本文選題：整體上市　切入點(diǎn)：同業(yè)競(jìng)爭(zhēng)　出處：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：由于歷史原因,我國(guó)有相當(dāng)一部分上市公司是從集團(tuán)公司中拆分出一塊盈利性相對(duì)較好的資產(chǎn)進(jìn)行上市。這種分拆上市的做法雖然在資本市場(chǎng)發(fā)展的初期階段起到了一定的推動(dòng)的作用,但其也為上市公司的正常運(yùn)營(yíng)及公司治理都留下了諸多隱患。而整體上市可以通過(guò)將集團(tuán)公司將其全部資產(chǎn)或主要的經(jīng)營(yíng)性資產(chǎn)或是已上市的其他子公司整合到一家上市公司內(nèi),較為徹底的消除同業(yè)競(jìng)爭(zhēng)問(wèn)題,減少集團(tuán)公司與上市公司之間的關(guān)聯(lián)交易問(wèn)題。因此,為解決分拆上市帶來(lái)的各種問(wèn)題,國(guó)家各部委都推出了各種政策鼓勵(lì)有條件的集團(tuán)公司盡快實(shí)現(xiàn)整體上市,整體上市逐漸成為我國(guó)資本市場(chǎng)上的一個(gè)熱門(mén)的話(huà)題。 但由于整體上市總體來(lái)說(shuō)還是一個(gè)較新興的事務(wù),可供研究的樣本還相對(duì)較少,理論界對(duì)于整體上市的研究主要還停留在理論分析及案例討論上,比較集中于討論集團(tuán)公司整體上市的具體模式及某具體公司實(shí)現(xiàn)整體上市對(duì)公司后續(xù)發(fā)展是否有正面的作用。相對(duì)來(lái)說(shuō),對(duì)于實(shí)證分析方面還比較少,僅有的一些實(shí)證研究還主要停留在整體上市的宣告效應(yīng)的驗(yàn)證。對(duì)于整體上市的動(dòng)機(jī)及其績(jī)效的研究,實(shí)證方面的討論還相對(duì)比較少。那么,上市公司選擇整體上市的動(dòng)機(jī)究竟是什么?整體上市對(duì)于上市公司的績(jī)效會(huì)產(chǎn)生什么樣的影響?這兩個(gè)問(wèn)題的答案,不僅有助于幫助我們從理論研究的角度上理解實(shí)踐中上市公司實(shí)施整體上市的動(dòng)機(jī)及其相應(yīng)的經(jīng)濟(jì)后果,也為實(shí)務(wù)界中尚未實(shí)施整體上市的集團(tuán)公司、投資者、市場(chǎng)監(jiān)管者等資本市場(chǎng)的各方參與者了解整體上市問(wèn)題提供一定的參考和借鑒。 本文主要采用規(guī)范研究和實(shí)證研究相結(jié)合的方法,對(duì)整體上市的動(dòng)機(jī)及其績(jī)效進(jìn)行研究。本文首先對(duì)我國(guó)目前整體上市的概況加以回顧,并對(duì)整體上市、公司治理等相關(guān)文獻(xiàn)進(jìn)行梳理總結(jié),在此基礎(chǔ)上,分析我國(guó)上市公司選擇整體上市的動(dòng)機(jī)及整體上市對(duì)上市公司績(jī)效的影響。本文針對(duì)公司整體上市的動(dòng)機(jī)提出了三個(gè)研究假說(shuō)：存在同業(yè)競(jìng)爭(zhēng)問(wèn)題的公司更有動(dòng)機(jī)選擇整體上市；關(guān)聯(lián)交易程度越高的公司越有動(dòng)機(jī)選擇整體上市；股權(quán)集中度越高的公司越有動(dòng)機(jī)選擇整體上市。在此基礎(chǔ)上,本文針對(duì)整體上市對(duì)上市公司績(jī)效的影響提出了研究假說(shuō)四：整體上市將提高上市公司的績(jī)效。 為驗(yàn)證本文的四個(gè)研究假說(shuō),本文選取了2003年1月1日至2011年12月31日所有已宣告并完成整體上市的A股公司為研究樣本,并按照同行業(yè)、規(guī)模最接近的標(biāo)準(zhǔn)選取了配對(duì)樣本,從選擇整體上市的上市公司和配對(duì)組的未選擇整體上市公司的公司特征進(jìn)行比較分析,對(duì)本文的三個(gè)整體上市的動(dòng)機(jī)的研究假說(shuō)進(jìn)行了驗(yàn)證；在此基礎(chǔ)上,分別采用了事件研究法與會(huì)計(jì)研究法對(duì)本文的研究假說(shuō)四整體上市對(duì)于上市公司績(jī)效的影響分別從市場(chǎng)績(jī)效和會(huì)計(jì)績(jī)效兩個(gè)角度進(jìn)行了實(shí)證研究。 本文的研究結(jié)果發(fā)現(xiàn),存在同業(yè)競(jìng)爭(zhēng)問(wèn)題、關(guān)聯(lián)交易程度高、股權(quán)集中度高的公司更有動(dòng)機(jī)選擇整體上市,說(shuō)明上市公司的整體上市的動(dòng)機(jī)主要是解決同業(yè)競(jìng)爭(zhēng)問(wèn)題、降低關(guān)聯(lián)交易,提高上市公司的經(jīng)營(yíng)獨(dú)立性和資產(chǎn)獨(dú)立性。整體上市對(duì)于上市公司的市場(chǎng)績(jī)效及會(huì)計(jì)績(jī)效都有較為顯著的正面影響,說(shuō)明投資者對(duì)于上市公司選擇整體上市持正面的態(tài)度,而整體上市對(duì)于上市公司的會(huì)計(jì)績(jī)效也有較為顯著的提升作用。本文的實(shí)證研究結(jié)論將有助于理解我國(guó)上市公司選擇整體上市的動(dòng)機(jī)及整體上市對(duì)上市公司績(jī)效的影響。
[Abstract]:Due to historical reasons, there are a considerable part of the listed company is split out from the company in a relatively good profitability of the assets listed. This spin off approach although the early stages of development in the capital market has played a certain role in promoting, but also for its normal operation and corporate governance of listed companies have left a lot of hidden dangers. The overall market can the corporation will all of its assets or main business assets or other subsidiaries listed into a listed company, the complete elimination of competition issues, reduce the related transactions between group companies and listed companies. Therefore, in order to solve the various problems spin off the national ministries have introduced various policies to encourage the company to achieve the overall market conditions as soon as possible, the overall market has gradually become the Chinese capital A hot topic in the market.
