【作者】 朱相平；

【导师】 曹洪军； 魏建；

【作者基本信息】 山东大学 ， 政治经济学， 2009， 博士

【摘要】 我国的证券市场已经走过了18年的风雨历程,市场规模迅速扩大。随着中国经济逐步走向市场化,证券市场逐渐成为中国经济资源市场化配置的重要平台。而上市公司作为我国企业中的特殊群体和证券市场的基石,随着证券市场的建立、发展与完善,日益成为中国经济的重要组成部分。但是,随着市场竞争的日趋激烈,加上各种内外部因素的不可准确预见性,我国的上市公司相继出现了业绩下滑、运作质量低下等问题,公司失败的风险成为客观存在,中国证券市场上的失败现象不断出现,并日益突出。截止到2008年6月底,沪深A股“资不抵债”的上市公司就有44家;到2008年12月31日,沪深两地共出现153家ST或*ST公司,96家三板交易公司;2007-2008年还有25家上市公司的股票暂停上市,没有恢复上市资格。上市公司经营的成功与失败表现直接影响了证券市场的活力。在当前上市公司业绩不断下滑、经营质量不断退化、股价指数上升缺乏坚实的内在基础、投资者对市场信心不足的情况下,我们更加关心到底哪些因素影响了上市公司的经营管理与业绩表现,甚至导致公司失败?产生影响的过程怎样?这些都是在现实观察之余进行思索的问题,也就成了本文要探讨的主要话题。尤其是自1929年的世界性经济危机以来,2007-2008年再一次的席卷全球的空前严重的金融危机已经深深影响到了中国,转轨中的中国经济、刚刚起步的中国证券市场和上市公司正在接受并经历着一场前所未有的危机考验。虽然现在全球救市计划不断推出,我国也推出了4万亿的救市计划,但随着金融危机影响加剧,外部环境的不断恶化,而扩大内需措施很难立竿见影的情况下,很多上市公司业绩大幅下滑,许多公司正在逐步选择停产或减产的方式以期度过难关。在严重的金融危机的影响下,更加严重的上市公司失败现象已经初露端倪。因此,对上市公司失败问题进行研究,更成了基于当前现实的迫切要求。通过这方面的研究,可以促使上市公司合理地保存和利用企业必须的资源,避免或减少损失,为今后的发展和成功经营打下基础,这也将有利于投资者以及其他利益相关者正确判断和评价我国上市公司的真实情况,防范失败风险。当然,作为前车之鉴和他山之石,这也会给中国的其他新兴企业提供有益的借鉴意义。本文的研究采用了理论分析和实证分析相结合、定性分析与定量分析相结合以及国际经验和中国实际案例分析相结合等研究方法,并按照以下篇章结构和思路进行。第一章:导论。主要阐述了论文的选题及其意义,基本假设和研究方法,研究思路与框架安排等。第二章:文献综述:企业失败的理论研究。本章主要从企业失败定义、企业失败的不同理论解释以及企业失败的影响因素等方面对企业失败理论进行了全面的综述,并进行了综合评价与分析。第三章,现象描述:中国上市公司失败的特征分析。本章首先对中国上市公司失败进行界定,接着从行业分布、地区分布、资产规模分布、时间分布、存续时间分布、失败路径及财务特征等方面对我国上市公司失败的特征性表现进行了分析,并给出风险警示结论。第四章,影响上市公司失败的外部因素分析。本章在区分了一般影响因素和特殊影响因素的前提下,对影响上市公司失败的外部因素进行了理论描述,并对相关因素的影响进行了实证检验与分析。第五章,影响上市公司失败的内部因素分析。本章同样在区分了一般影响因素和特殊影响因素的前提下,对影响上市公司失败的内部因素进行了理论描述,在此基础上,从财务角度对上市公司失败识别进行了实证研究,从公司治理角度对上市公司失败进行了实证检验和分析。第六章,上市公司失败特殊性产生的根源:上市公司价值的过度高估。本章首先对上市公司资源价值的形成进行了经济学分析,在此基础上提出上市公司失败特殊性产生的根源就在于对上市公司价值的过度高估,并对上市公司价值过度高估的原因进行了理论分析。第七章,上市公司失败的综合治理对策。本章主要从政府和上市公司两个层面提出了针对上市公司失败的综合治理对策。第八章,结论。本章总结了本文研究得出的主要结论,说明了本文的创新点、不足之处及后续研究设想。本文研究的最大特点是将所有研究置于中国特定的政策与制度背景下,研究上市公司失败的特征表现及其影响因素,并对中国上市公司失败的特殊问题及其根源做了深入剖析。与国内其他类似研究相比,本文的研究更为全面、细致和深入。创新性的结论具体表现在以下几个方面:第一,总结并强调了中国上市公司失败特征的特殊性。本文在从行业、地区、资产规模、上市时间、存续时间、失败路径等方面总结了上市公司失败的特征性表现的基础上,格外强调了上市公司失败特征的特殊性。(1)资不抵债的上市公司未能进入破产程序。虽然目前有许多家上市公司实际已经处于资不抵债状态,但尚无一家上市公司进入破产程序。(2)目前失败的上市公司多分布于1997年以前上市的公司中,这是我国证券市场的一个特殊和特定现象,这与我国证券市场初期建立的目的就是为了国有企业解决资金、体制困难密切相关。(3)我国股市特殊的“一上市就变脸”的现象时有发生,更多的上市公司在上市4年之后、10年之前发生失败现象,许多上市公司虽然携带着发行股票募集的大量资金,甚至拥有大发展的“宏伟计划”,其失败却发生在“上市初创期”和“雄心勃勃发展期”,大量的上市公司却并没有“借上市与资金的东风”快速发展,却在“圈钱”结束后较短时间内进入了连续亏损甚至保壳的失败境地。本文认为,上述现象的出现,资金瓶颈不再是其主要原因,而应该从企业错误的融资理念与偏好以及证券市场的制度性缺陷方面寻找解释。第二,总结了影响上市公司失败的外部因素的特殊性。从外部环境来看,上市公司的生产经营除了要受到经济周期波动、宏观政策与产业结构调整、政府治理与法治水平、市场运行与市场竞争等因素的影响以外,更特别的是,由于其具有上市交易和直接融资资格,因此政府对其管理也具有了区别于非上市公司的制度要求。而基于中国国情的制度性缺陷在上市公司的失败过程中就有了更加显著的影响,成为中国上市公司失败区别于非上市公司的独特影响因素。这些制度性缺陷包括初期建立证券市场的定位不当,市场准入、退出与监管规则不规范,政府意志的行政贯彻以及政府对于自身利益和政绩的过多考虑等等。制度性风险给上市公司埋下了发生失败的祸根。第三,总结了影响上市公司失败的内部因素的特殊性。一般企业失败的内因,可以从企业核心竞争力、公司治理与决策、主业与多元化经营、资本结构与现金流量以及企业诚信等方面来寻找到答案;而通过分析中国上市公司的失败现象来看,非常特殊的是,由于大股东掏空行为导致上市公司失败的案例大量存在,以“掏空行为”为典型特征的大股东对上市公司的不当利用现象极为普遍,这也成为了中国上市公司与非上市公司在失败原因对比上最具有特殊性和差异性的一个关键因素。这是由于证券市场制度性缺陷的存在(如证券市场定位、资产剥离式的改制模式、上市准入制度、退出制度以及监管问题的存在),造就了上市公司与控股股东和地方政府之间特殊的“血脉关系”与特殊的关系处理方式,也正是这一关系,使得控股股东和地方政府为了保持母公司的持续经营或当地的经济与社会发展,天然地具备从上市公司转移资源的“掏空”动机。第四,本文认为,上市公司失败特殊性产生的根源,就在于对上市公司价值的过度高估。在我国,由于具备了上市资格,上市公司的资源价值与非上市公司相比,就有了超值的内容,包括资本放大效应与低成本融资优势、新闻和形象宣传优势、政策优惠以及企业并购重组优势等等。然而,在我国证券市场上,这些价值却被过度高估了,从而引发了大量对上市公司资源的争夺和不当利用现象,甚至出现了滥用的问题,而这些行为的膨胀,就大大加快了上市公司失败的速度。在现阶段,上市公司价值过度高估产生的原因主要在于:上市资源的收益性形成了对上市公司资源的需求,资本市场定位不当及资格管制导致了上市资源短缺,造成了上市资源供应不足,而上市公司的股权融资偏好、政府的政绩需求以及市场管制漏洞下放大的“隧道效应”,则加剧了上市资源供不应求的紧张局面,资源争夺愈演愈烈,最终形成了对上市公司价值的过度高估,而这些行为又加剧了上市公司失败现象的产生。第五,在提出的一系列综合治理上市公司失败的对策当中,针对上市公司失败的特殊性,认为政府不仅要准确调整证券市场定位,有效抑制经济剧烈波动,更要注重完善法律和监管,提高不当利用上市公司资源的成本,加大处罚力度,推动上市公司及其控股股东加强自我规范,最终实现资源的有效配置。更多还原

【Abstract】 China’s securities market has gone through 18 years, and the scale of the market is rapidly expanded. As China’s economy has been moving towards market-oriented, the securities market has gradually become an important platform for Market allocation of economic resources. With the securities market’s construction, development and improvement, and being a special cluster of Chinese companies and the foundation of the securities market, listed companies have achieved a substantial development and increasingly become an important part of China’s economy. However, with the increasingly fierce market competition, coupled with various internal and external factors that can not