本文選題：國(guó)有企業(yè) + 整體上市　； 參考：《財(cái)政部財(cái)政科學(xué)研究所》2012年碩士論文

【摘要】：自從資本市場(chǎng)改革以來,大部分國(guó)有企業(yè)上市公司采取了將自身業(yè)務(wù)進(jìn)行分拆上市的方式進(jìn)入資本市場(chǎng)融資,而這種方式下帶來的許多問題則被暫時(shí)忽略了,為了能夠進(jìn)一步提高上市公司質(zhì)量,強(qiáng)化主業(yè),擴(kuò)大規(guī)模,集中資本力量,優(yōu)化資源配置,使大型集團(tuán)企業(yè)在國(guó)際市場(chǎng)上更具備競(jìng)爭(zhēng)實(shí)力,大型企業(yè)的整體上市應(yīng)運(yùn)而生。 通過研究可以發(fā)現(xiàn),國(guó)有企業(yè)整體上市對(duì)于我國(guó)資本市場(chǎng)的發(fā)展和完善有著重大意義,不僅有利于促進(jìn)資本市場(chǎng)更好地發(fā)展,深化國(guó)有企業(yè)體制改革,還可以從經(jīng)營(yíng)管理的方面來完善上市公司治理,優(yōu)化國(guó)有企業(yè)主業(yè),使企業(yè)做大做強(qiáng),并完善資本市場(chǎng)的監(jiān)管體系。但在國(guó)有企業(yè)整體上市的實(shí)際操作中,對(duì)于擬整體上市的資產(chǎn)的定價(jià)仍然是懸而未決的問題和難點(diǎn),通過進(jìn)一步的研究,可以有利于找到問題癥結(jié)所在,從而實(shí)現(xiàn)對(duì)癥下藥,促進(jìn)社會(huì)主義市場(chǎng)經(jīng)濟(jì)蓬勃發(fā)展。 在整體上市中的資產(chǎn)定價(jià),是將目標(biāo)企業(yè)作為一個(gè)有機(jī)整體,根據(jù)該集團(tuán)的整體獲利能力,并考慮影響其獲利能力的各項(xiàng)因素,從而對(duì)集團(tuán)整體資產(chǎn)在公開市場(chǎng)的公允價(jià)值進(jìn)行綜合性評(píng)估。目標(biāo)企業(yè)的資產(chǎn)定價(jià)是將企業(yè)擁有的全部資產(chǎn)看作一個(gè)整體進(jìn)行評(píng)估,但整體評(píng)估并非是將企業(yè)的各項(xiàng)資產(chǎn)進(jìn)行簡(jiǎn)單加總,而是對(duì)在一定的系統(tǒng)管理之下,遵循企業(yè)的經(jīng)濟(jì)文化與技術(shù)管理的關(guān)系,形成的企業(yè)的全部資源有機(jī)結(jié)合體進(jìn)行價(jià)值評(píng)估。我國(guó)國(guó)有企業(yè)進(jìn)行整體上市通常是采用兩種方式,即母公司將資產(chǎn)注入到上市公司中或集團(tuán)公司直接進(jìn)行首次公開發(fā)行來完成,前者是由母公司將自身全部資產(chǎn)或其部分優(yōu)質(zhì)資產(chǎn)注入到現(xiàn)有的上市公司中去實(shí)現(xiàn)整體上市,后者則是重新組建股份有限公司進(jìn)行申請(qǐng)審批等正常的上市程序?qū)崿F(xiàn)整體上市。通過研究這兩種整體上市的方式的利弊和特點(diǎn),確定了在對(duì)目標(biāo)企業(yè)資產(chǎn)定價(jià)時(shí),應(yīng)綜合定量與定性的分析方法,考慮企業(yè)的戰(zhàn)略目標(biāo)、資產(chǎn)質(zhì)量對(duì)資產(chǎn)定價(jià)的影響,決定資產(chǎn)如何定價(jià)。除此之外,對(duì)資產(chǎn)定價(jià)的財(cái)務(wù)問題進(jìn)行了歸納總結(jié)并提出幾點(diǎn)意見,為了利于市場(chǎng)的監(jiān)督和管理,對(duì)企業(yè)的信息公開也提出相應(yīng)的管理建議。
[Abstract]:Since the capital market reform, most of the listed companies of state-owned enterprises have adopted the method of splitting their businesses into the capital market for financing, and many of the problems brought about by this approach have been temporarily ignored. In order to further improve the quality of listed companies, strengthen the main industry, expand the scale, concentrate capital forces, optimize the allocation of resources, make large group enterprises more competitive in the international market, the overall listing of large enterprises emerged as the times require. Through the research, it can be found that the overall listing of state-owned enterprises is of great significance to the development and improvement of China's capital market, not only to promote the better development of the capital market, but also to deepen the reform of the state-owned enterprise system. It can also improve the governance of listed companies, optimize the main business of state-owned enterprises, make enterprises bigger and stronger, and perfect the supervision system of capital market. However, in the actual operation of the whole listing of state-owned enterprises, the pricing of assets to be listed as a whole is still an outstanding problem and difficulty. Through further research, it can help to find out where the crux of the problem lies and thus achieve the right remedy. We will promote the vigorous development of the socialist market economy. Asset pricing in the overall listing takes the target enterprise as an organic whole, taking into account the overall profitability of the group and the factors that affect its profitability. Thus, the group's overall assets in the open market fair value of a comprehensive assessment. The asset pricing of the target enterprise is to evaluate all the assets owned by the enterprise as a whole, but the overall evaluation is not to sum up the assets of the enterprise simply, but to manage the assets under a certain system. According to the relationship between economy, culture and technology management of enterprises, the whole resources of the enterprises are organically integrated to evaluate the value. There are usually two ways for Chinese state-owned enterprises to go public as a whole, that is, the parent company injects assets into the listed company or the group company carries out the initial public offering directly to complete the listing. The former is that the parent company injects all its assets or some of its high-quality assets into the existing listed company to realize the overall listing, while the latter is the normal listing procedure such as reorganizing a limited company to apply for approval. By studying the advantages and disadvantages and characteristics of these two ways, this paper determines the quantitative and qualitative analysis methods for the asset pricing of the target enterprises, considering the strategic objectives of the enterprises and the influence of asset quality on the asset pricing. Determine how assets are priced. In addition, the financial problems of asset pricing are summarized and some suggestions are put forward. In order to facilitate the supervision and management of the market, the paper also puts forward the corresponding management suggestions for the information disclosure of enterprises.
【學(xué)位授予單位】：財(cái)政部財(cái)政科學(xué)研究所
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F276.1

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