上海上市公司资产重组目标与绩效相关性分析

【作者】 于凌雁；

【导师】 葛正良；

【作者基本信息】 华东师范大学 ， 金融学， 2004， 硕士

【摘要】 资本市场在上海的经济发展中扮演着重要的角色，上海上市公司的数量排名全国第一。截至2003年12月底，上海上市公司(注册地在上海)有144家，A股上市公司有138家(包括仅有A股上市的公司103家和同时有A股与B股上市的公司35家)，占沪深两市A股上市公司总数的10.72％；B股上市公司有40家(包括同时有A股与B股上市的公司35家和仅有B股上市的公司6家)，占沪深两市B股上市公司总数的32.52％。同时上海上市公司以其数量优势使得其资产规模、收入和利润排名全国第一。 尽管上海上市公司数量很多，但无论从横向还是纵向的比较来看，上海上市公司在盈利能力方面表现却一般，与上海经济地位不相称。为了改善、提高上海上市公司的业绩，从1996年开始在上海市政府的大力主导之下，上海上市公司进行了大规模的资产重组。伴随着大量资产重组事件的涌现，理论界也开始广泛关注和深入研究资产重组行为。大量文献就资产重组理论，重组动因，重组模式，重组绩效以及它们之间的相互关系进行了研究，但资产重组目标及绩效之间的关系却是资产重组研究方面的一个空白。本论文在借鉴国外相关资产重组目标理论的基础上，选取A股市场中发生过资产重组的上海上市公司作为研究对象，通过实证研究，结合重组的目标进行分析找出重组目标与重组绩效之间的关系，并得出探讨性的见解，以期对以后的上海上市公司资产重组有所裨益。 论文的行文结构如下：在论文的引言中，首先对相关概念进行了界定，然后进行了文献综述，最后对论文的研究方法和思路进行的梳理，为全文的展开做好铺垫。 第一章阐述上市公司资产重组目标的相关理论，为上海上市公司的资产重组提供理论借鉴。 第二章首先从宏观和行业的角度来分析上海上市公司进行资产重组的必要性，然后详细分析了上海上市公司资产重组的目标，为下一部分进行实证研究提供基础。 第三章以在A股市场中发生过资产重组的上海上市公司作为研究对象，选取了资产重组前后的部分财务数据从偿债能力，资产周转能力，主营业务鲜明状上海上市公司资产重组目标与绩效相关性分析摘要况和主营业务赢利能力等方面对资产重组绩效进行实证研究，然后结合资产重组目标进行分析找出资产重组目标与资产重组绩效之间的关系。 第四章在归纳总结第三部分实证检验结论的基础上，对如何进一步完善上海市上市公司资产重组进行了探讨。其中，从宏观和行业的角度而言，主要从完善证券市场自身的功能和架构、加强资产重组方面的立法、充分发挥证券中介机构(如投资银行)在资产重组中的作用，规范证券市场中介组织及上海市政府职能进一步明确定位等方面做好工作。从微观的角度而言，以扩大自身规模(包括扩大主业规模和发展多元化)为目标进行重组的上市公司要注重自身经营管理能力，不要盲目扩张;要重视多角化经营中产业之间的关联度;重视重组后的经营与管理。最后，对全文进行了总结。更多还原

【Abstract】 Capital markets play an important role in the development of shanghai. The number of shanghai local listed company is more than the other cities in china. By the end of 2003, there are 144 shanghai local listed companies in all, among which there are 138 A stock listed companies 40 B stock listed companies. The two type listed companies account for 10.72% and 32.52% of total listed companies at shanghai securities market respectively. What’s more, with the advantage of quantities, shanghai local listed companies rank the first in china at capital scale, revenue and profit.Although shanghai local listed companies amount is a lot, compared horizontally or the vertically, the profit capability of shanghai local listed companies expresses ordinarily, and the position does not suit against Shanghai economy. In order to improve the performance of shanghai local listed companies, there have been carrying on a large scale of capital reorganization since 1996 with the local shanghai government supporting. Therefore, more and more experts paid closed attention to capital reorganization theory research. There are great quantities of documents on capital reorganization research. These documents is mainly concerned with reorganization motivation, reorganization model, reorganization performance and the interrelationship between them, yet research on the relationship between the performance and the target of the capital reorganization is blank space. This paper mainly works on it. On the base of capital reorganization target theory, selecting Shanghai local listed company in the field of A stock market which have happened capital reorganization, the paper take empirical study method to find out the relationship between capital reorganization target and performance. The inquirement may have useful to Shanghai local listed company’s capital reorganization.The paper includes four chapters, and they discussed the following details: The introduction introduced the basic concepts of capital reorganization.Chapter one discusses the theory of capital reorganization target and Supply the relevant theory reference to shanghai local listed company.Chapter two discussed the necessary of shanghai local listed company to take capital reorganization, and analyzed shanghai local listed company’s capital reorganization target in order to supply the base of next section’s empirical study.Chapter three takes Shanghai local listed company in the field of A stock market which have happened capital reorganization as research object, selects some financial data to make empirical study. From the result of empirical study, we can find out the relationship between capital reorganization target and performance.Chapter four inducts the empirical study on chapter three and inquires how to improve the performance of Shanghai local listed company’s capital reorganization.Finally, the paper sums up the full text.更多还原