本文選題：上海建工　切入點(diǎn)：整體上市　出處：《石河子大學(xué)》2017年碩士論文

【摘要】：我國(guó)經(jīng)濟(jì)在過(guò)去飛速發(fā)展的30多年中,建筑業(yè)的經(jīng)濟(jì)地位越來(lái)越穩(wěn)固。目前,中國(guó)處于經(jīng)濟(jì)結(jié)構(gòu)調(diào)整階段,建筑類(lèi)企業(yè)在經(jīng)濟(jì)危機(jī)后緩漫復(fù)蘇,也面臨諸多問(wèn)題。這些問(wèn)題嚴(yán)重影響了企業(yè)的經(jīng)濟(jì)效益。建筑業(yè)是資金密集型、勞動(dòng)力密集型的行業(yè),建筑類(lèi)企業(yè)想要又好又快發(fā)展,須結(jié)合自身實(shí)際情況,加速重組,整合資源。整體上市成為建筑類(lèi)企業(yè)實(shí)現(xiàn)自身目標(biāo)的一種有效途徑。此種方式不僅符合國(guó)家以資產(chǎn)證券化為亮點(diǎn)的國(guó)企深化改革,同時(shí),也契合了地方政府提出的把整體上市作為國(guó)有企業(yè)深化改革的重要途徑。我國(guó)資本市場(chǎng)在建立之初,監(jiān)管部門(mén)對(duì)上市公司有一些硬性的指標(biāo)要求。在嚴(yán)格的制度要求下,有募資需求的國(guó)有企業(yè)為了達(dá)到上市的標(biāo)準(zhǔn),在上市的時(shí)候都把部分優(yōu)質(zhì)資產(chǎn)剝離出來(lái)分拆上市。然而,我國(guó)的經(jīng)濟(jì)社會(huì)不斷發(fā)展下,證券市場(chǎng)也在不斷發(fā)展和完善,上市子公司和控股企業(yè)集團(tuán)間產(chǎn)生了大量關(guān)聯(lián)交易,而且母子公司同業(yè)競(jìng)爭(zhēng)的問(wèn)題越來(lái)越嚴(yán)重。面對(duì)這樣問(wèn)題,上市公司的大股東將原來(lái)由上市公司剝離出來(lái)的資產(chǎn)重新注入到上市公司,進(jìn)而使整個(gè)企業(yè)集團(tuán)都上市。本文以上海建工通過(guò)向其母公司上海建工集團(tuán)定向增發(fā)其新股,反向收購(gòu)上海建工集團(tuán)的主業(yè)資產(chǎn),實(shí)現(xiàn)集團(tuán)公司主業(yè)整體上市為案例研究對(duì)象,進(jìn)行了深入研究。首先,本文介紹并探討了研究背景和研究意義,同時(shí)對(duì)國(guó)內(nèi)外學(xué)者有關(guān)整體上市研究現(xiàn)狀進(jìn)行回顧和總結(jié);其次,總結(jié)有關(guān)概念和理論基礎(chǔ),介紹企業(yè)整體上市的模式進(jìn)和各種模式的特點(diǎn);再次,介紹了案例公司概況,對(duì)上海建工進(jìn)行整體上市的動(dòng)因、上海建工實(shí)施整體上市的方案及過(guò)程進(jìn)行了探討;最后,應(yīng)用事件研究法對(duì)事件的公告效應(yīng)和財(cái)務(wù)指標(biāo)法對(duì)公司財(cái)務(wù)績(jī)效進(jìn)行了對(duì)比研究;發(fā)現(xiàn)上海建工整體上市的事件有正的公告效應(yīng),股東得到了超額收益;同時(shí),公司的財(cái)務(wù)績(jī)效前后對(duì)比發(fā)現(xiàn)都有較大提升;并對(duì)影響上海建工整體上市財(cái)務(wù)績(jī)效前后變化因素進(jìn)行了分析,發(fā)現(xiàn)主要原因是:整體上市完善了產(chǎn)業(yè)鏈、減少了關(guān)聯(lián)交易、擴(kuò)大了規(guī)模、形成了規(guī)模效應(yīng)、增強(qiáng)了核心競(jìng)爭(zhēng)力。最后,得出本文研究結(jié)論:認(rèn)為上海建工的整體上市獲得了良好的市場(chǎng)效應(yīng),短期績(jī)效得到提升;整體上市的這種提升作用雖然不具備長(zhǎng)期持久性,但為企業(yè)未來(lái)發(fā)展打下堅(jiān)實(shí)的基礎(chǔ)。鑒于目前我國(guó)整體建筑行業(yè)的市場(chǎng)現(xiàn)狀,希望本文研究可以為國(guó)有建筑類(lèi)企業(yè)改革和案例公司本身的發(fā)展提供借鑒意義。然后,總結(jié)了案例研究給我國(guó)建筑類(lèi)企業(yè)整體上市幾點(diǎn)啟示:(1)整體上市時(shí)選擇適合自己的模式;(2)整體上市時(shí)必須關(guān)注上市資產(chǎn)質(zhì)量和關(guān)聯(lián)性;(3)完成整體上市企業(yè)集團(tuán),利用整合資源帶來(lái)的協(xié)同效應(yīng)、規(guī)模效應(yīng)等。
[Abstract]:During the past 30 years or so of rapid economic development in China, the economic position of the construction industry has become more and more stable. At present, China is in the stage of economic restructuring, and construction enterprises are recovering slowly after the economic crisis. They also face many problems. These problems seriously affect the economic benefits of enterprises. The construction industry is a capital-intensive and labour-intensive industry. If construction enterprises want to develop well and quickly, they must combine their own actual situation and accelerate the restructuring. Integrating resources and listing as a whole has become an effective way for construction enterprises to achieve their goals. This approach is not only in line with the deepening reform of state-owned enterprises with asset securitization as its bright spot, but also, at the same time, It also fits in with the local government's proposal to take the overall listing as an important way to deepen the reform of state-owned enterprises. At the beginning of the establishment of the capital market in China, the regulatory authorities had some rigid index requirements for listed companies. Under