發(fā)布時間：2018-01-12 00:02

  本文關鍵詞：長江電力股份有限公司資產重組的績效研究　出處：《安徽大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 資產重組 財務指標 長江電力

【摘要】：市場經濟條件下,如何通過資本積聚和資本集中獲取競爭優(yōu)勢,以謀求可持續(xù)發(fā)展成為眾多上市公司的首選戰(zhàn)略目標。資產重組是調整經濟產業(yè)結構,合理配置企業(yè)資源,盤活企業(yè)存量資產的有用工具,有利于調整產業(yè)結構,優(yōu)化國民經濟布局,在世界現代經濟發(fā)展中起著相當重要的作用。在上市公司中,資產重組是企業(yè)求生存、求發(fā)展,擴張資產規(guī)模,實現資源有效配置的重要手段。剖析上市公司資產重組的動因和業(yè)績評價是財務學科研究的重要課題,具有理論和現實意義。 本文以資產重組相關理論為基礎,運用案例研究和規(guī)范研究相結合的方法系統闡述我國上市公司資產重組的現狀,分析了我國上市公司資產重組的動因,并以長江電力股份有限公司資產重組為案例,深入剖析其資產重組的動因,并從會計指標和財務指標對其重組前后的績效進行分析對比。從而得出研究結論：一是資產重組提升了公司的價值。二是資產重組放大了投資價值。三是資產重組對行業(yè)整合影響深遠。上市公司重組過程中也存在著一些問題：一是關聯方交易的問題。二是重組過程中信息披露不規(guī)范。三是存在地方行政壁壘,放大了逆向選擇行為的效應 本文的結構安排如下：第一章引言段,對本文的研究背景、研究意義、研究內容與方法及本文創(chuàng)新進行介紹；第二章主要對資產重組的理論基礎進行介紹；第三章主要對國內上市公司資產重組現狀的研究及動因分析。第四章是長江電力股份有限公司的案例分析。介紹了長江電力股份有限公司的基本情況,重組的業(yè)務流程,資產重組的動因,長江電力股份有限公司資產重組前后財務狀況的對比分析,進行盈利能力,營運能力,償債能力,發(fā)展能力的分析；長江電力股份有限公司重組后的對策。第五章是本文的主要結論與對策建議。 本文創(chuàng)新點主要體現在一是通過對長江電力股份有限公司財務狀況的重組前后的對比,財務報表數據各項指標的分析使大家更加清晰的看到資產重組對于上市公司的深刻影響。二是文章使用了市盈率法和市凈率法和均價估值法,分析了長江電力的投資價值,得出了結論：長江電力股份有限公司的股票價值目前被低估,周期越長,差距越大。資產重組給公司帶來了較好的長期投資價值,持有的時間越長,投資的回報就越高。
[Abstract]:Under the condition of market economy, how to obtain competitive advantage through capital accumulation and capital concentration in order to achieve sustainable development has become the first strategic target of many listed companies. Asset restructuring is to adjust the economic industrial structure. The rational allocation of enterprise resources and the activation of useful tools of enterprise stock assets are helpful to adjust the industrial structure, optimize the layout of national economy, and play a very important role in the development of the world's modern economy. Asset restructuring is an important means for enterprises to survive, develop, expand the scale of assets and realize the effective allocation of resources. It is an important subject of financial science to analyze the motivation and performance evaluation of asset restructuring of listed companies. It has theoretical and practical significance. Based on the theory of asset restructuring, this paper systematically expounds the current situation of asset restructuring of listed companies in China by the method of case study and normative study, and analyzes the causes of asset restructuring of listed companies in China. And the Yangtze Electric Power Co., Ltd. assets restructuring as a case, in-depth analysis of the causes of its asset restructuring. And from the accounting indicators and financial indicators to its performance before and after the reorganization of the analysis and comparison, so as to draw the conclusions of the study:. The second is that asset restructuring magnifies the investment value. Third, asset restructuring has far-reaching impact on industry integration. There are also some problems in the process of reorganization of listed companies. One is the related party transaction, the other is the non-standard information disclosure in the process of reorganization. The third is the existence of local administrative barriers. Amplifies the effect of adverse selection behavior The structure of this paper is arranged as follows: the first chapter introduces the research background, research significance, research contents and methods, and innovation of this paper. The second chapter mainly introduces the theoretical basis of asset restructuring; Chapter 3 is the case study of the listed companies in China. Chapter 4th is the case study of the Yangtze Electric Power Co., Ltd., which introduces the basic situation of the Yangtze Electric Power Co., Ltd. The business process of the reorganization, the motivation of the assets reorganization, the comparative analysis of the financial situation before and after the reorganization of the assets of the Yangtze Electric Power Co., Ltd., and the analysis of the profitability, the operating ability, the solvency and the development ability of the company; Chapter 5th is the main conclusion and suggestion of this paper. The innovation of this paper is mainly reflected in the first is the comparison before and after the reorganization of the financial situation of the Yangtze Electric Power Co., Ltd. The analysis of each index of financial statement data makes us see the deep influence of asset reorganization on listed company more clearly. Second, the article uses the price-to-earnings ratio method and the price-to-book ratio method and the average valuation method. This paper analyzes the investment value of the Yangtze Electric Power Company and draws a conclusion: the stock value of the Yangtze Electric Power Co. Ltd. is undervalued at present. The longer the period is, the bigger the gap is. The reorganization of assets brings a better long-term investment value to the company. The longer you hold it, the higher the return on your investment.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.61;F275

【參考文獻】

相關期刊論文 前10條

1 譚月芬;李海艷;;我國上市公司資產重組績效評價體系構建[J];北方經濟;2007年18期

2 黃東坡;;企業(yè)并購動因理論評析[J];財會通訊(學術版);2008年02期

3 吳志軍;論上市公司資產重組的問題與對策[J];當代財經;2002年06期

4 王斌;;上市公司資產重組模式研究[J];東方企業(yè)文化;2011年20期

5 蘇月中;;資產重組市場行情分析[J];經濟導刊;2001年02期

6 李明保;我國國有企業(yè)改革的戰(zhàn)略思考[J];經濟體制改革;2003年04期

7 劉永述;;我國上市公司資產重組問題及對策[J];科技信息;2009年12期

8 本刊編輯部 ,程春紅;商業(yè)銀行求索并購重組業(yè)務[J];農村金融研究;2005年07期

9 王佳;;ST上市公司資產重組的研究[J];經濟導刊;2011年11期

10 趙坤;;淺談資產經營與資產重組[J];商場現代化;2007年32期

相關博士學位論文 前1條

1 莎娜;企業(yè)環(huán)境戰(zhàn)略決策及其績效評價研究[D];中國海洋大學;2012年

，

本文編號：1411784