But because the overall market overall is still a relatively new transaction, for the study sample is relatively small, the theory for the study of the overall market is still in the discussion of theoretical analysis and case comparison, focuses on the whole group of companies listed the specific pattern and a specific company to achieve the overall market will have a positive effect for the company's further development. Relatively speaking, the empirical analysis is still relatively small, some empirical studies only verified mainly stays on the announcement effect of overall listing. For the study of the motivation and performance of the overall market, the empirical discussion is relatively less. So, the listed companies choose the overall market motivation is what? The overall market for the performance of listed companies will produce what kind of impact? The answers to these two questions, not only can help us from theory research Understanding the practice of Listed Companies in the implementation of the overall listing of the motivation and economic consequences of the corresponding, for practitioners have not yet implemented the overall listing of the company, investors, to provide a certain reference to understand the overall market participants market regulators and other capital markets.
This paper mainly adopts the method of combining normative research and empirical research, the study of the overall listing of the motivation and performance. This paper reviews the current situation of our country to be listed as a whole, and the overall market, corporate governance and other related literature summary, based on the analysis of China's listed companies choose the effect of holistic listing the motivation and the overall market performance of listed companies. According to the company's overall listing motivation puts forward three research hypotheses: the existence of competition of company have incentive to choose the overall market; related to the higher degree of the company has more incentive to choose the overall market; the higher the degree of ownership concentration, the more motive to choose the overall market. On this basis, according to the overall market impact on the performance of listed companies and puts forward the research hypothesis four: the overall market will improve listed companies Achievements.
To verify the four hypotheses, this paper selects the January 1, 2003 to December 31, 2011 all declared and completed A shares listed companies as research samples, and in accordance with the same industry, the scale of the closest standard selected paired samples, from the selection of listed company features the overall listing of the listed companies and the matched group did not choose the whole company comparative analysis of three of the overall market hypothesis of this motivation is verified; on this basis, the research hypothesis of this event study method and accounting research method four overall market impact on the performance of listed companies from two aspects of market performance and accounting performance by empirical research.
The results of this study found that the existence of competition, the degree of related transactions is high, the high concentration of shareholding companies have more motivation to choose the overall market, the overall listing of listed companies shows that the main motivation is to solve the problem with the competition, reducing the related transactions of listed companies, improve the independence of operations and assets are listed as a whole. Significant positive effects on the market performance of listed companies and accounting performance, suggesting that some investors listed positive overall selection of listed companies and the overall market attitude, but also enhance the effect is more significant for the listed company's accounting performance. The conclusion of empirical research in this paper will help to understand the choice of Listed Companies in China affect the overall listing the motivation and the overall market performance of listed companies.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51

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