本文關(guān)鍵詞： 華能公司 資產(chǎn)重組 市場(chǎng)效果 財(cái)務(wù)效果　出處：《天津商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：當(dāng)前,電力能源企業(yè)面臨著巨大的外部環(huán)境的壓力:一方面,我國控制現(xiàn)有煤炭產(chǎn)量,不斷地去產(chǎn)能,導(dǎo)致電力能源企業(yè)的主營業(yè)務(wù)成本居高不下,電力行業(yè)的盈利壓力劇增;另一方面,受國家供給側(cè)改革政策、國際經(jīng)濟(jì)的不景氣,以及國內(nèi)經(jīng)濟(jì)增速放緩等因素的影響,我國的電力行業(yè)陷入前所未有的困境,多數(shù)企業(yè)盈利急劇下滑甚至發(fā)生虧損。因此,電力能源企業(yè)要想在危機(jī)中謀求更好的發(fā)展,就需要通過資產(chǎn)重組這一資本市場(chǎng)最常見的運(yùn)作方式,做強(qiáng)做大,以及擴(kuò)大經(jīng)營規(guī)模,實(shí)現(xiàn)可持續(xù)良性發(fā)展。然而,資產(chǎn)重組也并非唯一有效解決重組公司的問題的靈丹妙藥,電力企業(yè)的資產(chǎn)重組能否取得預(yù)期的目標(biāo),產(chǎn)生積極的效應(yīng),既是必須研究的重要問題,也是現(xiàn)階段資本市場(chǎng)研究的熱點(diǎn)。本文以華能南方公司為研究對(duì)象,旨在找到能提高電力能源企業(yè)資產(chǎn)重組效果的“關(guān)鍵點(diǎn)”。文章首先介紹了華能南方公司資產(chǎn)重組的過程,分析了該公司資產(chǎn)重組的動(dòng)因,然后就其資產(chǎn)重組后的市場(chǎng)效果進(jìn)行了詳細(xì)的分析。本文研究發(fā)現(xiàn)本次重組為華能南方公司帶來了超額收益,說明資本市場(chǎng)對(duì)華能公司的重組持積極預(yù)期,該項(xiàng)重組能夠改善企業(yè)的經(jīng)營能力,可以為股東帶來更多的財(cái)富。其次,文章采用了橫向?qū)Ρ群涂v向?qū)Ρ鹊姆椒?對(duì)該公司資產(chǎn)重組前后的財(cái)務(wù)指標(biāo)進(jìn)行了分析,由此發(fā)現(xiàn),資產(chǎn)重組當(dāng)年,該企業(yè)的營運(yùn)能力、盈利能力、償債能力和成長(zhǎng)能力都有一定的提升,然而由于企業(yè)自身的財(cái)務(wù)風(fēng)險(xiǎn)較大,以及重組后的整合未完全實(shí)現(xiàn),企業(yè)還存在著一些亟需解決的問題。最后,文章就分析發(fā)現(xiàn)的問題提出了相應(yīng)的改進(jìn)建議。本文認(rèn)為:華能公司應(yīng)當(dāng)重視資產(chǎn)重組后的整合效率,使企業(yè)得到更好的、良性的、可持續(xù)發(fā)展。
[Abstract]:At present, the electric energy enterprise is facing the enormous external environment pressure: on the one hand, our country controls the existing coal output, unceasingly goes to the production capacity, causes the electric power energy enterprise's main business cost to be high. The pressure of profit in the power industry has increased sharply; On the other hand, under the influence of the national supply-side reform policy, the depression of international economy and the slowdown of domestic economic growth, the electric power industry of our country is in unprecedented predicament. Most companies' profits have plummeted or even lost money. Therefore, if electric energy companies are to seek better development in the crisis, they need to strengthen and expand through asset restructuring, the most common way of operating capital markets. However, asset restructuring is not the only panacea to effectively solve the problem of restructuring companies, and whether the assets restructuring of power enterprises can achieve the desired goal. To produce positive effects is not only an important issue that must be studied, but also a hot spot of capital market research at present. This paper takes Huaneng Southern Company as the research object. In order to find the "key points" which can improve the effect of assets reorganization of power energy enterprises, this paper first introduces the process of assets reorganization of Huaneng South Company, and analyzes the causes of assets reorganization of Huaneng South Company. Then it makes a detailed analysis of the market effect after the asset restructuring. This paper finds that the restructuring of Huaneng South has brought excess returns, indicating that the capital market has a positive expectation of Huaneng's restructuring. This reorganization can improve the management ability of the enterprise, can bring more wealth to shareholders. Secondly, the article adopts the method of horizontal contrast and vertical contrast. After analyzing the financial indexes before and after the assets reorganization, it is found that in the year of asset reorganization, the operating ability, profitability, solvency and growth ability of the enterprise have been improved to a certain extent. However, due to the large financial risk of the enterprise itself, and the reorganization of the integration is not fully realized, there are still some problems that need to be solved. Finally. This paper puts forward corresponding suggestions for improvement of the problems found in the analysis. This paper holds that Huaneng Company should attach importance to the integration efficiency after asset reorganization so as to make the enterprise get better, more benign and sustainable development.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.61;F406.7

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