上市公司重大资产重组中资产定价研究

【作者】 秦玲玲；

【导师】 李书锋； 王澂；

【作者基本信息】 中央民族大学 ， 企业管理， 2010， 硕士

【摘要】 随着证券市场10多年来的发展,上市公司并购重组活动快速发展,逐渐成为我国产业结构战略调整、上市公司优胜劣汰、社会资源优化配置的重要手段。资产定价作为重大资产重组过程中最重要的一个部分,影响着重大资产重组的交易过程和交易过后的市场反应,是交易双方和投资者所关注的重大问题。因此,本文把关注焦点放在了上市公司重大资产重组中的资产定价。首先,根据相关法律法规,本文介绍了相关的重大资产重组概念,并总结了上市公司重大资产重组的交易流程,把重大资产重组过程划分为11个步骤。其次,根据收集到的所有资料,把我国上市公司重大资产重组划分为9种类型,包括：新增股份吸收合并、换股吸收合并、发行股份购买资产、发行股份购买资产及重大资产出售、发行股份购买资产及换股吸收合并、发行股份购买资产及重大资产置换、重大资产置换、重大资产购买、增资控股等。其中,发行股份购买资产是一种非常重要的交易类型。再次,以2008年和2009年数据为切入点,本文对总体的资产定价进行了统计分析,从资产定价方法、资产评估基准日和资产评估方法、股票定价基准日和股票定价方法、不同条件下的资产评估增值与市场反应的联系等角度出发,对我国上市公司重大资产重组中的资产定价进行了实证研究。通过上述研究,本文得出6种交易类型比较合理,3种交易类型不合理、各种资产评估方法下资产增值与市场反映正相关、关联交易也与资产定价相关等结论。然后,本文选择发行股份购买资产中的一个典型案例,进行了案例分析。最后,本文提出相应的政策建议,以期为拟进行上市公司重大资产重组的企业或者后续研究者提供一个参考,为之选择交易类型、评估方法或者研究方向等提供一个依据,做出力所能及的贡献。本文的创新点在于结合相关法律法规对资产定价过程进行了比较全面的分析,对上市公司重大资产重组按照现实中的交易进行分类,并从各种不同角度研究了资产的评估增值情况及市场反应情况,在统计分析的基础上还做了案例研究。不足点是时间比较仓促,研究还不够深入。更多还原

【Abstract】 With the securities market more than 10 years development, the merger and reorganization of the listed companies developed rapidly, and gradually became an important means of strategic adjustment of industrial structure, the advanced optimize of listed companies, and the allocation of resources. As the most important part of the material assets reorganization process, asset pricing is influencing the transaction process and the after trading market reaction, and asset pricing is the serious problem that both the traders and investors concerning about. Therefore, this article focused on the asset pricing in the material assets reorganization of listed companies.First, the concept of the material assets reorganization combining related laws and regulations were introduced in this paper, and procedures of the material assets reorganization of listed companies transaction was summarized. The material assets reorganization process was divided into 11 steps.Secondly, according to all the material collected, the material assets reorganization of listed companies in China was divided into nine types, including:new shares absorption merger, absorbs merger, to purchase assets through issuing shares, to purchase assets through issuing shares and the major asset sale, to purchase assets through issuing shares and a absorb merger, to purchase assets through issuing shares and major assets displacement, major assets displacement, major assets purchased, payouts. Among them, to purchase assets through issuing shares was a very important transaction types.Again, regard 2008 and 2009 data as the studying window, this paper made some statistical analyses on the general asset pricing, carried on an empirical research to the asset pricing in the material assets reorganization of our country’s listed companies, from the views of the asset pricing method, assets appraisal base date and assets evaluation method, stock price setting base date and stock pricing method, linkage of asset appraisal increment and the market reaction in different conditions, etc. Took some conclusions such as that six of the transactions were reasonable and three were unreasonable, there were positive correlations between asset value and the market by various trade asset appraisal methods, there were positive correlations between affiliated transactions and asset pricing, etc. Then, this paper chose a typical case of to purchase assets through issuing shares, and then analyzed it.Finally, this paper tried to put forward some corresponding policy recommendations, to provide a reference for listed companies which intend to conduct material assets reorganization and the researchers who take a follow-up study, to provide a basis for the choice of the transaction types, the evaluation methods or the research orientation. The insufficient is that the time was hasty, and the research needs an in-depth study.更多还原