本文關(guān)鍵詞：整體上市對企業(yè)價值影響的研究　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 整體上市 企業(yè)價值 股權(quán)結(jié)構(gòu) 影響因素

【摘要】：企業(yè)價值的含義是廣泛而又豐富的,包括了企業(yè)的可持續(xù)性發(fā)展、戰(zhàn)略性和風(fēng)險性等諸多方面,實質(zhì)上就是企業(yè)資源合理配置和資源利用效率的表現(xiàn)形式。企業(yè)價值是企業(yè)滿足其利益關(guān)聯(lián)者的程度的體現(xiàn),也是反映著企業(yè)管理和企業(yè)效能所表現(xiàn)的企業(yè)內(nèi)部運行機制的有效程度,都是通過企業(yè)的盈利效能呈現(xiàn)出來。無論是從宏觀政策大環(huán)境還是微觀市場環(huán)境來看,企業(yè)的整體上市既能夠有效的提升資本市場資源的配置效率,擴大證券交易市場的范圍,促使規(guī)模效應(yīng)的形成,又能夠很好的提高我國證券市場的資源配置作用和操作效率。2004年以來,整體上市成為了我國證券交易市場的一項新的制度,作為創(chuàng)新的制度,立即成為證券交易市場談?wù)撟疃嗟脑掝}。尤其是隨著TCL集團和武鋼股份整體上市成功運作以后,在央企和民營企業(yè)迅速得到相應(yīng),有很多都有整體上市的想法和愿望,在那時候“整體上市”的概念迅速成為我國證券交易市場的一個熱門炒作題材。企業(yè)整體上市是一個全新的概念和想法,然而它能否可以優(yōu)化其公司治理結(jié)構(gòu)和運行機制,減少關(guān)聯(lián)交易并發(fā)揮規(guī)模經(jīng)濟的效應(yīng),進而提升企業(yè)價值是大家最受關(guān)注的焦點,一直用基礎(chǔ)理論與實踐操作來加以驗證。已經(jīng)有這樣的先例的條件下,對整體上市進行從理論到實踐的系統(tǒng)研究,分析其對企業(yè)價值產(chǎn)生的影響,為我國各大企業(yè)的企業(yè)價值的提升提供理論基礎(chǔ)和經(jīng)驗總結(jié),具有重大的理論意義和現(xiàn)實價值。本文將通過對TCL集團上市的實例研究,對整體上市進行從理論到實踐的系統(tǒng)分析,為我國上市公司的資產(chǎn)經(jīng)營整合提供思路。首先對公司上市和企業(yè)價值的相關(guān)研究進行了綜述,分析了目前國內(nèi)外上市的不同路徑和模式,并重點闡述了通過定向增發(fā)方式實施整體上市的運作模式。以TCL集團的上市為研究案例,剖析了TCL集團的經(jīng)營模式,關(guān)于其上市的條件和背景；根據(jù)公司財務(wù)狀況、繼續(xù)優(yōu)勢產(chǎn)業(yè)的發(fā)展、市場競爭力、公司管理等多方面,闡述了公司在整體上市后企業(yè)價值的提高。在理論分析結(jié)合案例的基礎(chǔ)上,本文對公司整體上市和企業(yè)價值的提升及公司經(jīng)營狀況的改善提出了策略,希望能對國內(nèi)上市公司的運作和整合提供經(jīng)驗總結(jié)。
[Abstract]:The meaning of enterprise value is extensive and rich, including the sustainable development of enterprise, strategic and risk and many other aspects. In essence, it is the manifestation of the rational allocation of enterprise resources and the efficiency of resource utilization. Enterprise value is the embodiment of the degree to which the enterprise satisfies its stakeholders. It also reflects the effective degree of the internal operation mechanism of the enterprise, which reflects the enterprise management and the enterprise efficiency, which is presented through the profit efficiency of the enterprise, whether from the macro policy environment or the micro market environment. The overall listing of enterprises can effectively improve the efficiency of the allocation of capital market resources, expand the scope of the securities market, and promote the formation of scale effect. Since 2004, the overall listing has become a new system in China's securities market, as an innovative system. Immediately became the most talked about in the stock exchange market, especially with the successful operation of TCL Group and WISCO stock market, in the state-owned enterprises and private enterprises quickly get the corresponding. At that time, the concept of "holistic listing" quickly became a hot topic of speculation in China's securities market. The whole listing of enterprises is a new concept and idea. However, whether it can optimize its corporate governance structure and operational mechanism, reduce related party transactions and play the role of economies of scale, and then enhance the value of enterprises is the focus of most attention. It has been verified by the basic theory and practice operation. Under the condition of such precedent, the systematic research from theory to practice has been carried out on the whole listing, and the impact on the enterprise value has been analyzed. It is of great theoretical significance and practical value to provide the theoretical basis and experience summary for the promotion of the enterprise value of each big enterprise in our country. This paper will study the example of TCL Group listing. The whole listing from theory to practice system analysis, for our listed companies to provide ideas for the integration of asset management. First of all, listed companies and corporate value related studies were summarized. This paper analyzes the different paths and modes of listing at home and abroad, and focuses on the operation mode of implementing the whole listing through the way of directional additional issuance. Taking the listing of TCL Group as a case study. This paper analyzes the management mode of TCL Group, the conditions and background of its listing. According to the financial situation of the company, the development of the continuing advantage industry, market competitiveness, company management and other aspects, this paper expounds the improvement of the corporate value after the overall listing. On the basis of theoretical analysis and case study. This paper puts forward the strategies for the whole listing of the company, the promotion of the enterprise value and the improvement of the management condition of the company, hoping to provide a summary of the experience of the operation and integration of the domestic listed company.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：1410846