我国集团公司整体上市的公司绩效研究

发布时间：2018-05-17 21:50

本文选题：整体上市 + 市场绩效　；参考：《中国矿业大学》2014年硕士论文

【摘要】：随着我国市场经济的发展壮大和资本市场的发展规范，曾经一度受到青睐的分拆上市不可避免地产生了诸多问题和弊端。在此情况下，集团公司利用控股的已上市公司，通过吸收合并或资产重组的方式实现集团母公司全部或主要经营性资产上市的这种方式也就是整体上市方式受到了大家的追捧。在这样的背景下，对整体上市的相关研究就显得尤为重要。本文对整体上市公司绩效的研究，不仅揭示整体上市在外部市场层面的影响，还探析其在公司经营方面产生的影响，对于认识集团公司整体上市行为和规范整体上市监管制度具有重要意义。自2004年TCL首次完成整体上市以来，整体上市一直是我国资本市场研究的热点。从已有的文献来看，我国目前针对整体上市的研究大多集中在理论部分，对整体上市绩效的讨论缺乏系统的研究。为了进一步探析整体上市与公司绩效的相关关系，，也为了一定程度上丰富相关方面的文献，本文运用企业边界理论、市场势力理论和协同效应理论，结合我国资本市场的具体情况，采用事件研究法（针对市场绩效）和因子分析法（针对经营绩效）相结合的方法，系统分析了整体上市对公司绩效的影响。接着，进一步采用多元统计分析和面板数据模型对集团公司整体上市公司绩效的影响因素进行了深入地分析。论文首先选取了2007年至2012年我国成功实施整体上市的公司为样本，采用分组、均值T检验方法以及多元统计分析法等统计分析方法，分析其在整体上市公告日前后20天的公告效应以及其主要影响因素。研究结果表明：整体上市能够在短期内获得积极的、正面的市场效应，而这积极的、正面的市场效应是与整体上市的注入资产质量和整体上市模式有着显著的正相关关系。接着论文选取了2007年至2011年在我国成功实施整体上市的公司为样本，采用因子分析方法和面板数据模型方法，分析了其在整体上市前一年、整体上市当年、整体上市后一年的经营绩效以及影响因素。研究结果表明：集团公司整体上市后公司绩效存在显著增长，这种经营绩效的增长与上市公司终极控制人类型和股权集中度有着显著的正相关关系。基于上述研究，本文提出了严格执行整体上市的审批制度、加强对注入资产的评估管理等政策建议。
[Abstract]:With the development of the market economy and the development of the capital market in China, the once favored split-off listing inevitably produces many problems and drawbacks. In this case, the group company using the holding of listed companies, through the absorption of mergers or asset restructuring to achieve the group parent company of all or main operating assets listed in this way, that is, the overall way of listing has been sought after by everyone. In this context, the overall listing of the relevant research is particularly important. In this paper, the performance of the listed companies as a whole is studied, which not only reveals the impact of the overall listing on the external market level, but also explores its impact on the management of the company. It is of great significance to understand the whole listed behavior of group company and standardize the whole listing supervision system. Since TCL completed the whole listing for the first time in 2004, the whole listing has been a hot spot in the capital market research of our country. From the existing literature, most of the current research on the overall listing in China is focused on the theoretical part, and there is no systematic research on the overall listing performance. In order to further explore the relationship between overall listing and corporate performance, and to enrich the relevant literature to a certain extent, this paper applies the theory of enterprise boundary, market forces and synergy. According to the specific situation of our country's capital market, the influence of the whole listing on the company's performance is analyzed systematically by the methods of event research (aiming at market performance) and factor analysis (aiming at management performance). Then, the multivariate statistical analysis and panel data model are used to analyze the influencing factors of corporate performance. Firstly, the paper selects the companies that successfully implemented the overall listing in China from 2007 to 2012 as samples, and adopts the statistical analysis methods such as grouping, mean T test and multivariate statistical analysis. This paper analyzes the announcement effect of 20 days before and after the whole public announcement day and its main influencing factors. The results show that the overall listing can obtain positive and positive market effects in a short period of time, and this positive market effect has a significant positive correlation with the injected assets quality and the overall listing mode. Then the paper selects the companies that successfully implement the whole listing in our country from 2007 to 2011 as the sample, adopts the factor analysis method and the panel data model method, analyzes the year before the whole listing and the year of the whole listing. The operating performance and influencing factors of the whole year after listing. The results show that there is a significant increase in corporate performance after the overall listing of group companies, and there is a significant positive correlation between the growth of this kind of performance and the type of ultimate controller and the degree of equity concentration of listed companies. Based on the above research, this paper puts forward some policy suggestions, such as strictly enforcing the approval system of the whole listing and strengthening the evaluation and management of the injected assets.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.5

【参考文献】