國電集團分拆上市龍源電力經營績效研究
發(fā)布時間：2018-09-05 18:59
【摘要】：隨著我國國有企業(yè)混合所有制改革的不斷推進,國有企業(yè)分拆上市引起了社會各界的廣泛的關注。一些國有企業(yè)為響應國家號召,貫徹落實國家指導意見,選擇將下屬子公司或子業(yè)務板塊進行分拆上市。企業(yè)可以通過分拆上市滿足母子公司的融資需求,實現(xiàn)改善激勵機制、完善公司治理結構等目標。然而,由于目前我國資本市場不夠健全,中請境內主板上市的流程復雜、審批周期長,大部分國有企業(yè)選擇將下屬子公司或子業(yè)務板塊分拆后在香港上市。目前我國成功實現(xiàn)分拆上市的案例較少,且大部分國內企業(yè)很難達到香港交易所對申請上市公司制定的標準,若企業(yè)盲目選擇分拆上市很容易遇到一系列阻礙,因此企業(yè)需要從分拆上市后企業(yè)經營績效能否提升,分拆上市的目標能否得到實現(xiàn)等方面考量企業(yè)是否真正適合進行分拆上市。采用理論分析、案例分析與指標分析研究相結合的方法,對分拆上市后的龍源電力經營績效進行分析。通過參考國內外大量分拆上市的相關文獻,對分拆上市的基礎理論進行介紹;引入國電集團分拆上市龍源電力的案例,對案例企業(yè)的背景、分拆動因、分拆過程等進行分析;設計財務指標評價體系,對龍源電力經營績效進行財務指標分析,從業(yè)務優(yōu)勢、企業(yè)發(fā)展規(guī)模等幾個方面對龍源電力進行非財務指標的分析,研究分拆上市后龍源電力經營績效的變化情況;將理論知識與案例分析結果相結合,提出國電集團分拆上市的啟示與建議。以子公司龍源電力的經營績效作為主要研究對象,希望通過對龍源電力分拆后的經營績效的分析,總結出提升子公司經營績效的意見和建議,為希望提升分拆上市后子公司經營績效的其他企業(yè)提供可行性參考。
[Abstract]:With the development of mixed ownership reform of state-owned enterprises in China, the split-listing of state-owned enterprises has attracted wide attention from all walks of life. In response to the call of the state, some state-owned enterprises have chosen to split their subsidiary companies or sub-business sectors to carry out the guidance of the state. Enterprises can meet the financing needs of parent and subsidiary companies by splitting and listing, and achieve the goal of improving the incentive mechanism and perfecting the corporate governance structure. However, because the capital market of our country is not perfect at present, the process of listing the main board in China is complicated and the examination and approval period is long, most state-owned enterprises choose to go public in Hong Kong after splitting up their subsidiaries or sub-business sectors. At present, there are few cases of successful splitting and listing in China, and it is very difficult for most domestic enterprises to meet the standards set by the Hong Kong Stock Exchange for companies applying for listing. It is easy for enterprises to meet a series of obstacles if they blindly choose to split up and list on the stock market. Therefore, enterprises need to consider whether they are really suitable for splitting and listing from the aspects of whether the performance of enterprises can be improved and whether the objectives of splitting and listing can be realized. The paper analyzes the performance of Longyuan electric power after listing by theoretical analysis, case analysis and index analysis. By referring to a large number of related literature at home and abroad, this paper introduces the basic theory of splitting and listing, introduces the case of Guodian Group into the listing of Longyuan Power, and analyzes the background, motivation and process of the case. The financial index evaluation system is designed to analyze the financial performance of Longyuan electric power, and the non-financial index of Longyuan electric power is analyzed from the aspects of business advantage, enterprise development scale, etc. This paper studies the changes of the performance of Longyuan electric power after the splitting and listing, combines the theoretical knowledge with the results of case analysis, and puts forward the enlightenment and suggestions of the break-up and listing of Guodian Group. Taking the operating performance of Longyuan Electric Power Company as the main research object, the author hopes to summarize the opinions and suggestions to improve the operating performance of the subsidiary company through the analysis of the operating performance of Longyuan Electric Power Company after the separation of Longyuan Electric Power Company. It provides a feasible reference for other enterprises that wish to improve the operating performance of their subsidiaries after splitting and listing.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.61;F406.7