strict system requirements, In order to meet the standards of listing, state-owned enterprises that have the need to raise funds have spun off some high-quality assets for listing. However, with the continuous development of our country's economy and society, the securities market is also developing and improving. There have been a large number of affiliated transactions between listed subsidiaries and holding enterprise groups, and the problem of peer competition between parent and subsidiary companies is becoming more and more serious. Faced with such a problem, The major shareholders of the listed company re-inject the assets that were originally spun off by the listed company into the listed company, thus making the entire enterprise group listed. The reverse acquisition of the main assets of Shanghai Construction Industry Group and the realization of the overall listing of the main industry of the group company are the object of the case study. Firstly, this paper introduces and discusses the research background and significance. At the same time, the domestic and foreign scholars on the overall listing research status quo is reviewed and summarized; secondly, summarize the relevant concepts and theoretical basis, introduce the overall corporate listing model and the characteristics of various models; thirdly, introduced the case of the company overview, This paper probes into the motivation of Shanghai Construction Industry's overall listing, the scheme and process of Shanghai Construction Engineering's implementation of the whole listing, and finally, applies the event study method to compare the financial performance of the company with the event announcement effect and the financial index method. It is found that the events of Shanghai Construction Industry listed as a whole have a positive announcement effect, and shareholders get excess returns; at the same time, the financial performance of the company before and after the comparison found that there is a greater improvement; The factors influencing the financial performance of Shanghai Construction Industry before and after listing are analyzed. The main reasons are as follows: the whole listing improves the industrial chain, reduces the associated transactions, expands the scale and forms the scale effect. Finally, this paper concludes that the overall listing of Shanghai Construction Industry has achieved a good market effect and improved short-term performance. But lay a solid foundation for the future development of enterprises. In view of the current market situation of the whole construction industry in our country, I hope this study can provide reference significance for the reform of state-owned construction enterprises and the development of the case companies themselves. This paper summarizes the enlightenment of the case study to the overall listing of construction enterprises in our country: 1) choosing a suitable mode for the overall listing. (2) the quality and relevance of listed assets should be paid attention to when the whole listed enterprises are listed as a whole, and the whole listed enterprise group should be completed. Make use of the synergy effect, scale effect and so on brought by the integrated resources.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F426.92;F406.7;F832.51

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