發(fā)布時(shí)間：2018-05-20 08:18

  本文選題：新疆上市公司 + 資產(chǎn)重組　； 參考：《新疆大學(xué)》2012年碩士論文

【摘要】：近年來(lái)，新疆上市公司資產(chǎn)重組活動(dòng)愈加頻繁。資產(chǎn)重組作為實(shí)現(xiàn)社會(huì)資源合理配置的重要手段對(duì)新疆上市公司良性發(fā)展起到了重大的作用。資產(chǎn)重組作為證券市場(chǎng)里最能體現(xiàn)市場(chǎng)效率、最具創(chuàng)新活力的一環(huán)，在過(guò)去幾年里一些上市公司通過(guò)幾年的重組，基本面大大改善，融資能力也得到提升，從而上市公司和投資者實(shí)現(xiàn)了雙贏。從積極角度看，資產(chǎn)重組對(duì)上市公司的良性發(fā)展起到了重大的作用。但也有些公司進(jìn)行資產(chǎn)重組，不是為了實(shí)現(xiàn)公司做大、做強(qiáng)，而是為了粉飾利潤(rùn)，避免被摘牌或特殊處理，由此帶來(lái)的不良后果也將逐漸顯現(xiàn)。 本文主要運(yùn)用財(cái)務(wù)指標(biāo)的變化實(shí)證研究法對(duì)新疆上市公司資產(chǎn)重組績(jī)效進(jìn)行分析。因?yàn)檠芯糠椒ê蜆颖镜木窒扌�，本文首先將選擇符合實(shí)證研究條件的上市公司—新疆天山紡織有限公司作為研究對(duì)象，對(duì)其資產(chǎn)重組績(jī)效進(jìn)行評(píng)價(jià)，通過(guò)比較重組前后的經(jīng)營(yíng)業(yè)績(jī)來(lái)衡量資產(chǎn)重組活動(dòng)是否產(chǎn)生實(shí)質(zhì)性的績(jī)效。然后借助SPSS17.0，對(duì)2007年新疆上市公司中選擇重組規(guī)模超過(guò)500萬(wàn)的上市公司作為樣本，對(duì)其進(jìn)行主成分分析。2007年有18家公司符合上述條件，其中6家為股權(quán)轉(zhuǎn)讓類，5家為資產(chǎn)剝離類，5家為收購(gòu)兼并類和2家為資產(chǎn)置換類。通過(guò)綜合分析得出：在這四種類型的重組方式中，資產(chǎn)置換類上市公司的重組績(jī)效最好，其次是股權(quán)轉(zhuǎn)讓類的重組績(jī)效。資產(chǎn)重組績(jī)效最差的是剝離資產(chǎn)類，該類重組公司的業(yè)績(jī)到最后更加糟糕了，而收購(gòu)兼并類重組公司沒(méi)有發(fā)生太大的業(yè)績(jī)變化。從總體樣本來(lái)看，資產(chǎn)重組活動(dòng)是提高了新疆上市公司的總體績(jī)效。 最后根據(jù)得出的結(jié)論提出了一些建議，主要包括，在新疆上市公司中盲目的進(jìn)行資產(chǎn)重組現(xiàn)象比較嚴(yán)重，很多公司只是為了改善當(dāng)前情況，不顧長(zhǎng)期的效果盲目的進(jìn)行資產(chǎn)重組，這最后導(dǎo)致公司業(yè)績(jī)的更加糟糕，所以首先要端正重組動(dòng)機(jī)。還有一個(gè)問(wèn)題是認(rèn)識(shí)資產(chǎn)重組缺乏戰(zhàn)略性，在進(jìn)行資產(chǎn)重組時(shí)，大部分公司只重視形式，卻輕視實(shí)質(zhì)，很顯然他們的目的不是公司的長(zhǎng)期發(fā)展，卻是在短期內(nèi)提升上市公司業(yè)績(jī)，實(shí)現(xiàn)扭虧、保殼及配股的目的，對(duì)這種公司建議在進(jìn)行資產(chǎn)重組前需要全面深刻的考慮資產(chǎn)重組的可行性，從長(zhǎng)遠(yuǎn)發(fā)展戰(zhàn)略的角度分析問(wèn)題。 本文主要包括以下內(nèi)容：第一章闡述了研究背景，闡明了本文的研究目的和意義，進(jìn)而界定了研究方法和內(nèi)容，還對(duì)已有的資產(chǎn)重組績(jī)效國(guó)內(nèi)外研究現(xiàn)狀進(jìn)行總數(shù)及分析；第二章的內(nèi)容主要是有關(guān)上市公司資產(chǎn)重組績(jī)效的基礎(chǔ)理論；第三章介紹了新疆上市公司現(xiàn)狀和資產(chǎn)重組狀況；第四章以天山紡織為例對(duì)新疆上市公司資產(chǎn)重組績(jī)效進(jìn)行了實(shí)證分析；第五章是本文的重點(diǎn)章，在本章主要分析在不同方式的資產(chǎn)重組活動(dòng)下的樣本公司的業(yè)績(jī)變化情況，并在各種不同類型之間進(jìn)行了比較。最后一章提出了新疆上市公司在資產(chǎn)重組方面的問(wèn)題并以重組為契機(jī)發(fā)展新疆經(jīng)濟(jì)的相應(yīng)建議，旨在維護(hù)和保持新疆上市公司的可持續(xù)發(fā)展，并促進(jìn)新疆地區(qū)經(jīng)濟(jì)的持續(xù)穩(wěn)定發(fā)展。
[Abstract]:In recent years, the assets reorganization of the listed companies in Xinjiang has been more and more frequent. As an important means to realize the rational allocation of social resources, asset reorganization has played an important role in the benign development of Listed Companies in Xinjiang. After several years of restructuring, the basic level of the company has been greatly improved and the financing capacity has been promoted, thus the listed companies and investors have achieved a win-win situation. From a positive point of view, asset restructuring has played a major role in the benign development of the listed companies. To trim profits, avoid delisting or special treatment, the adverse consequences will also gradually appear.
This paper mainly uses the empirical research method of the change of financial indicators to analyze the performance of the assets reorganization of the listed companies in Xinjiang. Because of the research methods and the limitations of the sample, this paper first selects the listed company of Xinjiang Tianshan Textile Co., Ltd., which is in line with the empirical research conditions, as the research object, and evaluates the performance of its assets reorganization. After comparing the business performance before and after the restructuring to measure the substantial performance of the asset restructuring activity, with the help of SPSS17.0, the listed companies in the listed companies in Xinjiang in 2007 were selected as samples of more than 5 million of the listed companies. The principal component analysis of the listed companies in 2007 had 18 public companies in line with the above conditions, of which 6 were equity transfer. 