本文編號：2225172
[Abstract]:With the development of mixed ownership reform of state-owned enterprises in China, the split-listing of state-owned enterprises has attracted wide attention from all walks of life. In response to the call of the state, some state-owned enterprises have chosen to split their subsidiary companies or sub-business sectors to carry out the guidance of the state. Enterprises can meet the financing needs of parent and subsidiary companies by splitting and listing, and achieve the goal of improving the incentive mechanism and perfecting the corporate governance structure. However, because the capital market of our country is not perfect at present, the process of listing the main board in China is complicated and the examination and approval period is long, most state-owned enterprises choose to go public in Hong Kong after splitting up their subsidiaries or sub-business sectors. At present, there are few cases of successful splitting and listing in China, and it is very difficult for most domestic enterprises to meet the standards set by the Hong Kong Stock Exchange for companies applying for listing. It is easy for enterprises to meet a series of obstacles if they blindly choose to split up and list on the stock market. Therefore, enterprises need to consider whether they are really suitable for splitting and listing from the aspects of whether the performance of enterprises can be improved and whether the objectives of splitting and listing can be realized. The paper analyzes the performance of Longyuan electric power after listing by theoretical analysis, case analysis and index analysis. By referring to a large number of related literature at home and abroad, this paper introduces the basic theory of splitting and listing, introduces the case of Guodian Group into the listing of Longyuan Power, and analyzes the background, motivation and process of the case. The financial index evaluation system is designed to analyze the financial performance of Longyuan electric power, and the non-financial index of Longyuan electric power is analyzed from the aspects of business advantage, enterprise development scale, etc. This paper studies the changes of the performance of Longyuan electric power after the splitting and listing, combines the theoretical knowledge with the results of case analysis, and puts forward the enlightenment and suggestions of the break-up and listing of Guodian Group. Taking the operating performance of Longyuan Electric Power Company as the main research object, the author hopes to summarize the opinions and suggestions to improve the operating performance of the subsidiary company through the analysis of the operating performance of Longyuan Electric Power Company after the separation of Longyuan Electric Power Company. It provides a feasible reference for other enterprises that wish to improve the operating performance of their subsidiaries after splitting and listing.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.61;F406.7
【參考文獻】
相關期刊論文 前10條
1 涂紅星;周瓊;;基于收縮性資本運營的價值效應研究——以“同仁堂”分拆上市為例[J];商業(yè)會計;2016年23期
2 蒙歡;;聯(lián)想集團分拆上市案例分析[J];智富時代;2016年07期
3 羅鵬程;;A+H股上市央企分拆上市的案例分析[J];商;2016年16期
4 林旭東;唐明琴;程林;聶永華;;分拆上市的價值創(chuàng)造:來自中國市場的實證研究[J];南方經濟;2015年07期
5 鄧秋玲;;同仁堂二次分拆上市的經濟后果研究[J];商業(yè)會計;2015年14期
6 韓濤;;分拆上市在我國的發(fā)展與價值創(chuàng)造效應:回顧與思考[J];商業(yè)會計;2014年22期
7 李孟菲;張國勝;;分拆上市是公司融資的最佳選擇嗎——以同仁堂兩次分拆上市為例[J];現(xiàn)代商業(yè);2014年27期
8 格邁凱;同生輝;;分拆公告期間母公司的估值如何影響超額收益[J];當代經濟科學;2014年05期
9 念延輝;;基于財務視角的分拆上市相關案例分析[J];時代金融;2014年20期
10 王新紅;薛煥霞;;創(chuàng)業(yè)板分拆上市公司經營績效評價研究[J];財會通訊;2014年09期
，本文編號：2225172
本文鏈接：http://sikaile.net/guanlilunwen/jixiaoguanli/2225172.html
最近更新
教材專著
