【摘要】：由于歷史原因，在資本市場早期，我國的國企無法滿足上市條件，選擇了分拆上市，即從其經(jīng)營性資產(chǎn)中剝離出一塊發(fā)展前景好、盈利性高的資產(chǎn)進行上市。從而產(chǎn)生了一些弊端，如股權結(jié)構(gòu)不合理、公司治理結(jié)構(gòu)不合理、上市公司非公允關聯(lián)交易、同行業(yè)競爭、大股東侵占中小股東利益、違規(guī)擔保等。2004年以來，整體上市作為我國證券市場的一項制度創(chuàng)新，TCL、武鋼和寶鋼等集團公司先后整體上市所引起的示范效應更讓整體上市引起市場的廣泛關注。集團公司整體上市大多都得到了市場的肯定和熱捧，，主要表現(xiàn)在其股價的變動上。然而，集團公司整體上市后的實際財務績效情況究竟如何，整體上市后的財務績效是否真正獲得了提升，又能否獲得持續(xù)穩(wěn)定的提升是本文研究的主要內(nèi)容。 本文在闡述我國央企集團公司整體上市相關理論的基礎上，對整體上市的動因、條件和模式進行了描述，在分析了集團公司整體上市發(fā)展現(xiàn)狀的情況下，運用事件分析法和財務指標分析法，對采集的近幾年整體上市中央企業(yè)的樣本數(shù)據(jù)進行分析和研究。研究結(jié)果表明，不同的中央企業(yè)要根據(jù)自身條件來選擇整體上市的時間和模式，整體上市后，短期績效增長明顯，但是長期績效并沒有平穩(wěn)增長。對相關政府部門、上市的央企及投資者提出相關建議，具有重大的理論意義和現(xiàn)實價值。
[Abstract]:Due to historical reasons, in the early stage of the capital market, the state-owned enterprises in our country could not meet the listing conditions. They chose to split up and list on the market, that is to say, the assets with good development prospects and high profitability were spun off from their operating assets to be listed on the market. As a result, there are some disadvantages, such as unreasonable ownership structure, unreasonable corporate governance structure, unfair related party transactions of listed companies, competition in the same industry, encroachment by large shareholders on the interests of small and medium shareholders, illegal guarantee, etc. Since 2004, As a system innovation in China's stock market, the demonstration effect caused by the whole listing of TCL, WISCO and Baosteel has aroused wide attention in the market. Group companies listed as a whole have been recognized and popular in the market, mainly in the movement of its stock price. However, the main content of this paper is how the actual financial performance of the group company after the overall listing, whether the overall financial performance after the listing has really been improved, and whether to obtain a sustained and stable promotion. On the basis of expounding the relevant theories of the whole listing of the group companies in our country, this paper describes the reasons, conditions and models of the whole listing, and analyzes the present situation of the whole listing of the group companies. By means of event analysis and financial index analysis, the sample data of the whole listed central enterprises in recent years are analyzed and studied. The results show that different central enterprises should choose the time and mode of overall listing according to their own conditions. After the overall listing, the short-term performance increases obviously, but the long-term performance does not increase smoothly. It is of great theoretical and practical value to put forward relevant suggestions to relevant government departments, listed central enterprises and investors.
【學位授予單位】：景德鎮(zhèn)陶瓷學院
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

【參考文獻】

相關碩士學位論文 前1條

1 蘭國旺;我國集團公司整體上市研究[D];廈門大學;2007年

本文編號：2274963