be accurately predicted, China’s listed companies have emerged a series of problems such as performance decline and the operation of low-quality. The risk of companies’ failures has become an objective existence and increasingly prominent. By the end of June 2008, in the Shanghai and Shenzhen A shares, "insolvent" has 44 listed companies; And by the end of December 31, 2008, in Shanghai and Shenzhen, there were 153 ST or * ST companies, and 96 companies in third board market; during 2007 to 2008, there were also 25 listed companies to be suspended and not to restore listed qualifications.Listed companies’ success or failure in operating performance has a direct impact on the vitality of the stock market. At current, listed companies have been falling and suffers from operating quality degradation, the lack of a solid internal foundation for the rising of share price index, investors lack of confidence on the market, so we are more concerned about what are the factors that affected the operation and management of listed companies, and even what caused the failure of the companies? How does it happen? The exploration of these questions which are observed in reality, apart from the question to ponder, has become the main topic of this article. Especially since the worldwide economic crisis in 1929 ,an unprecedented serious financial crisis between 2007and 2008 has swept the globe and deeply affected the Chinese once again, Chinese economy in transition, fledgling securities market and listed companies in China are accepting and experiencing an unprecedented test of the crisis. Although the global plan to rescue market is continually introduced and our country also introduced a 4-trillion rescue package, with the effects of the financial crisis intensified, the worsening external environment, and immediate measures to expand domestic demand in difficult circumstances, a lot of the performance of listed companies have fallen sharply, and many companies discontinue or reduce their production as a selection manner to tide over their difficulties. In the circumstances of serious financial crisis, the more serious situation of listed companies has been on the horizon. Therefore, undertaking a study to the failure of listed companies, based on current reality has become an urgent requirement. Through the research in this area, listed companies can improve the conditions of the preservation and rational use of the necessary resources for future development, avoid or reduce losses, and lay the foundation for successful operation. This also will help investors and other stakeholders in our country judge and evaluate the real situation of listed companies to prevent a risk of failure. Of course, as a warning, it also provides other emerging Chinese enterprises with a useful reference.The method used in this thesis combined theoretical analysis and empirical analysis, qualitative analysis and quantitative analysis, normal analysis and position analysis, international experience and domestic cases. This paper adopts the research thinking in the following:Chapter I: Introduction. In this section, there are thesis topic and its significance, the basic assumptions, research methods, research ideas and framework arrangements, etc.Chapter II: Literature review: Theoretical study on the failure of enterprises. In this chapter, this paper tries to carry out comprehensive theoretical overview, evaluation and analysis from the definition of business failure, as well as various theories to explain factors of corporate failure.Chapter III: Phenomena description: Analysis to the characteristics of the failure of China’s Listed Companies. This chapter first defines China’s listed companies’ failure, and then carries out analyses on their characteristics from industry distribution, geographical distribution, asset size distribution, time distribution, lasting time distribution, failure path and financial characteristics, etc, and gives the risk warning conclusion.Chapter IV: Analysis on external factors of listed companies’ failure. This chapter firstly gives the distinction between general and special influence factors, and makes a theoretical description on