分拆子公司挂牌股转系统对A股上市公司的影响分析

发布时间：2018-08-09 11:23

【摘要】：近几年股转系统的"井喷式"发展不光吸引了中小企业,更是引起了上市公司的极大关注。因其挂牌门槛低、增发融资较易,还能获得其他非财务性的潜在优势,上市公司纷纷开始将子公司挂牌至股转系统。本文采用实证分析与案例研究相结合的方法进行论述,考察分拆子公司挂牌股转系统对上市公司的影响。首先,运用经济学、金融学与管理学等理论与知识,首先,通过对大样本进行短期股价变化、长期盈利能力两个维度的计量分析,发现分拆子公司挂牌全国中小企业股权转让系统确实能对A股上市公司产生影响。具体而言,盈利能力强、价值高的子公司被挂牌后能够短期增加上市公司的超额收益率(CAR);盈利能力高,但是占上市公司份额较小,且上市公司规模较大的子公司被挂牌,能够长期增强上市公司的盈利能力(EBIT)。这说明,上市公司拟挂牌子公司至股转系统时,需要更多的考虑,以免适得其反。其次,选择中国宝安分拆五家子公司挂牌股转系统这一案例进行研究,深入探讨挂牌后子公司影响上市公司的方式与路径。发现早期被挂牌的子公司,对上市并没有正面影响,上市公司有意识的布局是在2014年以后。子公司较高的盈利与价值促进了上市公司的短期超额收益率;挂牌后增加的信誉与议价能力,提高了无息负债的利用率与经营能力,进而增加了盈利与增值能力,也增加了上市公司的合并利润。最后,借鉴上述分析,根据目前股转系统的发展,对谋求挂牌子公司的上市公司提供建议。本文创新之处在于对上市公司分拆挂牌的行为做了深入的研究并进行案例分析,但受制于样本的局限与数据的可得性,在大样本回归方面需要更多的数据挖掘。
[Abstract]:In recent years, the development of "blowout" has attracted not only small and medium-sized enterprises, but also listed companies. Because of its low listing threshold, easy to raise additional financing, but also to obtain other non-financial potential advantages, listed companies have begun to list their subsidiaries to the stock conversion system. In this paper, the empirical analysis and case study are used to discuss the impact of the system of listed companies on the listed companies. First of all, the use of economics, finance and management theory and knowledge, first of all, through a large sample of short-term stock price changes, long-term profitability of the two dimensions of econometric analysis, It is found that the split-off subsidiary listed national small and medium-sized enterprises equity transfer system can really have an impact on A-share listed companies. In particular, the companies with strong profitability and high value are able to increase the excess yield of the listed companies in a short period of time, but have a small share of the listed companies, and the larger subsidiaries of the listed companies are listed. Can enhance the profitability of listed companies in the long run, (EBIT). This shows that the listed companies to the listing of subsidiaries to the system, need more consideration, so as not to be counterproductive. Secondly, this paper chooses the case of China Baoan split five subsidiary companies to study the way and the way that the subsidiary companies influence the listed companies after listing. It was found that the early listed subsidiaries had no positive effect on the listing, and the conscious layout of the listed companies was after 2014. The higher profit and value of the subsidiary promote the short term excess rate of return of the listed company, the increased reputation and bargaining power of the listed company after listing, the increase of the utilization rate and management ability of the interest-free debt, and the further increase of the profit and appreciation ability. It also increases the combined profits of listed companies. Finally, according to the development of the stock conversion system, the listed companies seeking to list their subsidiary companies are advised. The innovation of this paper lies in the deep research and case study on the behavior of the listed companies, but it is restricted by the limitation of samples and the availability of data, so more data mining is needed in large sample regression.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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