of policies and the motivation of the listed companies to become bigger and stronger, especially after the reform of the split share structure. As a kind of financial innovation, the overall listing of listed companies has gradually become a hot topic in the capital market of our country. The whole listing this new thing also causes the theory circle and the practice domain big concern. However, whether the whole listing can fundamentally solve the drawbacks under the split listing, whether it can promote the performance of the listed companies, and what is the mechanism of the effect of the overall listing on the performance of the listed companies? The research on which factors affect the overall performance of listed companies will be helpful to provide empirical evidence for policy makers and provide decision basis for enterprises and investors. Based on the theories of economics and management, this paper makes a theoretical analysis on the institutional changes of holistic listing, which lays a theoretical foundation for the analysis of the impact of holistic listing on the performance of listed companies. Then it analyzes the mechanism of the effect of realizing the overall listing on the performance of listed companies, and finally analyzes the main factors that affect the overall performance of listed companies from different angles. Under the above analysis framework, we first use factor analysis method to evaluate the overall performance of listed companies, and use the Wilcoxon rank test method to test the significance of the improvement of overall listing performance. It is concluded that the overall listing can improve the performance of listed companies, but the effect is not obvious from short-term observation. Factor analysis can compare the performance of different companies horizontally and vertically, but it can not explain the factors that affect the overall performance of listed companies from a more micro perspective. Furthermore, this paper analyzes the quality of assets injected into the whole market, the different modes of the whole listing, the nature of equity and the structure of equity, and carries out regression analysis through cross-section data model and panel data model. The results show that: 1) the quality of assets injected into the stock market can promote the performance of listed companies. (2) the performance of the listed companies listed as a whole through the reverse takeover of parent companies is better than that of other listed companies. (3) there is no significant difference in the performance of the listed companies with different equity properties in realizing the overall listing, While promoting the overall reform of the state-owned enterprises, we should also increase the encouragement to the private listed companies to make the overall listing bigger and stronger.) the larger the proportion of shares held by the first largest shareholders, the more motive power to promote the overall listing. And it has a positive impact on the overall listing performance. 5) the positive effect of the proportion of the first largest shareholder on the overall listing performance is smaller than that before the whole listing; the realization of the overall listing of listed companies can significantly improve their asset profitability. Finally, the paper puts forward the relevant policy recommendations in view of the above main research conclusions.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F832.51;F275

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