本文選題：整體上市　切入點(diǎn)：美的集團(tuán)　出處：《河北經(jīng)貿(mào)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：資本市場(chǎng)是經(jīng)濟(jì)發(fā)展到一定階段的必然產(chǎn)物,國外資本市場(chǎng)起步較早,發(fā)展較為規(guī)范,企業(yè)可以通過上市來拓寬融資渠道。在我國,雖然資本市場(chǎng)起步較晚,但企業(yè)上市并不鮮見,我國上市的企業(yè)在1994年之前都是采取整體上市的形式,但由于我國當(dāng)時(shí)特殊的歷史背景,對(duì)公司上市設(shè)定了較高的條件和標(biāo)準(zhǔn),一些整體資質(zhì)達(dá)不到上市要求的企業(yè),便選擇優(yōu)質(zhì)資產(chǎn)分拆上市,由此產(chǎn)生了分拆上市與整體上市并存的局面。但隨著我國經(jīng)濟(jì)體制的發(fā)展完善以及資本市場(chǎng)的逐漸成熟,分拆上市的缺陷越來越成為企業(yè)發(fā)展的桎梏,例如母公司與上市公司之間數(shù)額巨大的關(guān)聯(lián)交易、違規(guī)占用上市公司資金等,這些問題嚴(yán)重困擾了國家對(duì)上市公司的治理以市場(chǎng)對(duì)資源的配置。相較之下,整體上市則有效避免了分拆上市的弊端,不少專家學(xué)者也通過實(shí)證研究指出,整體上市不僅可以保證公司資產(chǎn)和產(chǎn)業(yè)鏈的完整性,也能改善公司的治理結(jié)構(gòu),有效避免母子公司之間的關(guān)聯(lián)交易,維護(hù)資本市場(chǎng)的制度,促進(jìn)我國上市公司規(guī)模化、規(guī)范化發(fā)展,為我國經(jīng)濟(jì)建設(shè)提供不竭的動(dòng)力。本文以前人對(duì)整體上市的研究成果為基礎(chǔ),從理論上分析了整體上市產(chǎn)生的規(guī)模效應(yīng)、協(xié)同效應(yīng)、強(qiáng)化公司控制權(quán)以及擴(kuò)大企業(yè)邊界的效應(yīng),而這些效應(yīng)又能反過來促進(jìn)企業(yè)的發(fā)展,改善企業(yè)的財(cái)務(wù)績效。文中選取了美的集團(tuán)整體上市的案例,首先采用財(cái)務(wù)指標(biāo)分析法,對(duì)美的集團(tuán)整體上市前后的償債能力、營運(yùn)能力、盈利能力和成長能力進(jìn)行對(duì)比分析,并建立杜邦分析體系綜合分析了美的集團(tuán)整體上市前后財(cái)務(wù)績效的變化,發(fā)現(xiàn)美的集團(tuán)整體上市后三年的財(cái)務(wù)指標(biāo)較其整體上市前三年有明顯的改善;其次本文引入EVA績效分析法,作為對(duì)財(cái)務(wù)指標(biāo)分析法的補(bǔ)充,進(jìn)一步計(jì)算分析了美的集團(tuán)整體上市前后經(jīng)濟(jì)增加值的變化,發(fā)現(xiàn)美的集團(tuán)整體上市后企業(yè)經(jīng)濟(jì)增加值有了顯著提升。本文通過案例研究,得出了整體上市改善了美的集團(tuán)的長期財(cái)務(wù)績效、進(jìn)一步增加了集團(tuán)股東的財(cái)富、為企業(yè)創(chuàng)造了新的價(jià)值的研究結(jié)論,證實(shí)了美的集團(tuán)此次整體上市是一次成功之舉,對(duì)集團(tuán)長期財(cái)務(wù)績效帶來了正效應(yīng)。
[Abstract]:Capital market is the inevitable outcome of economic development to a certain stage. Foreign capital markets started earlier and developed more standardized. Enterprises can broaden financing channels by listing. In China, although capital markets started relatively late, However, the listing of enterprises is not uncommon. Before 1994, the listed enterprises in our country took the form of holistic listing. However, due to the special historical background of our country at that time, high conditions and standards were set for the listing of companies. Some enterprises whose overall qualifications are not up to the requirements of listing have chosen to split up and list their high-quality assets, which has resulted in the coexistence of split listing and overall listing. However, with the development of China's economic system and the gradual maturity of the capital market, The defects of splitting up and listing have become the shackles of the development of enterprises, such as the huge related transactions between the parent company and the listed company, the illegal occupation of the capital of the listed company, and so on. These problems have seriously troubled the national governance of listed companies and the allocation of resources by the market. In contrast, the overall listing effectively avoids the drawbacks of splitting up and listing, and many experts and scholars also point out through empirical research. The overall listing can not only guarantee the integrity of the company's assets and industrial chain, but also improve the corporate governance structure, effectively avoid the affiliated transactions between parent and subsidiary companies, maintain the capital market system, and promote the scale of listed companies in China. The standardization development provides the inexhaustible motive force for the economic construction of our country. Based on the previous research results of the whole listing, this paper theoretically analyzes the scale effect and the synergistic effect of the whole listing. In this paper, we choose the case of Midea's overall listing, which can promote the development of enterprises and improve the financial performance of enterprises. This paper makes a comparative analysis of Midea's solvency, operating ability, profitability and growth ability before and after the overall listing, and establishes a DuPont analysis system to comprehensively analyze the changes of financial performance before and after the overall listing of Midea. It is found that the financial index of Midea after the whole listing three years is obviously improved compared with the three years before the overall listing. Secondly, this paper introduces the EVA performance analysis method as a supplement to the financial index analysis method. After further calculation and analysis of the changes of economic added value before and after Midea's overall listing, it is found that the economic added value of the enterprise has been significantly improved after the overall listing of Midea. It is concluded that the overall listing has improved Midea's long-term financial performance, further increased the wealth of the shareholders of the group, created new value for the enterprise, and confirmed that the overall listing of Midea is a successful move. It has a positive effect on the group's long-term financial performance.
【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.6;F406.7
，

本文編號(hào)：1629181