房地產(chǎn)上市公司資產(chǎn)重組績(jī)效的實(shí)證分析
發(fā)布時(shí)間：2018-09-04 06:38
【摘要】：隨著我國(guó)加入WTO,企業(yè)與國(guó)際接軌程度日益加深,我國(guó)上市公司資產(chǎn)重組交易大量發(fā)生,并逐年增加,涉及資本的金額也越來越大。文章選擇房地產(chǎn)上市公司作為研究對(duì)象,主要對(duì)房地產(chǎn)上市公司資產(chǎn)重組的績(jī)效進(jìn)行研究,試圖幫助房地產(chǎn)上市公司根據(jù)自身具體情況以及所處環(huán)境特點(diǎn),樹立正確的重組動(dòng)機(jī)、選擇適合自己的資產(chǎn)重組方式以及重組過程中著重需要改善哪些財(cái)務(wù)指標(biāo),使資源得到更有效地配置。并試圖為政府機(jī)構(gòu)、企業(yè)管理者和投資者各方的決策提供參考。 文章選取公司財(cái)務(wù)績(jī)效的衡量指標(biāo),以我國(guó)房地產(chǎn)上市公司年報(bào)為基礎(chǔ),整理出評(píng)價(jià)房地產(chǎn)上市公司資產(chǎn)重組效果的衡量指標(biāo)。主要采用實(shí)證分析的方法,在研究時(shí)采用財(cái)務(wù)指標(biāo)分析和主成份分析相結(jié)合的方法,同時(shí)綜合運(yùn)用了多種研究方法。在具體的實(shí)證分析過程中,首先對(duì)房地產(chǎn)行業(yè)以及樣本公司資產(chǎn)重組發(fā)生前后整體績(jī)效進(jìn)行研究,然后對(duì)比不同資產(chǎn)重組模式發(fā)生前后績(jī)效的變化,最后分析資產(chǎn)重組成功與失敗的房地產(chǎn)上市公司,試圖找出影響資產(chǎn)重組績(jī)效的因素。 文章的研究結(jié)果主要有：(1)樣本公司的績(jī)效在重組后一年有所提高,在重組后的第二年出現(xiàn)較大幅度的下降,隨著時(shí)間的推移,重組公司的績(jī)效在重組后第三年與重組后第二年相比稍有改善,資產(chǎn)重組存在短期化的現(xiàn)象。與之前學(xué)者的研究相比,重組后第三年獲得重組績(jī)效的公司所占的比重相對(duì)來說較大,這說明我國(guó)房地產(chǎn)上市公司資產(chǎn)重組的整體績(jī)效與其他行業(yè)相比還是比較樂觀的。(2)資產(chǎn)置換對(duì)房地產(chǎn)上市公司業(yè)績(jī)改善作用最為顯著,重組事件在當(dāng)年即發(fā)揮效應(yīng),業(yè)績(jī)的改善非常明顯。(3)資產(chǎn)重組成功的原因總是相似的,但是資產(chǎn)重組失敗的公司卻各有各的原因。房地產(chǎn)上市公司資產(chǎn)重組應(yīng)該著重每股收益、凈利潤(rùn)增長(zhǎng)率、主營(yíng)業(yè)務(wù)增長(zhǎng)率和總資產(chǎn)現(xiàn)金回收率這些指標(biāo)的提高。
[Abstract]:With China's entry into the WTO, and the deepening of the degree of international integration, asset restructuring transactions of listed companies in China have occurred in a large number and increased year by year, and the amount of capital involved is also increasing. This article chooses the real estate listed company as the research object, mainly carries on the research to the real estate listed company's assets reorganization performance, attempts to help the real estate listed company according to its own specific situation and the environment characteristic, Set up the correct recombination motive, choose the suitable assets reorganization way and the financial index that need to be improved in the process of reorganization, so that the resources can be allocated more effectively. It also tries to provide reference for government agencies, business managers and investors to make decisions. Based on the annual report of the listed real estate companies in China, this paper selects the financial performance of the company to evaluate the assets restructuring of the listed real estate companies. This paper mainly adopts the method of empirical analysis, the method of combining financial index analysis and principal component analysis, and synthetically uses a variety of research methods. In the specific empirical analysis process, first of all, the real estate industry and sample companies before and after the overall performance of asset restructuring, and then compare the changes of performance before and after different asset restructuring models. Finally, it analyzes the successful and failed real estate listed companies, and tries to find out the factors that affect the performance of asset restructuring. The main results of this paper are as follows: (1) the performance of the sample companies improved a little one year after the reorganization, and decreased significantly in the second year after the reorganization, with the passage of time, Compared with the second year after reorganization, the performance of the recombination company improved slightly. Compared with previous studies, the proportion of companies that achieved restructuring performance in the third year after restructuring was relatively large. This shows that the overall performance of real estate listed companies is optimistic compared with other industries. (2) Asset replacement plays a most significant role in improving the performance of listed real estate companies. The improvement of performance is very obvious. (3) the reasons for the success of asset restructuring are always similar, but the companies that fail in asset restructuring have their own reasons. Asset restructuring of listed real estate companies should focus on earnings per share, net profit growth rate, main business growth rate and total asset cash recovery.
【學(xué)位授予單位】：山西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F271;F299.233.4
本文編號(hào)：2221306
[Abstract]:With China's entry into the WTO, and the deepening of the degree of international integration, asset restructuring transactions of listed companies in China have occurred in a large number and increased year by year, and the amount of capital involved is also increasing. This article chooses the real estate listed company as the research object, mainly carries on the research to the real estate listed company's assets reorganization performance, attempts to help the real estate listed company according to its own specific situation and the environment characteristic, Set up the correct recombination motive, choose the suitable assets reorganization way and the financial index that need to be improved in the process of reorganization, so that the resources can be allocated more effectively. It also tries to provide reference for government agencies, business managers and investors to make decisions. Based on the annual report of the listed real estate companies in China, this paper selects the financial performance of the company to evaluate the assets restructuring of the listed real estate companies. This paper mainly adopts the method of empirical analysis, the method of combining financial index analysis and principal component analysis, and synthetically uses a variety of research methods. In the specific empirical analysis process, first of all, the real estate industry and sample companies before and after the overall performance of asset restructuring, and then compare the changes of performance before and after different asset restructuring models. Finally, it analyzes the successful and failed real estate listed companies, and tries to find out the factors that affect the performance of asset restructuring. The main results of this paper are as follows: (1) the performance of the sample companies improved a little one year after the reorganization, and decreased significantly in the second year after the reorganization, with the passage of time, Compared with the second year after reorganization, the performance of the recombination company improved slightly. Compared with previous studies, the proportion of companies that achieved restructuring performance in the third year after restructuring was relatively large. This shows that the overall performance of real estate listed companies is optimistic compared with other industries. (2) Asset replacement plays a most significant role in improving the performance of listed real estate companies. The improvement of performance is very obvious. (3) the reasons for the success of asset restructuring are always similar, but the companies that fail in asset restructuring have their own reasons. Asset restructuring of listed real estate companies should focus on earnings per share, net profit growth rate, main business growth rate and total asset cash recovery.
【學(xué)位授予單位】：山西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F271;F299.233.4
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，本文編號(hào)：2221306
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