【作者】 吉广林；

【导师】 陈方正；

【作者基本信息】 中国地质大学（北京） ， 管理科学与工程， 2013， 博士

【摘要】 上市公司作为国民经济的核心经济体，体现国家综合竞争力，在国民经济中发挥着主导作用；资本运作对提高上市公司竞争力具有关键作用。但我国上市公司资本运作实践和资本运作研究存在较多不足，研究构建资本运作生态圈和平衡机制，对解决上市公司资本运作实践和研究方面的问题，实现资本运作目标、健康资本市场、促进社会和经济繁荣具有重要的理论和实践意义。本文基于系统学、自然生态学、企业管理和利益相关者理论，运用类比分析法、跨学科研究法、案例分析法等，着力构建上市公司资本运作生态圈和平衡机制理论构架，解决上市公司资本运作研究与实践中的问题。通过研究分析资本运作系统生成机理、构成要素、核心要素、资本运作系统的生态特征、生态系统的层次性、生态圈的构成及生态圈平衡，对生态圈平衡进行度量等，研究具有较强的理论性、科学性和实践性，取得了较好研究成果：本文国内首次对上市公司资本运作过程、参与要素、要素关系、要素诉求和要素平衡、系统平衡、生态圈平衡等进行研究，开创了上市公司资本运作研究新视角；定义了资本运作生态系统和生态圈概念，提出资本运作生态圈存在能量流、价值流和信息流，提出了要素素质、要素关系决定系统平衡，系统对外部环境影响的承载力影响和决定生态圈平衡，对上市公司资本运作进行了新研究；研究对上市公司资本运作生态圈的构成要素、系统平衡和生态圈整体平衡进行度量，设计了核心要素权重、评估指数和数学模型，构建了生态圈平衡指标体系；论文运用资本运作生态系统评估指数和数学模型，对中央企业攀钢整体上市生态圈平衡进行实证分析，并提出重构和谐生态圈的建议，对上市公司构建和谐健康资本运作生态圈，实现资本运作目标，具有指导和参考价值。更多还原

【Abstract】 Listed companies, as the core economies of the national economy, reflect thecountry’s comprehensive competitiveness and play a leading role in the nationaleconomy, and capital operation is crucially important to improve the competitivenessof listed companies. But the capital operation practice and research of China listedcompanies are still inadequate. Research on building capital operations ecosystem andbalance mechanism are significant to solve the problems of capital operation practiceand realize healthy development of capital markets, thus have important theoreticaland practical significance in the promotion of social and economic prosperity.Based on theories of system, natural ecology, management and stakeholder, thisstudy adopts method of analogy analysis, interdisciplinary research, and case analysis,the essay establishes the model of the biosphere theoretical framework of listedcompanies and their capital operation. Through making a thorough analysis of thecapital operation biosphere of listed companies, the essay discusses the mechanism ofthe construction and balance of the capital operation biosphere of the listed companiesin an attempt to provide a new and healthy guidance for the capital operation of thelisted companies in our country. The research results are:The capital operation of listed companies bear a striking resemblance with thenatural ecological system and all factors in capital operation constitute the entireeco-system. There exist a biosphere in the capital operation of listed companies,inside which all factors correlate, interact and interdepend---the capital operation oflisted companies is a dynamic balanced system. All components of listed companiesare complicatedly interrelated to one another and the core is the balance among stake holding, institutional mechanism, market mechanism and relationship mechanism. Bystudying the experience and lessons of Panzhihua Steel&Iron Cooperation, the essayraises several solutions for its construction of the biosphere of capital operation. Theresearch puts forward the balance mechanism of the capital operation eco-system soas to provide guidance and references for the construction of a healthy biosphere ofthe capital operation of listed companies and fulfill the purpose of capital operation.更多还原