發(fā)布時間：2018-04-18 22:33

  本文選題：ST公司 + 重組��； 參考：《湖南大學(xué)》2009年碩士論文

【摘要】： 公司重組是企業(yè)資本運作的重要內(nèi)容,也一直是各國證券市場理論研究的熱點之一。在過去的幾十年里,各國學(xué)者對上市公司并購重組進行了廣泛而深入的研究。伴隨著我國證券市場的發(fā)展,上市公司重組也經(jīng)歷了一個從無到有、從小到大、從不規(guī)范到規(guī)范的發(fā)展歷程。目前,我國上市公司重組無論從重組次數(shù)上看,還是從交易金額上看,都己經(jīng)達到了一定的規(guī)模,上市公司的重組方式也層出不窮。另外,中國經(jīng)濟結(jié)構(gòu)的調(diào)整、國民經(jīng)濟的發(fā)展以及國有企業(yè)的改革都與企業(yè)重組息息相關(guān)。因此,研究中國企業(yè)重組問題有著極其重要的現(xiàn)實意義和理論意義。特別是1998年中國證監(jiān)會推出ST制度以來,越來越多的ST公司進行了重組,并試圖通過整合自身資源來改善提高自身的業(yè)績。但重組是否可以促進ST公司股東財富的增加,是否可以改善ST公司的財務(wù)狀況,目前研究對此并未達成共識。本文擬針對ST公司重組績效的相關(guān)問題展開研究,目的在于客觀、公正地評價ST公司重組績效,并為提高ST公司重組績效提供一些意見和建議。本文從重組績效的理論、實證兩個這方面對ST公司重組的績效展開研究。 文章主要分為三個部分:第一部分主要闡明了研究目的和意義,并對國內(nèi)外公司重組績效的研究現(xiàn)狀進行綜述,界定了本文的研究內(nèi)容,并介紹了公司重組及其績效的相關(guān)理論。第二部分是本文的主體部分。首先,對ST公司重組績效的實證研究進行了總體設(shè)計,包括研究方法、數(shù)據(jù)來源和樣本選取。進而,以2003~2005年進行重組的79家ST公司為樣本,采用事件分析法和財務(wù)分析法對其績效進行了實證分析及檢驗,得出的結(jié)論主要有:重組總體上能夠帶來ST公司市場績效和財務(wù)績效的提高;不同重組方式的績效情況存在很大差異;ST公司重組績效的持續(xù)性不足。第三部分針對研究結(jié)論分析了ST公司重組績效的問題所在,并提出了相關(guān)的對策建議。 本文將研究范圍有限度地縮小并鎖定在我國資本市場中比較流行而又典型的ST公司重組上,通過實證研究揭示出其重組績效狀況,同時,在研究方法的運用上把事件分析法和財務(wù)分析法有機結(jié)合起來,為ST公司重組績效的研究構(gòu)建了一個規(guī)范性的框架。
[Abstract]:Corporate restructuring is an important part of the capital operation of enterprises, and has been one of the hotspots in the theoretical research of securities markets in various countries.In the past few decades, scholars from all over the world have carried out extensive and in-depth research on M & A of listed companies.With the development of China's securities market, the restructuring of listed companies has also experienced a process of development from scratch, from small to large, from non-standard to normative.At present, the reorganization of listed companies in China has reached a certain scale both in terms of the number of times of reorganization and the amount of transactions, and the way of reorganization of listed companies has emerged endlessly.In addition, the adjustment of China's economic structure, the development of national economy and the reform of state-owned enterprises are closely related to the reorganization of enterprises.Therefore, the study of China's corporate restructuring has an extremely important practical and theoretical significance.Especially since the introduction of St system by CSRC in 1998, more and more St companies have been reorganized and tried to improve their performance by integrating their own resources.However, there is no consensus on whether the restructuring will increase the wealth of St shareholders and improve the financial situation of St companies.The purpose of this paper is to evaluate the performance of St restructuring objectively and impartially, and to provide some suggestions and suggestions for improving the performance of St restructuring.This paper studies the performance of St company restructuring from the theory of restructuring performance and empirical two aspects.The article is divided into three parts: the first part mainly expounds the purpose and significance of the research, and summarizes the domestic and foreign research status of corporate restructuring performance, defines the research content of this paper.And introduced the company reorganization and its performance related theory.The second part is the main part of this paper.First of all, the empirical study of St corporate restructuring performance is designed, including research methods, data sources and sample selection.Furthermore, 79 St companies from 2003 to 2005 were selected as samples, and their performance was analyzed and tested by event analysis method and financial analysis method.The main conclusions are as follows: reorganization can bring about the improvement of St company's market performance and financial performance, and the performance of different recombination methods is very different, and the persistence of St company's reorganization performance is insufficient.The third part analyzes the problem of St company restructuring performance and puts forward the relevant countermeasures.In this paper, the scope of the study is limited and locked on the relatively popular and typical St company restructuring in the capital market of our country, through empirical research to reveal its restructuring performance, at the same time,In the application of the research methods, the event analysis method and the financial analysis method are combined organically to construct a normative framework for the research on the restructuring performance of St company.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2009
【分類號】：F832.51

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本文編號：1770407