【作者】 郭晓庆；

【导师】 朱文生；

【作者基本信息】 江西财经大学 ， 会计学， 2003， 硕士

【摘要】 从邓小平南巡引发中国经济发展的新一轮高潮，到党的十五大提出支持企业和企业集团进行资产重组，我国证券市场内外的企业发生了一轮又一轮资产重组高潮，各类形式的资产重组案例不仅为我国资源配置有效模式的探讨提供了众多宝贵经验，也使我国整个经济结构、企业的组织形式有了一定改善。今年新一届政府总理温家宝又强调经济结构的战略性调整与继续扩大对外开放是我国经济建设中必须抓好的两个关键环节，资产重组作用凸现。 资产重组作为资源配置的方式，是指通过不同权利主体间的法人财产权、出资人所有权以及债权人债权进行符合资本最大增值目的的相互调整和改变。产权重组是资产重组的纽带，资产重组是产权重组的具体表现形态。从内容上看资产重组与产权重组最终均体现为产权的转移、交换和变更，但资产重组又包含着比产权重组更广泛的内容；从目的上看资产重组与资本运营最终均为实现最大限度资本增值，可两者并不能等同，因为资产重组不仅限于某一企业的范围，通常涉及一个行业甚至是一个国家经济结构的调整。资产重组的发生必须是在一定的基础上，首先，明晰的产权制度可以为重组各方权利的享有和义务的分配提供依据，使资产重组落到实处；其次，完善的资本市场可使重组各方股权、财产权和控制权的转移和变更得以迅速流动。依据不同的分类标准，资产重组可分为不同的种类，如依重组的目的不同可以划分为生产经营型重组、资本经营型重组和生产经营与资本经营相混合的资产重组。为了维护资产重组过程中国家、企业及有关个人的权益，为了国民经济的健康发展、社会的稳定，在进行资产重组时需要遵循产权明晰、合法等六大原则。我国加入WTO以后，通过资产重组这一资源配置方式，可以提高整个国家、重组行业、重组企业的国际竞争力，以应对日益激烈的国际竞争形势。 我国上市公司的资产重组行为与证券市场几乎同时诞生，由于证券市场在国民经济中的特殊地位，证券市场的资产重组也日益受到人们关注。通过对我国上市公司资产重组行为的研究，可以得出我国上市公司资产重组之所以不断涌现，是因为国民经济发展周期等宏观因素、产业结构调整等中观行业因素、上市公司确保壳资源与再融资资格等微观因素三方面共同作用的结果。我国上市公司资产重组主要是通过股权转让、资产剥离、资产置换、战略并购和债务重组五种方式实现，其中采取股权转让方式的资产重组日趋增多。由于我国上市公司资产重组目前存在政府介入过深、相关法律法规不完善和中介机构作用缺失等问题，需要国家、社会和相关机构与组织的共同努力加以解决。近几年来随着证监委等部门有关上市公司资产重组的法律与法规出台，以及我国资本市场对外开放力度的加大，上市公司资产重组出现了以下两种趋势：实质性资产重组日益盛行，外资概念成为上市公司资产重组的特色。 上市公司资产重组是否有效是重组各方都关注的问题。目前国内对上市公司资产重组绩效的研究和评价主要分为以下两类，一是利用国外成熟资本市场的Tobin七 Q值或者净资产收益率（RO）评价上市公司的绩效；二是建立定量指标体系来评价上市公司资产重组的绩效。由于我国证券市场尚不成熟，二级市场的行为非常不理性，公司股票价格与公司的经营状况相关性较差，用Tobinb Q值评价上市公司的绩效存在固有的缺陷；另外由于我国对上市公司退市和再融资资格等方面在财务指标上有的特殊规定，很多上市公司的资产重组仅仅是为了改善公司短期财务状况而不是基于长期战略目标的实现，仅运用定量指标不能对上市公司资产重组绩效给予科学评价。要科学评价我国上市公司资产重组绩效，就要综合考虑重组是否已经改善了上市公司短期财务状况和增强了长期发展能力。本文在传统的盈利能力、偿债能力、资产管理能力定量指标体系基础上引入现金流量分析作为定量指标以对上市公司资产重组前后资产经营管理水平进行科学评价，同时引入领导班子基本素质、基础管理水平、产品市场占有能力、创新能力、长期发展能力五项定性指标以评价重组公司长期发展能力是否提高，依据各项指标重要性不同赋予不同的权重建立了定量评价与定性评价相结合的指标评价体系，并提供了相应的评价方法和评价标准，力求为客观评价我国上市公司资产重组绩效提供一个相对完善的绩效评价体系，从而对我国上市公司资产重组行为的规范和我国上市公司的竞争力的提高有所稗益。更多还原

【Abstract】 From Deng Xiaoping’s south patrol which caused China new rounds of climax of economic development to the 15th National Congress of the Communist Party of China which propose supporting enterprises and enterprise group to carry on the rearrangement of assets, enterprises of security market take place many climax of rearrangement of assets. All kinds of rearrangement of assets case not only offer numerous valuable experience for mode of our country resource distribution effectively, but also improve Our country’s whole economic structure, organizational form of enterprise. New premier of government Wen Jiabao emphasizes strategic restructure of economic and continuing and expanding open to the outside world to be the two keys that must do a good job of our country economic construction. So assets rearrangement’s function show especially.The rearrangement of assets is regarded as the way of resource distribution that mutual adjustment and change among different legal person proprietary, contributor ownership and creditor creditor’s rights accord with purpose of maximum of capital appreciation. The recombination of property right is the tie of assets rearrangement. Rearrangement of assets is the concrete display form of recombination of property right. See from content both rearrangement of assets and recombination of property right finally reflect the transformation, exchanging and altering of the property right, But the rearrangement of assets includes the content which much more extensive than the recombination of property right. The purpose of assets rearrangement and capital operation is to realize the maximum of appreciation finally. But they can not be equate, because the rearrangement of assets is not merely limited to the range of a certain enterprise, it involves one trade or even one national adjustment of economic structure. Rearrangement of assets must take place on certain basis. First, distinct property relations can offer the basis for right enjoy and distribution between different subjects and fulfill the rearrangement of assets. Secondly, perfect capital market can offer a place where stock, proprietary and transformation of control can flow rapidly. According to different criteria for classification, the rearrangement of assets can be divided into different kinds. Such as which can be divide into production-management model, capital-management model and the mix of production-management and capital management model in accordance with the purpose of rearrangement. In order to maintain the government’s, enterprises’ and relevant person’s rights and interests3among assets rearrangement, and for the sound development of national economy and the stability of society, the six principles needed such as clearly established ownership, being legal at the time of carrying on the rearrangement of assets and so on. After Chinese joining into WTO, rearrangement of assets can improve international competitiveness of the whole country, the trade and the enterprises.In our country the behavior of assets rearrangement and security market nearly born at the same time .For listed company’s special status among national economy, the rearrangement of assets of the security market is paid close attention to by people day by day. By researching of the behavior of listed company’s assets rearrangement of our country, we can figure out the reasons that constantly causes rearrangement of assets of listed company of our country, they are macro-factor such as economic development cycle etc, mid-factor such as Industrial structure and micro factor such as listed company guarantee shell resource with finance qualification etc. In our country listed company’s rearrangement of assets are mainly through share transfer, divestiture, assets replacement, merger and debt recombination. Because in our country listed company’s rearrangement of assets have government get involved dark, relevant laws and regulations are imperfect and lack of intermediary institute at present. It asks for the government society and relevant or更多还原