本文選題：中國鋁業(yè) + 資產(chǎn)剝離　； 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：嚴重影響和制約國有企業(yè)生存與發(fā)展的主要原因有兩個,第一是發(fā)展快速且越來越完善的社會主義市場經(jīng)濟,第二是迅速形成的世界經(jīng)濟一體化,所以目前中國國有企業(yè)面臨的形勢十分不利。一個企業(yè)的健康發(fā)展有兩個重要的且相對的運作方式,分別是資產(chǎn)剝離和擴張型并購。資產(chǎn)剝離獲得了務(wù)實界與西方財務(wù)理論研究者的研究重視,并且伴隨著西方發(fā)達國家數(shù)次兼并活動的發(fā)展。資產(chǎn)剝離在三個方面有無法比擬的優(yōu)勢,第一,優(yōu)化市場經(jīng)濟資源配置;第二,盤活存量資產(chǎn);第三,適當(dāng)調(diào)整產(chǎn)業(yè)結(jié)構(gòu)。國有企業(yè)利用資產(chǎn)剝離在國有資產(chǎn)保值增值、轉(zhuǎn)換經(jīng)營機制、深化企業(yè)內(nèi)部改革、企業(yè)良性發(fā)展方面均能起到促進作用。本文的理論支撐主要來源于國內(nèi)外理論相關(guān)文件中的歸核化、融資理論假說、資源優(yōu)化配置、委托代理和效率等理論,同時本文也將國內(nèi)與國外的資產(chǎn)剝離實踐的發(fā)展進行了闡述。以中國鋁業(yè)股份有限公司(以下簡稱“中國鋁業(yè)”)為例,采用案例分析、比較研究、文獻研究與歸納分析等方法,從兩個方面來衡量資產(chǎn)剝離的績效,即資產(chǎn)剝離的市場績效以及財務(wù)績效,兩者分別體現(xiàn)了資產(chǎn)剝離對公司股價的影響和對公司經(jīng)營績效的影響。接著,將鋁行業(yè)持續(xù)處于供求不平衡、市場競爭加劇等格局與中國鋁業(yè)的實際情況進行結(jié)合,提出國有企業(yè)進行資產(chǎn)剝離的動因、原則,從企業(yè)盈利能力、償債能力、發(fā)展能力、運營能力四大方面來分析資產(chǎn)剝離對國有企業(yè)財務(wù)績效所產(chǎn)生的影響,提出了對于資產(chǎn)剝離的啟示,不但讓民眾了解資產(chǎn)剝離對于企業(yè)發(fā)展的重大作用,也對此過程中出現(xiàn)的部分問題提出了切實可行的處理方法。研究并分析我國企業(yè)在資產(chǎn)剝離過程中碰到的難題,有利于保證國有企業(yè)資產(chǎn)剝離的高效性,從而為計劃進行資產(chǎn)剝離的國有企業(yè)或目前我國國有企業(yè)改革提供了一個正當(dāng)?shù)乃悸泛陀杏玫慕?jīng)驗。隨著資產(chǎn)剝離的案例不斷增多,同時也伴隨著諸多問題的出現(xiàn)。本文從中國鋁業(yè)資產(chǎn)剝離案例出發(fā)并以國內(nèi)外研究理論為基礎(chǔ)分析了資產(chǎn)剝離的動因、財務(wù)效應(yīng)和市場績效,從而提出相關(guān)啟示和建議。由于本文只是對單一案例進行研究,所以可能很難得出普遍有效的結(jié)論,但是希望能夠提供有益的參考給準備進行資產(chǎn)剝離的公司。
[Abstract]:There are two main reasons for seriously affecting and restricting the survival and development of state-owned enterprises. The first is the development of a fast and increasingly perfect socialist market economy, and the second is the rapid formation of world economic integration. So at present the situation that Chinese state-owned enterprise faces is very disadvantageous. The healthy development of an enterprise has two important and relative modes of operation: divestiture and expansionary mergers and acquisitions. Asset divestiture has been paid much attention to by the researchers of practical circles and western financial theory, and has been accompanied by the development of several mergers in western developed countries. Asset divestiture has incomparable advantages in three aspects: first, optimize the allocation of market economy resources; second, activate the stock assets; third, adjust the industrial structure appropriately. State-owned enterprises can use divestiture to maintain and increase the value of state-owned assets, to change the management mechanism, to deepen the internal reform of enterprises, and to promote the benign development of enterprises. The theoretical support of this paper mainly comes from the theories of centralization, financing hypothesis, resource optimization, principal-agent and efficiency in the relevant documents of domestic and foreign theories. At the same time, this paper also describes the development of asset divestiture practice both at home and abroad. Taking Chinalco Co., Ltd. (hereinafter referred to as "Chinalco") as an example, using the methods of case analysis, comparative study, literature study and inductive analysis, the paper measures the performance of asset divestiture from two aspects. That is, the market performance and financial performance of asset divestiture, both reflect the impact of divestiture on the share price of the company and the impact on the operating performance of the company. Then, combining the situation of aluminum industry in the imbalance of supply and demand, the market competition, and the actual situation of China Aluminum Industry, the paper puts forward the motivation, principle, profitability and solvency of state-owned enterprises for asset divestiture. This paper analyzes the influence of asset divestiture on the financial performance of state-owned enterprises from four aspects of development ability and operation ability, and puts forward the enlightenment for asset divestiture, which not only makes the public understand the important role of asset divestiture in the development of enterprises. It also puts forward some practical methods to deal with some problems in the process. The study and analysis of the difficulties encountered by Chinese enterprises in the process of asset divestiture is conducive to ensuring the high efficiency of the divestiture of state-owned enterprises. Therefore, it provides a proper way of thinking and useful experience for the reform of state-owned enterprises which are planning to divest their assets or to reform the state-owned enterprises in our country at present. With the increasing number of cases of asset divestiture, there are also many problems. This paper analyzes the causes, financial effects and market performance of asset divestiture from the case of Chinalco and based on the domestic and foreign research theories, and puts forward some relevant enlightenment and suggestions. Since this paper is only a single case study, it may be difficult to draw a general and effective conclusion, but hope to provide a useful reference for the company preparing for asset divestiture.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.32

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相關(guān)期刊論文 前10條

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本文編號：1847559