我国ST公司资产重组绩效实证研究

发布时间：2018-02-12 08:33

本文关键词： ST公司资产重组绩效关联交易　出处：《江西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：为了加强对上市公司的监管,上交所和深交所于2012年4月分别发布了《关于完善上海证券交易所上市公司退市制度的方案》①、《关于改进和完善深圳证券交易所主板、中小企业板上市公司退市制度的方案》②。此次退市方案是我国证监会自1998年以来第四次修订与改革我国上市公司退市制度,由此可见,随着我国证券市场的不断成熟与退市机制的不断完善,ST公司被退市的现象将屡见不鲜。在我国当前的证券市场中,上市资格对企业来讲仍然是一种极其稀缺的资源,上市公司都不愿意失去上市资格,而未上市公司又急切地期望得到上市资格。在这种背景下,多数上市公司被特别处理后会想方设法地扭转危机以实现保住“壳”资源的目的。由于资产重组在迅速改善公司的账面资产质量、财务状况等各考察标准方面有明显优势,所以资产重组成为ST公司保壳的首选方法。据统计,自主板退市制度方案(征求意见稿)出台不到一个月的时间,己有*ST兴业、*ST金顶、*ST轻骑、ST宝利来等20多家ST公司发布了资产重组公告,甚至已重组失败三次的*ST通葡都在尝试第四次重组。由此可见,资产重组是ST公司防止退市的绝招,ST公司通常采用资产重组的方式来保住他们的“壳资源”。在我国资本市场上,ST公司因其特殊性一直是市场关注的对象,围绕ST公司重组的炒作更是此起彼伏,那么资产重组究竟是一种题材性的炒作,还是真的能提高公司的经济收益?这些都是需要进一步研究解决的问题。针对以上问题,本文从理论和实证两个方面对ST公司资产重组绩效进行了系统地、深入地分析与研究。通过实证研究来检验重组绩效理论的现实意义,再用经过验证的理论基础指导ST公司资产重组事项,并同时提出规范ST公司资产重组的相关建议。通过实证研究,本文发现资产重组行为对ST公司的绩效没有实质性改善,但在影响重组绩效的因素中,大股东变更对ST公司重组绩效会产生明显的提升,而关联交易对重组绩效产生负效应,不同重组方式对重组绩效的影响也不同。资产置换方式的重组绩效改善情况最显著；收购兼并类重组行为对ST公司资源整合并不成功,具有较强的短期效应特点；股权转让类重组行为对公司绩效改善产生正面作用；资产剥离后,ST公司重组绩效改善无法长期维持。本文共分为六个部分,第一部分：引言,包括研究背景、意义、方法、思路及框架安排。第二部分：文献综述,主要是针对国内外关于重组绩效和重组绩效影响因素方面的文献进行汇总与评述。第三部分：ST公司资产重组绩效理论概述,一是对我国上市公司特别处理制度及ST公司的现状进行总结：二是介绍重组和绩效的相关理论,定性分析重组绩效的影响因素。第四部分：实证研究总体设计,具体包括研究假设、研究样本及数据来源、绩效评价指标体系和研究方法说明。第五部分：ST公司资产重组绩效实证分析，运用财务分析法,采用描述性统计法、因子分析法、方差分析法等多种统计分析方法对我国ST公司重组绩效及其影响因素进行了实证分析和检验。第六部分：结束语,主要是实证研究结论以及相关建议。本文以证券市场退市制度、ST公司、资产重组绩效为主线展开。同时,在实证上把描述性统计法、因子分析法、方差分析法等多种统计分析方法有机结合,避免单独使用因子分析法的不足,使研究结论更具有说服力。
[Abstract]:In order to strengthen the supervision on listed companies , Shanghai Stock Exchange and Shenzhen Stock Exchange issued a scheme for improving the return market system of listed companies in Shanghai Stock Exchange in April 2012 . In China ' s current stock market , listing qualification is still an extremely scarce resource for enterprises , and listed companies are unwilling to lose the qualification of listing . In this background , most listed companies are not willing to lose the qualification of listing . In this context , most listed companies will try to reverse the crisis to achieve the purpose of holding the " shell " resources . In China ' s capital market , ST company has always been the object of market concern because of its particularity , and the hype about the reorganization of ST company is more and more important , then whether the asset reorganization is a kind of material speculation , or really can improve the company ' s economic benefits ? These are the problems that need to be further studied . In view of the above problems , this paper systematically and deeply analyzes and studies the performance of ST company ' s assets reorganization from two aspects : theory and demonstration . Through the empirical research , this paper finds that the performance of ST company is not substantially improved , but in the factors that affect the performance of reorganization , the change of shareholder ' s performance can obviously improve the performance of ST company , and the effect of different recombination mode on the reorganization performance is different . The reorganization behavior of acquisition and merger is not successful and has a strong short - term effect . After asset stripping , the reorganization performance of ST company can not be maintained for a long time . This paper is divided into six parts , Part One : Introduction , including research background , significance , method , thinking and frame arrangement . Part Two : The summary of literature review , mainly aiming at the domestic and foreign literatures about the influence factors of reorganization performance and reorganization performance . Part III : The empirical research overall design , including the research hypothesis , the research sample and data source , the performance evaluation index system and the research method description . Part V : Empirical study overall design , adopts descriptive statistics method , factor analysis method , variance analysis method and other various statistical analysis methods to analyze and examine ST company ' s reorganization performance and its influencing factors . At the same time , we combine descriptive statistics method , factor analysis method and variance analysis method organically to avoid the shortage of single use factor analysis method , and make the research conclusion more persuasive .

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F272

【参考文献】