我国A股上市公司资产重组的绩效研究

发布时间：2018-05-02 22:11

本文选题：上市公司 + 资产重组　；参考：《西北大学》2017年硕士论文

【摘要】：资产重组是上市公司优化股权结构,改善经营状况、提升自身价值、实现可持续发展的重要方式,同时也是市场经济研究的长久话题。近年来,随着我国市场经济的不断发展和市场体制的不断完善,上市公司纷纷利用资产重组来优化资源配置、扩大自身规模,因此,对上市公司资产重组绩效的深入研究成为众多相关学者关注的重点。本文从理论与实证两个方面对上市公司实施资产重组的绩效进行研究分析。在理论方面,文章首先对国内外的相关研究成果进行梳理,总结本文的研究思路,接着对上市公司进行资产重组的动因和影响重组绩效的因素进行了简单的分析。在实证研究方面,本文选取2010年我国A股上市公司中发生资产重组的公司为样本,采用因子分析法,主要从公司的盈利能力、偿债能力、营运能力、发展能力、现金流分析以及成本费用六个方面来对2009-2015年上市公司的绩效分别进行评价,并把样本公司按照不同的分类标准进行分类,以分析样本公司在资产重组前后绩效的变化情况。研究发现:总体来说,资产重组可以提高我国上市公司的绩效;国有相对控股企业的资产重组短期绩效优于民营相对控股的企业,但是前者长期绩效却不如后者;主营业务变更的上市公司的资产重组绩效优于主营业务未变更的企业。最后,根据本文的结论,结合我国上市公司资产重组的实际情况,特提出以下政策建议:注重资产重组后的资源整合、加强完善监管机制,提高服务质量、明确政府在资产重组中的作用、放宽民营资本市场准入准则、注重资产重组的长远利益、消除跨行业跨地区的重组障碍。
[Abstract]:Asset restructuring is an important way for listed companies to optimize their ownership structure, improve their operating conditions, enhance their own value and achieve sustainable development. It is also a long-term topic of market economy research. In recent years, with the continuous development of our market economy and the continuous improvement of market system, listed companies have used asset restructuring to optimize the allocation of resources and expand their own scale. The in-depth study on the performance of asset restructuring of listed companies has become the focus of attention of many relevant scholars. In this paper, the performance of asset restructuring of listed companies is analyzed theoretically and empirically. In theory, the paper firstly combs the relevant research results at home and abroad, summarizes the research ideas of this paper, and then makes a simple analysis of the causes of asset restructuring of listed companies and the factors affecting the restructuring performance. In the empirical research, this paper selects the listed companies of A shares in China in 2010 as the sample, using factor analysis, mainly from the profitability, solvency, operating capacity, development capacity. Cash flow analysis and cost cost are used to evaluate the performance of listed companies in 2009-2015, and the sample companies are classified according to different classification criteria to analyze the changes of performance of sample companies before and after asset restructuring. The results show that: generally speaking, asset restructuring can improve the performance of listed companies in China; the short-term performance of state-owned relative holding enterprises is better than that of private relative holding enterprises, but the former is not as good as the latter. The assets reorganization performance of the listed company whose main business is changed is better than that of the enterprise whose main business has not changed. Finally, according to the conclusion of this paper, combined with the actual situation of asset reorganization of listed companies in China, the following policy suggestions are put forward: pay attention to the integration of resources after asset restructuring, strengthen the improvement of supervision mechanism, improve the quality of service. The role of the government in asset restructuring should be clarified, the rules of market access for private capital should be relaxed, the long-term benefits of asset restructuring should be emphasized, and obstacles of cross-industry and cross-regional reorganization should be eliminated.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F271

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