發(fā)布時(shí)間：2018-10-04 20:08

【摘要】：資產(chǎn)剝離是上市公司重要的資產(chǎn)重組方式之一，無(wú)論在國(guó)外還是國(guó)內(nèi)，，資產(chǎn)剝離的數(shù)量和規(guī)模都呈持續(xù)增長(zhǎng)的態(tài)勢(shì)。隨著我國(guó)上市公司資產(chǎn)剝離的規(guī)模和頻率不斷增加，資產(chǎn)剝離后的長(zhǎng)期績(jī)效成為一個(gè)值得關(guān)注和研究的問題，但是，目前國(guó)內(nèi)學(xué)者對(duì)于資產(chǎn)剝離后長(zhǎng)期績(jī)效的研究還難有定論。因此，本文將對(duì)資產(chǎn)剝離后的長(zhǎng)期績(jī)效進(jìn)行研究。 文章首先對(duì)資產(chǎn)剝離績(jī)效理論及國(guó)內(nèi)外長(zhǎng)期績(jī)效研究的成果進(jìn)行梳理，在此基礎(chǔ)上初步分析我國(guó)資產(chǎn)剝離的現(xiàn)狀及基本特征，并分析影響資產(chǎn)剝離后長(zhǎng)期績(jī)效的因素。隨后，以2005年到2007年三年間進(jìn)行資產(chǎn)剝離的205個(gè)公司的股票為樣本，運(yùn)用事件研究法中的BHAR法對(duì)樣本公司資產(chǎn)剝離后連續(xù)三年的長(zhǎng)期績(jī)效進(jìn)行實(shí)證研究。研究結(jié)果表明：總體來(lái)看上市公司資產(chǎn)剝離后的長(zhǎng)期績(jī)效較差，并且隨著時(shí)間推移績(jī)效下降幅度逐漸加大；與股權(quán)形式的剝離行為相比，上市公司實(shí)物資產(chǎn)剝離后的長(zhǎng)期績(jī)效更差；與關(guān)聯(lián)剝離相比，上市公司非關(guān)聯(lián)剝離后的長(zhǎng)期績(jī)效更差。上市公司資產(chǎn)剝離后長(zhǎng)期績(jī)效的影響因素是復(fù)雜多樣的，上市公司規(guī)模、剝離資產(chǎn)的相對(duì)規(guī)模以及剝離后流通股比例都會(huì)對(duì)資產(chǎn)剝離后的長(zhǎng)期績(jī)效產(chǎn)生影響。 根據(jù)研究結(jié)果，本文認(rèn)為在宏觀政策方面應(yīng)當(dāng)加強(qiáng)法規(guī)和中介機(jī)構(gòu)的建設(shè)，以完善對(duì)資產(chǎn)剝離行為的輔助和監(jiān)管作用；上市公司自身應(yīng)對(duì)資產(chǎn)剝離給予充分的重視，明晰主業(yè)，將其納入公司的長(zhǎng)遠(yuǎn)發(fā)展戰(zhàn)略，當(dāng)上市公司發(fā)展到一定規(guī)模，可以考慮通過資產(chǎn)剝離來(lái)提高內(nèi)部協(xié)同效益，在進(jìn)行資產(chǎn)剝離過程中應(yīng)當(dāng)控制資產(chǎn)剝離的規(guī)模和時(shí)機(jī)，及時(shí)完成剝離后的整合工作,讓資產(chǎn)剝離真正促進(jìn)上市公司的平穩(wěn)、健康發(fā)展。
[Abstract]:Asset divestiture is one of the most important ways for listed companies to restructure their assets. Both at home and abroad, the number and scale of assets divestiture increase continuously. With the increasing scale and frequency of asset divestiture of listed companies in China, the long-term performance after divestiture has become a problem worthy of attention and research. However, at present, it is difficult for domestic scholars to study the long-term performance of assets divestiture. Therefore, this paper will study the long-term performance after asset divestiture. Firstly, this paper analyzes the theory of asset divestiture performance and the research results of long-term performance at home and abroad, and on this basis, analyzes the present situation and basic characteristics of asset divestiture in China, and analyzes the factors that affect the long-term performance after asset divestiture. Then, based on the stock of 205 companies from 2005 to 2007, using the BHAR method of the event research method, the long-term performance of the sample company after the divestiture for three consecutive years is studied empirically. The results show that: overall, the long-term performance of listed companies after divestiture is poor, and the decline of performance gradually increases with the passage of time; compared with the behavior of equity divestiture, The long-term performance of the listed companies after the physical assets divestiture is worse, and the long-term performance of the listed companies after the non-affiliated divestiture is worse than that of the affiliated divestiture. The factors that affect the long-term performance of the listed company after divestiture are complex and diverse. The scale of the listed company the relative scale of the assets stripped and the proportion of circulating shares after the divestiture will affect the long-term performance after the divestiture. According to the results of the study, this paper holds that the construction of laws and regulations and intermediary institutions should be strengthened in order to improve the auxiliary and supervisory role of the divestiture of assets, and the listed companies themselves should pay full attention to the divestiture and clarify the main business. When the listed company develops to a certain scale, it can be considered to improve the internal synergistic benefit by means of asset divestiture, and the scale and timing of the divestiture should be controlled in the process of asset divestiture. Timely completion of the integration after the divestiture, so that asset divestiture really promote the smooth and healthy development of listed companies.
【學(xué)位授予單位】：南京航空航天大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F276.6;F224

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本文編號(hào)：2251708