【作者】 王洋；

【导师】 张英奎；

【作者基本信息】 北京化工大学 ， 企业管理， 2008， 硕士

【摘要】 我国正在进行产业的调整,上市公司纷纷进行资产重组,并力图获得整体绩效业绩的提升。本文研究的重点就是在这种情况下,来研究制约因素和评价资产重组行为,从而为上市公司重组提供一个参考,并为我国上市公司重组的相关实证研究提供新的发展思路。本文对国内外的资产重组绩效的发展做了回顾和综述,并定性和定量地分析了资产重组绩效及其影响因素。利用了主成分分析方法的系统评价,筛选和标准化数据;选取了十个财务指标来评价上市公司的盈利能力、营运能力、偿债能力和经营发展能力;应用SPSS软件来分析数据。本文作了四个研究假设,并通过实证分析及检验,得到以下四个结论。假设一:资产重组会对企业绩效产生没有实质提高,不成立。假设二:资产重组中,在改变了第一大股东的情形下,会对重组后的绩效水平产生不了正效应,不成立将整体绩效水平上拉。假设三:我国上市公司关联性重组对绩效水平的影响表现为负效应大于正效应,从而将整体绩效水平下拉,成立。假设四:在改善企业绩效水平方面,收购兼并和股权转让类重组将会产生比资产剥离和资产置换类重组更大的正效应。更多还原

【Abstract】 With the adjustment of industrial structure in China, listed company carries on the asset reorganization in succession in order to improve company performance by integrating own resources. There is no consistent opinion among academic community about whether the performance can be improved by asset reorganization. And, it provides a new way about the similar empirical analysis.This paper will review the theory of asset reorganization and the restrict factor of listed companies in China. Above all, we will summarize and analyze the former research fruits according to the performance of asset reorganization and its affect factor.Secondly, we clarify the motive and significance of this study and define its topic by analyzing the current internal and external situation of the performance of asset organization of listed companies.Thirdly, we introduce the theory both the asset reorganization and performance of the theory; and we analyze the performance of asset reorganization and the restrict factors of it.Through the research, we can see that the behavior of asset reorganization of listed companies hasn’t improved the performance of listed companies in fact. We can also see that the changing of the first majority shareholder and the mode of reorganization are main factors impacting the performance of asset reorganization, while, the impact to the performance from affiliate transaction is significant. At last, it advances several suggestions to the research conclusion according to practice of asset reorganization of listed companies in China.更多还原