5 are assets divestiture, 5 are acquisition and annexation and 2 are asset replacement. Through comprehensive analysis, it is concluded that in the four types of reorganization, asset replacement listed companies have the best reorganization performance, followed by the restructuring performance of equity transfer. The worst performance of asset restructuring is the divestiture of assets, such as the restructured company industry. The performance was even worse at the end of the year, and the merger and acquisition restructured company did not have much performance changes. From the overall sample, the asset restructuring activity has improved the overall performance of the listed companies in Xinjiang.
Finally, some suggestions are put forward on the basis of the conclusion, which mainly include that the blind asset reorganization in the listed companies in Xinjiang is more serious. Many companies are just trying to improve the current situation and reorganize their assets blindly regardless of the long-term effect. This leads to the worse performance of the company. One more problem is the lack of strategic asset reorganization. In the process of asset restructuring, most companies focus only on the form but disregard the essence. It is clear that their purpose is not the long-term development of the company. It is the purpose of improving the performance of the listed companies in the short term, realizing the goal of turning losses, protecting the shell and supporting shares, and making a proposal for the company. Before restructuring, we need to consider the feasibility of asset reorganization comprehensively and deeply, and analyze the problems from the perspective of long-term development strategy.
This article mainly includes the following contents: the first chapter expounds the research background, clarifies the purpose and significance of the study, then defines the research methods and contents, and also carries out the total and analysis of the existing research status of asset restructuring at home and abroad. The second chapter is mainly about the basic theory of the performance of the assets reorganization of the listed companies. The third chapter introduces the status of the listed companies in Xinjiang and the status of assets reorganization; the fourth chapter takes Tianshan textile as an example to make an empirical analysis on the performance of the assets reorganization of the listed companies in Xinjiang; the fifth chapter is the key chapter of this article. In this chapter, the paper mainly analyzes the performance changes of the Sample Firms under the different ways of asset reorganization, and in this chapter The last chapter puts forward the relevant proposals of the Xinjiang listed companies in asset restructuring and the opportunity to reorganize the Xinjiang economy, in order to maintain and maintain the sustainable development of the listed companies in Xinjiang and to promote the sustainable and stable development of the Xinjiang economy.
【學(xué)位授予單位】：新疆大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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本文編號(hào)：1913860