本文選題：民營資本 + 整體上市　； 參考：《河南財(cái)經(jīng)政法大學(xué)》2017年碩士論文

【摘要】：在中國,隨著分拆上市對(duì)于企業(yè)的負(fù)面影響越來越多,整體上市漸漸被更多的企業(yè)所接受。從中國第一家成功整體上市的企業(yè)TCL集團(tuán),至今中國資本市場已經(jīng)累積了十幾年的經(jīng)驗(yàn),百余家成功企業(yè)的案例。由于消除或者避免不良的關(guān)聯(lián)交易,減少已有或者潛在的同業(yè)競爭,大多數(shù)成功整體上市的企業(yè)的企業(yè)價(jià)值都得到了顯著提高,同時(shí)另一方面,在完善了公司治理的角度下,也較有利于中小股東的利益保護(hù)。整體上市后協(xié)同效應(yīng)的體現(xiàn)使得企業(yè)更容易良性規(guī)模擴(kuò)張,市場占有率提高,并且可以降低企業(yè)相關(guān)成本費(fèi)用。以往,已經(jīng)有不少學(xué)者對(duì)于企業(yè)的整體上市的績效進(jìn)行了研究,有實(shí)證檢驗(yàn)也有案例分析,但是縱觀案例分析中的企業(yè),大多都是國企,本文舉例美的集團(tuán)這一優(yōu)質(zhì)民企的整體上市的經(jīng)典案例,可以豐富整體上市案例的多樣性多元化。本文根據(jù)已有的研究成果,分析了整體上市給上市公司帶來的績效變化,通過理論分析得出結(jié)論:通過整體上市重組資產(chǎn)后,上市公司可以優(yōu)化公司股權(quán)結(jié)構(gòu),從而加強(qiáng)企業(yè)本身管理能力,另一方面消除了同業(yè)競爭和減少了上市公司與母公司的關(guān)聯(lián)交易,可以強(qiáng)化集團(tuán)內(nèi)部的協(xié)同效應(yīng)。筆者先通過盈利能力、償債能力、發(fā)展能力和營運(yùn)能力四個(gè)方面考察美的集團(tuán)在整體上市前后的變化,然后分析了整體上市前后企業(yè)所在板塊的宏觀經(jīng)濟(jì)背景,最后對(duì)整體上市對(duì)企業(yè)績效的作用路徑進(jìn)行了分析,驗(yàn)證了大多數(shù)學(xué)者對(duì)整體上市后企業(yè)績效的變化的結(jié)論,除了企業(yè)的營運(yùn)能力沒有得到本質(zhì)性的提高,其他一些重要的財(cái)務(wù)指標(biāo)都得到了不同程度的改善。
[Abstract]:In China, with the increasing negative impact of the split listing on enterprises, the overall listing is gradually accepted by more and more enterprises. From China's first successful overall listing of the company TCL Group, China's capital market has accumulated more than ten years of experience, more than 100 successful enterprise cases. As a result of eliminating or avoiding bad related party transactions and reducing existing or potential interbank competition, the value of most successful companies listed as a whole has been significantly increased. On the other hand, under the perspective of improving corporate governance, It is also more conducive to the protection of the interests of small and medium shareholders. The embodiment of the synergy effect after the whole listing makes it easier for enterprises to expand on a benign scale, increase market share, and reduce the related costs of enterprises. In the past, many scholars have studied the performance of the overall listing of enterprises. There are empirical tests and case studies. But throughout the case studies, most of the enterprises in the case study are state-owned enterprises. This paper gives an example of Midea, which is a classic case of high quality private enterprise listed as a whole, which can enrich the diversity and diversity of the overall listing cases. According to the existing research results, this paper analyzes the performance changes brought by the whole listing to the listed companies, and draws a conclusion through theoretical analysis: after the whole listed companies reorganize their assets, the listed companies can optimize the corporate equity structure. On the other hand, it eliminates the interbank competition and reduces the affiliated transaction between the listed company and the parent company, which can strengthen the synergistic effect within the group. The author first examines the changes of Midea before and after the whole listing from four aspects: profitability, solvency, development and operation ability, and then analyzes the macroeconomic background of the plate in which the enterprise is located before and after the whole listing. Finally, the paper analyzes the effect of overall listing on enterprise performance, validates the conclusion of most scholars on the change of corporate performance after the overall listing, except that the operating ability of the enterprise has not been improved substantially. Other important financial indicators have improved to varying degrees.
【學(xué)位授予單位】：河南財(cái)經(jīng)政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F426.6;F406.7

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