上海医药整体上市绩效评价研究

发布时间：2018-02-13 01:29

本文关键词： 整体上市绩效评价突变级数法熵值法　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：2004年,TCL通过换股IPO模式率先在国内实现了整体上市,自此以后,中国资本市场上很多企业集团都纷纷开始实施整体上市,2007年更是达到了高峰。特别是随着2015年国有企业改革总体方案的发布,新一轮的国企改革大幕已经拉开。2010年3月,上海医药通过重组实现整体上市,重组资产量达到300亿元,交易对价164亿元,这是中国医药产业里重组资产量和对价最大的一个案例。本文则以上海医药重组上市为案例进行研究,为上海医药整体上市构建了综合绩效评价体系。本文首先梳理了整体上市、绩效及其关联关系的国内外相关文献,对国内外关于该课题的研究现状进行了解;然后对整体上市和绩效的相关概念和理论进行界定和总结;接着介绍上海医药整体上市的主要过程。在以上文献综述和理论的基础上,为上海医药整体上市构建综合绩效评级体系,利用突变级数法和熵值法相结合,从上海医药财务绩效、协同绩效和社会绩效着手进行评价,并计算出数据进行纵向对比,分析上海医药整体上市前后绩效的变化情况。本文运用熵值法对各项指标进行指标权重的赋予,避免了由人为因素造成的影响,同时运用突变级数法对数据进行整体分析,将各指标联系起来整体分析,得到整体绩效的评价。同时引入医药行业的其他两大医药企业的财务绩效数据与上海医药进行横向对比,分析上海医药整体上市前后财务绩效与同行业的其他两大医药企业之间的差距,加强整体上市与财务绩效提升之间的关系。研究结果表明,整体上市对上海医药的绩效提升具有正面影响。但从长期来看,上海医药的协同绩效方面的数据是有所下降的。最后根据上海医药整体上市绩效的表现及其影响因素为医药企业整体上市提供建议参考。
[Abstract]:In 2004, TCL took the lead in realizing the overall listing in China through the mode of stock exchange IPO, and since then, In China's capital market, many enterprise groups have begun to implement the overall listing, and reached a peak in 2007. In particular, with the release of the general plan for the reform of state-owned enterprises in 2015, a new round of state-owned enterprise reform has been launched. On March 2010, Shanghai Pharmaceutical listed as a whole through restructuring. The amount of assets reorganized amounted to 30 billion yuan, with a transaction price of 16.4 billion yuan. This is the largest case of recombination assets and consideration in the Chinese pharmaceutical industry. A comprehensive performance evaluation system is constructed for the overall listing of Shanghai medicine. Firstly, this paper reviews the related literature on the whole listing, performance and its correlation relationship, and makes an understanding of the status quo of the research on this subject at home and abroad. Then it defines and summarizes the related concepts and theories of holistic listing and performance, and then introduces the main process of holistic listing of Shanghai medicine. In order to set up a comprehensive performance rating system for the whole listing of Shanghai Medicine, this paper uses the catastrophe series method and entropy method to evaluate the financial performance, synergistic performance and social performance of Shanghai medicine, and calculates the data for longitudinal comparison. This paper analyzes the changes of the performance before and after the overall listing of Shanghai medicine. The entropy method is used to endow each index with the index weight, which avoids the influence caused by human factors. At the same time, the abrupt progression method is used to analyze the data as a whole. The financial performance data of the other two major pharmaceutical enterprises in the pharmaceutical industry are introduced to compare with the Shanghai pharmaceutical industry horizontally. This paper analyzes the gap between the financial performance before and after the overall listing of Shanghai medicine and the other two pharmaceutical enterprises in the same industry, and strengthens the relationship between the overall listing and the improvement of financial performance. The overall listing has a positive impact on the performance of Shanghai Medicine. But in the long run, Finally, according to the performance of the overall listed performance of Shanghai Medicine and its influencing factors, the paper provides some suggestions for the overall listing of pharmaceutical enterprises.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.72;F406.7

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