【作者】 郑江；

【导师】 龙志和；

【作者基本信息】 西南交通大学 ， 产业经济学， 2004， 硕士

【摘要】 产业结构调整是中国经济进一步发展所必须解决的重要问题之一，而证券市场的资产重组能够在相当程度上推动结构优化和升级的实现。本文首先在认识和把握国内外有关资产重组的既有研究成果和市场实践的基础上，进行了历史回顾和国际间的比较研究，探讨了中国A股市场资产重组的特殊性；其次，选择适当的“时间窗口”，对上海和深圳证券交易所当年发生重组的339家A股上市公司进行了财务指标的比较分析，掌握了当年发生重组企业的基本状况；同时，利用计量经济模型和投入产出模型定量研究了我国产业结构调整的“规范”方向；再次，在以上研究的基础之上，本文以深圳交易所在时间窗口发生实质性重组的63家上市公司为样本，通过对其重组个案的深入分析，按照证券市场上通行的产业分类方法证明重组从整体上符合我国产业结构优化的宏观趋势；最终进一步筛选出54个进行了产业调整的样本企业，按照五种产业调整模式分别建立计量经济模型，模型研究结果显示仅产业内收缩这一产业调整模式显著地改善了企业的业绩，从而得出一个重要的实证研究结论：我国证券市场的产业调整性重组从微观的层面看其效果相对有限。更多还原

【Abstract】 One of the most important problems facing the further development of China’s economy is the adjustment of industrial structure, which can be optimized and promoted in a large degree by rearrangement the asset of the securities market. First of all, this article discloses the particularity of assets rearrangement of the stock A market in China through a historical review and an internationally comparative study based on the knowledge and full understanding of the existing research and marketing practice of assets M&A domestically and abroad. Secondly a comparative analysis is made on the financial status of 339 stock A listed companies of Shanghai and Shenzhen Securities Exchange in 1999 which rearranged their assets so that the basic information of the rearranged enterprises of 1999 has been mastered. At the same time, a quantitative analysis is also made on the tendency of how to standardize the industrial structure adjustment of our country through econometric model and input-output model. At last, based on the research above, it is proved that assets rearrange can meet the demand of the macro tendency of optimizing the industrial structure of our country as a whole according to the authoritative method of classifying the industries and through the case study of the 63 listed companies of Shenzhen Securities Exchange in 1999 as samples which made substantial reshuffles. Furthermore, econometric model are established according to the 5 models of industrial adjustment for 54 listed companies singled out as samples of industrial adjustment. The conclusion drawn from my study embodies that only the model as constringency in original industry can improve the achievements of enterprises evidently and hence that the effects of the industrially adjusting rearrange of the securities market of our country are relatively limited at a micro level.更多还原