本文關(guān)鍵詞： 整體上市 績(jī)效 事件研究法 多元回歸法　出處：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：2003年9月,TCL集團(tuán)公司通過(guò)吸收合并子公司實(shí)現(xiàn)母公司上市,這一模式為解決“分拆上市”提出了一個(gè)新的思路。之后,有大量的公司紛紛效仿TCL集團(tuán)公司這一做法實(shí)現(xiàn)“整體上市”。政府也鼓勵(lì)公司通過(guò)“整體上市”來(lái)改善公司的治理結(jié)構(gòu),提升公司的績(jī)效。由于整體上市可以增加資產(chǎn)規(guī)模、改善資產(chǎn)質(zhì)量、調(diào)整產(chǎn)業(yè)結(jié)構(gòu)、減少關(guān)聯(lián)交易、改善公司治理等,因此整體上市一度成為股市中最熱的題材之一。那么,整體上市后公司的績(jī)效到底如何,是否真的提高了公司的價(jià)值,給公司創(chuàng)造了財(cái)富,是否為股東和投資者帶來(lái)了財(cái)富?本文通過(guò)對(duì)企業(yè)整體上市前后績(jī)效進(jìn)行實(shí)證研究,分析不同方式整體上市前后企業(yè)的績(jī)效,用事件研究法分析股票市場(chǎng)對(duì)企業(yè)整體上市的反應(yīng),驗(yàn)證整體上市能否提高公司的價(jià)值；用回歸分析法研究影響企業(yè)整體上市的績(jī)效的因素有哪些,以及是如何影響的,可以為企業(yè)管理者、投資者和政府監(jiān)管機(jī)構(gòu)提供一些操作啟示和決策依據(jù)。因此,對(duì)企業(yè)“整體上市”這一現(xiàn)象進(jìn)行分析研究,具有重要的理論意義和現(xiàn)實(shí)意義。 本文采用規(guī)范分析和實(shí)證檢驗(yàn)相結(jié)合的方法對(duì)企業(yè)整體上市前后的績(jī)效進(jìn)行研究,規(guī)范分析主要是對(duì)相關(guān)理論和概念進(jìn)行闡述,結(jié)合市場(chǎng)有效性假說(shuō)、委托代理理論、信息不對(duì)稱和企業(yè)邊界等相關(guān)理論對(duì)整體上市的涵義、方式和意義以及對(duì)企業(yè)績(jī)效的影響進(jìn)行闡述分析,提出本文的5個(gè)假設(shè)；接著采用事件研究法和多元回歸分析法對(duì)企業(yè)整體上市前后的績(jī)效進(jìn)行實(shí)證研究。在事件研究法中,分別計(jì)算樣本公司整體上市預(yù)案公告日前后10天的平均超額收益率和累計(jì)超額收益率,并進(jìn)行t檢驗(yàn)。在多元回歸分析中,用企業(yè)整體上市預(yù)案公告日前后10天的累計(jì)超額收益率作為被解釋變量,綜合考慮公司治理、公司經(jīng)營(yíng)、整體上市的方式、股權(quán)結(jié)構(gòu)、行業(yè)、年度等方面的信息,構(gòu)建回歸模型,進(jìn)行回歸檢驗(yàn)以驗(yàn)證假設(shè)是否成立。本文的實(shí)證檢驗(yàn)結(jié)果是整體上市后股票市場(chǎng)有正財(cái)富效應(yīng)；通過(guò)定向增發(fā)實(shí)現(xiàn)整體上市的股票市場(chǎng)的正財(cái)富效應(yīng)要比通過(guò)換股方式實(shí)現(xiàn)整體上市的正財(cái)富效應(yīng)大；注入公司的資產(chǎn)規(guī)模越大,整體上市后股票市場(chǎng)的正財(cái)富效應(yīng)也就越大；第一大和第二大股東持股比例越高,整體上市后股票市場(chǎng)的正財(cái)富效應(yīng)越大；股票市場(chǎng)對(duì)國(guó)有控股的公司整體上市的正財(cái)富效應(yīng)要大于非國(guó)有控股的公司的。 本文分為五個(gè)部分,第一部分是緒論,主要介紹文章的研究背景和研究意義,國(guó)內(nèi)外關(guān)于整體上市企業(yè)績(jī)效的研究現(xiàn)狀和趨勢(shì),以及本文的研究?jī)?nèi)容、方法和擬創(chuàng)新點(diǎn)。第二部分是理論部分,介紹與整體上市相關(guān)的一些理論以及整體上市與企業(yè)績(jī)效的相關(guān)概念,為后面提出假設(shè)做鋪墊。第三部分是文章的研究假設(shè)、研究方法和模型的構(gòu)建,根據(jù)前面的理論分析,文章提出了五個(gè)研究假設(shè),并相應(yīng)的定義了變量以構(gòu)建多元回歸分析實(shí)證模型。第四部分是樣本選取和實(shí)證檢驗(yàn),這是本文的核心部分。本文選擇2004—2010年在滬深兩市的A股市場(chǎng)整體上市的企業(yè)為樣本,選好樣本后,利用SPSS軟件進(jìn)行實(shí)證檢驗(yàn),對(duì)回歸結(jié)果和事件研究法的結(jié)果進(jìn)行分析和論證。這一部分研究整體上市前后公司的績(jī)效,哪些因素影響整體上市前后的公司績(jī)效,以及如何影響的。本文選擇兩種方法進(jìn)行實(shí)證分析,用事件研究法分析整體上市前后公司的績(jī)效,用回歸分析法分析影響整體上市公司績(jī)效的因素。這兩種方法互相補(bǔ)充,克服了單一方法的局限性。第五部分是結(jié)論及建議,總結(jié)前面的理論分析和實(shí)證檢驗(yàn)結(jié)果,得出本文的結(jié)論,并提出相關(guān)的建議。
[Abstract]:In September 2003, TCL group, the parent company listed through the merger of subsidiaries, this model to solve the "put forward a new idea of listing". After that, a large number of companies have to follow the TCL group, this approach to achieve the overall market. The government also encourages companies to improve the corporate governance structure through "the overall market, enhance the company's performance. The overall listing can increase the size of assets, improve asset quality, adjust the industrial structure, to reduce the related party transactions, improve corporate governance, so the overall market had become one of the hottest topics in the stock market. So, the overall listing of the company's performance in the end how to really improve the company the value of the company to create wealth, wealth is brought to the shareholders and investors? This paper makes an empirical study on the performance of the overall listed companies before and after the analysis of different parties. Integral before and after the listing of the performance of enterprises, using the event study method to analyze the stock market on the overall listing, verify the overall listing can improve the corporate value; what are the factors analysis method to study the effect of overall listing of enterprise performance by regression, and how to influence, can help enterprise managers, provide some enlightenment and operation the decision basis for investors and government regulatory agencies. Therefore, analyzing the phenomenon of enterprises "overall listing", has important theoretical significance and practical significance.