external factors of listed companies’ failure, and then carries on the real diagnosis examination and the analysis to correlation factor’s influence.Chapter V: Analysis on internal factors of listed companies’ failure. This chapter firstly also gives the distinction between general and special influence factors, and makes a theoretical description on internal factors of listed companies’ failure. On the basis, this chapter carries on the real diagnosis examination to and the analysis to listed companies failure from financial and corporate governance angels.Chapter VI: Root reasons cause the specificity of listed companies’ failure: Excessively over-estimated to the value of listed companies. This chapter first carries out the economic analysis to listed companies value’s formation. On this basis, it is proposed that the root reasons of listed companies failed particularity lie to be excessive overestimation to the resource value, and given theoretical analysis on the reason why it exists over-estimated to listed value.Chapter VII: Integrated governance measures to the failure of China’s listed companies. This chapter mainly proposes the governance measures from the government and listed companies themselves angles.Chapter VIII: Conclusion. In this paper, this chapter summarizes the main conclusions, and explained this paper’s research characteristic, the deficiency and the following research tentative plan.The most important feature of this study are all the studies will be placed in a specific Chinese policies and systems background, to study the characteristics and impact factors of the failure of listed companies ,and to do a new depth on their root causes of particular problems. Comparing to other studies, the study of this article is more comprehensive, deeply and meticulously. Innovative conclusion manifests in the following areas: First, the characteristics and specificity of China listed companies’ failure are summarized and emphasized. This article emphasizes the characteristics and its specificity of the listed companies’ failure on the base of profession, region, property scale, the going on market time, lasting time, failure’s way and so on.(1) The listed company unable to pay debts with their assets has not been able to enter the bankrupt procedure. Although at present many listed companies have already been unable to pay debts with their assets condition actually, but there hasn’t been one listed company entering the bankrupt procedure. (2) Most of the failed companies are those what were listed before 1997. This is our country stock market’s special and the specific phenomenon. This is close correlation with our country stock market’s initial period establishment goal for the state-owned enterprise to fund and the system difficulty. (3) The phenomenon of our country stock market’s "Once listed, then change face" sometimes occurs. More listed company failed between 4 years and 10 years, although many carried massive funds which the outstanding share collects, even have big development plan. Their defeat occurs actually in initial listed time and the ambitious period of expansion. Many listed companies actually didn’t take advantage of going on the market and the fund east wind to develop rapidly. They had actually entered the defeat region of losing money continuously and even guarantying the shell in the short time after circling money. This article believes that, above phenomenon’s appearance, the fund bottleneck no longer is its primary cause, but should seeks the explanation from the enterprise’s wrong financing idea and preferences as well as the stock market institutional flaw aspects.Second, this paper summarized the specificity of external factors which affected the failure of listed companies. From the external environment, the impact factors of listed companies operation contain economic cycle fluctuation, macroscopic policy and industry restructure, governance and legal environment, market operation and competition, etc. What is more special, because of their qualifications of the market transaction and the direct financing, the government also had to carry out special managements to distinguish from non-listed