本文關(guān)鍵詞： 資產(chǎn)重組 ST上市公司 事件研究法 重組績(jī)效　出處：《南京大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：ST上市公司是我國(guó)特有的經(jīng)濟(jì)現(xiàn)象,是出于對(duì)投資者的保護(hù)而采取的一種對(duì)出現(xiàn)異常情況上市公司進(jìn)行風(fēng)險(xiǎn)標(biāo)識(shí)和預(yù)警的制度。上市公司一旦被宣布為ST,前景有三種：要么被重組；要么通過(guò)自身努力來(lái)改善經(jīng)營(yíng)和財(cái)務(wù)狀況,重新回到正常的交易市場(chǎng)中；要么淪落為PT公司,退出市場(chǎng)。由于資產(chǎn)重組能夠快速提升公司盈利能力、改善公司資產(chǎn)質(zhì)量,所以很多ST上市公司首選通過(guò)資產(chǎn)重組來(lái)解救企業(yè)的困境。 近些年來(lái),ST上市公司的資產(chǎn)重組無(wú)論是交易頻率還是交易規(guī)模都占據(jù)了我國(guó)資本市場(chǎng)的重要份額,其投資價(jià)值也越來(lái)越受到廣大投資者的重視,重組事件往往受到各路資金的追捧。但是重組是不是能夠促進(jìn)ST上市公司股東財(cái)富的增加?是不是真的能夠改善ST上市公司的經(jīng)營(yíng)業(yè)績(jī)?ST上市公司還應(yīng)該在哪些方面改進(jìn)重組績(jī)效?這些都是本文所關(guān)注的、值得深入研究且具有現(xiàn)實(shí)意義的問(wèn)題。 本文分5個(gè)章節(jié)來(lái)對(duì)我國(guó)ST上市公司資產(chǎn)重組的重組績(jī)效進(jìn)行研究,第1章主要闡述了本文的研究背景和研究意義,回顧了國(guó)內(nèi)外對(duì)于資產(chǎn)重組績(jī)效的研究方法和研究成果,總結(jié)了現(xiàn)有研究中存在的不足。第2章首先研究了資產(chǎn)重組的概念、分類、作用和發(fā)展歷程,然后對(duì)重組績(jī)效的相關(guān)理論進(jìn)行了研究分析。第3章從基本概念、出現(xiàn)原因、演變歷程和發(fā)展現(xiàn)狀等角度對(duì)我國(guó)上市公司特別處理制度進(jìn)行了分析。第4章首先介紹了ST公司重組績(jī)效實(shí)證研究設(shè)計(jì)思路,詳細(xì)介紹了事件分析法的內(nèi)容、分析過(guò)程和計(jì)算步驟,為后續(xù)研究分析提供理論基礎(chǔ)；然后采用事件分析法,對(duì)選取的2008年發(fā)生重組的全部ST上市公司的重組績(jī)效進(jìn)行實(shí)證性研究,對(duì)研究結(jié)果進(jìn)行分析和描述。第5章根據(jù)上一章節(jié)獲得的實(shí)證性結(jié)果對(duì)ST上市公司的重組績(jī)效進(jìn)行分析,并針對(duì)存在的問(wèn)題提出對(duì)策建議。 本文將研究對(duì)象定位在我國(guó)被冠以預(yù)警標(biāo)志、在二級(jí)市場(chǎng)上掀起若干重組神話的ST上市公司,采用實(shí)證研究的方法,對(duì)ST上市公司的資產(chǎn)重組績(jī)效進(jìn)行研究,分析不同的重組方式、重組信息公告日對(duì)股價(jià)的短期影響。從理論上來(lái)講,對(duì)如何研究ST上市公司乃至全部上市公司資產(chǎn)重組績(jī)效的理論和研究方法做了一定的探索；從實(shí)踐上來(lái)講,為監(jiān)管當(dāng)局制定更為合理有效的交易規(guī)則、為上市公司選取合適的重組方式、為投資者的投資決策提出了相關(guān)建議。
[Abstract]:St listed company is a unique economic phenomenon in our country. It is a risk marking and warning system for listed companies with abnormal conditions. Once listed companies are declared St. There are three prospects: either reorganized; Either through their own efforts to improve the operating and financial situation, return to the normal trading market; It can be reduced to PT company and withdraw from the market. Because asset reorganization can improve the profitability of the company and improve the quality of the company's assets. Therefore, many St listed companies first through asset restructuring to rescue the plight of enterprises. In recent years, the asset restructuring of St listed companies has occupied an important share of the capital market in China, both in terms of transaction frequency and scale, and its investment value has been paid more and more attention to by the majority of investors. Restructuring events are often sought after by various funds. But can restructuring promote the wealth of St listed companies? Will it really improve the operating performance of St listed companies? What other aspects should St listed companies improve restructuring performance? These are the issues of concern, worth further study and practical significance. This paper is divided into five chapters to study the restructuring performance of St listed companies in China. Chapter 1 mainly describes the research background and significance of this paper. Reviewed the domestic and foreign research methods and research results on the performance of asset restructuring, summarized the shortcomings of the existing research. Chapter 2 first studied the concept, classification, role and development of asset restructuring. Then the relevant theory of restructuring performance is studied and analyzed. Chapter 3 from the basic concept, the reasons. The evolution process and development status of the special treatment system of listed companies in China are analyzed. Chapter 4 first introduces the St company restructuring performance empirical research and design ideas, detailed introduction of the content of the event analysis method. The analysis process and calculation steps provide the theoretical basis for the subsequent research and analysis. Then using the event analysis method, the paper makes a positive study on the restructuring performance of all the St listed companies that took place in 2008. Chapter 5 analyzes the restructuring performance of St listed companies according to the empirical results obtained in the previous chapter, and puts forward countermeasures and suggestions for the existing problems. In this paper, the research object is defined as the warning sign in our country, and a number of St listed companies in the secondary market are raised in the secondary market, and the empirical research method is adopted. This paper studies the performance of asset restructuring of St listed companies, analyzes the different restructuring methods, the short-term impact of restructuring information announcement date on the stock price. Theoretically speaking. How to study the St listed companies and even all listed companies asset restructuring performance of the theory and research methods to do a certain exploration; In practice, it makes more reasonable and effective trading rules for the regulatory authorities, selects appropriate restructuring methods for listed companies, and puts forward relevant suggestions for investors' investment decisions.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275

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