This paper uses the method of normative analysis and empirical analysis combining the research of the enterprise before and after the overall listing of the performance specification, analysis is mainly on the related theories and concepts, combined with the efficient market hypothesis, principal-agent theory, information asymmetry and enterprise boundary theory related to the overall listing the meaning, methods and significance as well as the influence of enterprise performance is analyzed, and then put forward 5 hypotheses; then using the method of event study and multiple regression analysis before and after the overall listing method of enterprise performance by empirical research. In the event study method, calculated the average excess return of 10 days of Sample Firms overall listing plan announcement before and after rate and cumulative abnormal return. And t test. In multivariate analysis, with 10 days of overall listing plan announcement before and after the cumulative abnormal return as explanatory variables, Considering corporate governance, company management, overall listing, ownership structure, industry, and other aspects of the annual information, build the regression model, the regression test to verify the hypotheses. The empirical results of this paper is a positive wealth effect after the listing of the overall stock market; through a private placement to achieve the overall listing of the stock wealth effect the market than to realize the positive wealth effect of overall listing through a share swap; into the company's assets scale is larger, the positive wealth effect after the listing of the overall stock market is bigger; the first and second largest shareholder equity ratio is higher, the positive wealth effect after the listing of the overall stock market is bigger; the positive wealth effect the overall stock market listing of state-owned holding companies than non state-owned holding companies.
This paper is divided into five parts, the first part is the introduction, mainly introduces the research background and significance, the overall performance of listed companies on the domestic and foreign research situation and tendency, as well as the research content, methods and innovation points. The second part is the theoretical part, introduce some theories related with the overall market and related the concept of the overall market and enterprise performance, and puts forward the assumption to pave the way. The third part is the research hypothesis, research on the construction of the model and method, according to the above theoretical analysis, this paper puts forward five hypotheses, and the corresponding definition of variables to establish the regression model. The fourth part is the empirical analysis of sample selection and empirical test, this is the core part of this paper. This paper chooses 2004 - 2010 in Shanghai and Shenzhen two A A-share market listed companies as samples, selected samples, using SPSS software An empirical study on the regression results, and the results of event study and analysis. This part of the overall listed company before and after the performance, the factors which affect the overall market and corporate performance, and how to influence. This paper selects two methods of empirical analysis, analysis of the company's overall performance before and after the listing by event study analysis of influencing factors, the overall performance of listed companies by regression. These two methods complement each other, to overcome the limitations of single method. The fifth part is the conclusion and suggestion, theoretical analysis and empirical test results summarized above, the paper draws the conclusion, and puts forward relevant suggestions.

【學(xué)位授予單位】：東北財(cái)經(jīng)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;F224

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