companies. In the failure process of listed companies, the systems defects of China’ national conditions have a more prominent role, and become the special factors from non-listed companies. These defects include improper location of the early stock market, nonstandard rules of market access, exit, and supervision, excessive consideration of the government will, and so on. Systematic risks lead to failure of listed companies afterwards.Third, sum up the specificity of the internal factors that cause the failure of a listed company. Generally, the internal cause of a company can be found from the enterprise’s core competitiveness, corporate governance and decision-making, the main industry and the diversification of operations, the capital structure, cash flow and the corporate integrity and so on. However, through the analysis of the failure of China’s listed companies, it is very special that a large number of cases exist that the major shareholders’ "hollowing out" acts have lead to the failure of listed company. The "hollowing out" actions have been a typical characteristic of the major shareholders of a listed company. The phenomenon is common that the major shareholders of a listed company improperly use a listed company, which has also become the most unique, different and key factor in contrasting China’s listed companies and non-listed companies. The existence of defects of the stock market system, such as the position of the stock market, the asset stripping of restructuring mode, the system of market access and getting off and the regulatory issues, creates the "blood relationship" and the special handling relationship among a listed company, the controlling shareholders and the local governments. It is just this relationship, the controlling shareholder and local governments in order to maintain the continued operation of the parent company and the local economic and social development, natural has the" emptied "motives to transfer a listed company’s resources.Fourth, this paper argues that the uniqueness of a listed company’s failure roots in the overvaluation of a listed company. In our country, comparing to non-listed companies, because of the listed qualifications, the value of a listed company’s resources contains some over-value, including amplification, low-cost capital financing advantages, the advantages of information, the image of publicity, policy preferences and the advantages of mergers and acquisitions and so on. However, in China’s stock market, these values were overvalued so highly that it has lead to a large number of phenomenon competing for and improper using a listed company’s resources, and even abusing the resources. And the expansion of these acts has greatly accelerated the Speed of the failure of a listed company. At this stage, the reasons to the over-estimated value of a listed company are mainly due to the following. The listed resources’ profitability causes the need for the resources of a listed company. The improper positioning in capital markets and control of qualifications leads to shortage of listed resources and the supply. And the shortage of listed resources supply has been increased by the preference of equity financing, the need of the government’s performance and the enlarged "tunneling" under the loopholes of the market control. So the competition for resources becomes more and more intense, which finally causes the highly over-estimated value of a listed company, and just these behaves increases the phenomenon of the failure of a listed company.Fifth, in a series of the comprehensive management measures to the failure of listed companies, and in view of the specificity of the failure of listed companies, we think that the government securities market should accurately adjust the position, control effectively the violent fluctuations in the economy. Especially, the government should improve the legal and regulatory to focus on raising the cost of improper using the resources of listed companies much higher and increasing penalties, and also promote listed companies and major shareholders to strengthen self-regulation and ultimately realize the effective allocation of resources.更多还原