本文選題：旅游上市公司 + 資產(chǎn)重組　； 參考：《安徽師范大學(xué)》2014年碩士論文

【摘要】：資產(chǎn)重組作為社會資源優(yōu)化配置一種重要手段，已經(jīng)成為我國證券市場不可或缺的重要組成部分。上市公司都希望能夠通過資產(chǎn)重組，實(shí)現(xiàn)企業(yè)資產(chǎn)結(jié)構(gòu)和產(chǎn)業(yè)結(jié)構(gòu)的優(yōu)化調(diào)整，從而促進(jìn)企業(yè)的優(yōu)勢互補(bǔ)，實(shí)現(xiàn)戰(zhàn)略轉(zhuǎn)移。2009年國務(wù)院41號文件國務(wù)院關(guān)于加快發(fā)展旅游業(yè)的意見明確提出，要把旅游業(yè)培育成國民經(jīng)濟(jì)的戰(zhàn)略性支柱產(chǎn)業(yè)和人民群眾更加滿意的現(xiàn)代服務(wù)業(yè)，并且要推進(jìn)國有旅游企業(yè)改組改制，支持民營和中小旅游企業(yè)發(fā)展，支持各類企業(yè)跨行業(yè)、跨地區(qū)、跨所有制兼并重組，培育一批具有競爭力的大型旅游企業(yè)集團(tuán)。這一文件的出臺必將推動旅游行業(yè)的進(jìn)一步資產(chǎn)重組。目前我國旅游行業(yè)競爭異常激烈，規(guī)模效應(yīng)差，經(jīng)營和管理水平較低，進(jìn)行資產(chǎn)重組成為旅游上市公司做大做強(qiáng)的必經(jīng)之路。因此，本文深入研究我國旅游上市公司的資產(chǎn)重組行為，探索其重組績效，對我國旅游行業(yè)發(fā)展有著重要的理論和實(shí)踐意義。 本文在資產(chǎn)重組理論及相關(guān)研究的基礎(chǔ)上，借鑒國內(nèi)外關(guān)于資產(chǎn)重組的相關(guān)研究成果，結(jié)合旅游上市公司經(jīng)營現(xiàn)狀和資產(chǎn)重組實(shí)際情況，采用定量與定性相結(jié)合的方法分析發(fā)生在2000-2012年之間我國旅游上市公司發(fā)生的資產(chǎn)重組事件，運(yùn)用事件研究法檢驗證券市場對各種資產(chǎn)重組事件公告的直接短期反應(yīng)，運(yùn)用財務(wù)指標(biāo)和因子分析法檢驗資產(chǎn)重組活動對企業(yè)經(jīng)營業(yè)績的長期影響，之后對數(shù)據(jù)進(jìn)行對比分析，從不同角度評價我國旅游上市公司資產(chǎn)重組活動的績效，以期對我國旅游上市公司資產(chǎn)重組相關(guān)研究提供可借鑒的管理經(jīng)驗，改進(jìn)資產(chǎn)重組績效。 本文主要得到以下結(jié)論：總體來說，我國旅游上市公司資產(chǎn)重組的短期市場績效存在，但僅僅發(fā)生在公告日前；長期經(jīng)營績效總體不明顯，在重組當(dāng)年有明顯下降，重組發(fā)生后一年有了大幅提升，而重組后兩年提升不明顯。不同重組類型的重組績效存在明顯差異，短期市場績效中資產(chǎn)剝離類重組最好，股權(quán)轉(zhuǎn)讓和資產(chǎn)置換次之，，兼并收購最差；長期經(jīng)營績效中重組當(dāng)年兼并收購、資產(chǎn)置換類績效改善較明顯，而在重組后一年股權(quán)轉(zhuǎn)讓和資產(chǎn)置換經(jīng)營績效表現(xiàn)較好，重組后兩年績效改善表現(xiàn)最好的是股權(quán)轉(zhuǎn)讓。并由此提出關(guān)于我國旅游上市公司資產(chǎn)重組的幾點(diǎn)問題與相關(guān)建議。
[Abstract]:As an important means to optimize the allocation of social resources, asset restructuring has become an indispensable part of our securities market. The listed companies hope to realize the optimization and adjustment of the enterprise's asset structure and industrial structure through the reorganization of assets, so as to promote the complementary advantages of the enterprises. In 2009, the State Council document No. 41 on speeding up the development of tourism put forward clearly that tourism should be cultivated into a strategic pillar industry of the national economy and a modern service industry that the people are more satisfied with. It is also necessary to promote the reorganization and restructuring of state-owned tourism enterprises, support the development of private and small tourism enterprises, and support the merger and reorganization of all kinds of enterprises across industries, regions and ownership, so as to foster a number of competitive large tourism enterprise groups. The publication of this document will promote the further restructuring of the tourism industry. At present, the competition of tourism industry in our country is very fierce, the scale effect is poor, and the level of management and management is low. The only way for tourism listed companies to become bigger and stronger is to reorganize their assets. Therefore, this paper has important theoretical and practical significance for the development of tourism industry in China by deeply studying the behavior of asset restructuring of listed tourism companies and exploring its performance. This paper is based on the theory of asset restructuring and related research. Referring to the relevant research results of asset restructuring at home and abroad, combined with the current operating situation of tourism listed companies and the actual situation of asset restructuring, Using quantitative and qualitative methods, this paper analyzes the asset restructuring events that occurred in China's tourism listed companies from 2000 to 2012, and examines the direct short-term response of the securities market to various asset restructuring events by using the event research method. This paper uses financial index and factor analysis method to test the long-term influence of assets restructuring activities on enterprises' business performance, and then compares and analyzes the data, and evaluates the performance of assets reorganization activities of tourism listed companies in China from different angles. The purpose of this paper is to provide some management experience and improve the performance of asset restructuring of tourism listed companies in China. The main conclusions are as follows: generally speaking, the short-term market performance of asset restructuring of tourism listed companies in China exists. But only happened before the announcement date; the long-term business performance is not obvious, in the reorganization year there is a significant decline, the reorganization occurred a year after a substantial increase, and the restructuring two years after the increase is not obvious. In the short-term market performance, asset divestiture is the best, equity transfer and asset replacement is the second, and merger and acquisition is the worst. The performance of asset replacement is better than that of equity transfer and asset replacement in one year after reorganization, and the best performance is equity transfer in two years after reorganization. This paper puts forward some problems and relevant suggestions about the assets reorganization of tourism listed companies in China.
【學(xué)位授予單位】：安徽師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F592.6;F590.66

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