本文選題：整體上市 + 市場績效��； 參考：《中國礦業(yè)大學(xué)》2014年碩士論文

【摘要】：隨著我國市場經(jīng)濟(jì)的發(fā)展壯大和資本市場的發(fā)展規(guī)范，曾經(jīng)一度受到青睞的分拆上市不可避免地產(chǎn)生了諸多問題和弊端。在此情況下，集團(tuán)公司利用控股的已上市公司，通過吸收合并或資產(chǎn)重組的方式實(shí)現(xiàn)集團(tuán)母公司全部或主要經(jīng)營性資產(chǎn)上市的這種方式也就是整體上市方式受到了大家的追捧。在這樣的背景下，對整體上市的相關(guān)研究就顯得尤為重要。本文對整體上市公司績效的研究，不僅揭示整體上市在外部市場層面的影響，還探析其在公司經(jīng)營方面產(chǎn)生的影響，對于認(rèn)識集團(tuán)公司整體上市行為和規(guī)范整體上市監(jiān)管制度具有重要意義。 自2004年TCL首次完成整體上市以來，整體上市一直是我國資本市場研究的熱點(diǎn)。從已有的文獻(xiàn)來看，我國目前針對整體上市的研究大多集中在理論部分，對整體上市績效的討論缺乏系統(tǒng)的研究。為了進(jìn)一步探析整體上市與公司績效的相關(guān)關(guān)系，，也為了一定程度上豐富相關(guān)方面的文獻(xiàn)，本文運(yùn)用企業(yè)邊界理論、市場勢力理論和協(xié)同效應(yīng)理論，結(jié)合我國資本市場的具體情況，采用事件研究法（針對市場績效）和因子分析法（針對經(jīng)營績效）相結(jié)合的方法，系統(tǒng)分析了整體上市對公司績效的影響。接著，進(jìn)一步采用多元統(tǒng)計(jì)分析和面板數(shù)據(jù)模型對集團(tuán)公司整體上市公司績效的影響因素進(jìn)行了深入地分析。 論文首先選取了2007年至2012年我國成功實(shí)施整體上市的公司為樣本，采用分組、均值T檢驗(yàn)方法以及多元統(tǒng)計(jì)分析法等統(tǒng)計(jì)分析方法，分析其在整體上市公告日前后20天的公告效應(yīng)以及其主要影響因素。研究結(jié)果表明：整體上市能夠在短期內(nèi)獲得積極的、正面的市場效應(yīng)，而這積極的、正面的市場效應(yīng)是與整體上市的注入資產(chǎn)質(zhì)量和整體上市模式有著顯著的正相關(guān)關(guān)系。接著論文選取了2007年至2011年在我國成功實(shí)施整體上市的公司為樣本，采用因子分析方法和面板數(shù)據(jù)模型方法，分析了其在整體上市前一年、整體上市當(dāng)年、整體上市后一年的經(jīng)營績效以及影響因素。研究結(jié)果表明：集團(tuán)公司整體上市后公司績效存在顯著增長，這種經(jīng)營績效的增長與上市公司終極控制人類型和股權(quán)集中度有著顯著的正相關(guān)關(guān)系�；谏鲜鲅芯�，本文提出了嚴(yán)格執(zhí)行整體上市的審批制度、加強(qiáng)對注入資產(chǎn)的評估管理等政策建議。
[Abstract]:With the development of the market economy and the development of the capital market in China, the once favored split-off listing inevitably produces many problems and drawbacks. In this case, the group company using the holding of listed companies, through the absorption of mergers or asset restructuring to achieve the group parent company of all or main operating assets listed in this way, that is, the overall way of listing has been sought after by everyone. In this context, the overall listing of the relevant research is particularly important. In this paper, the performance of the listed companies as a whole is studied, which not only reveals the impact of the overall listing on the external market level, but also explores its impact on the management of the company. It is of great significance to understand the whole listed behavior of group company and standardize the whole listing supervision system. Since TCL completed the whole listing for the first time in 2004, the whole listing has been a hot spot in the capital market research of our country. From the existing literature, most of the current research on the overall listing in China is focused on the theoretical part, and there is no systematic research on the overall listing performance. In order to further explore the relationship between overall listing and corporate performance, and to enrich the relevant literature to a certain extent, this paper applies the theory of enterprise boundary, market forces and synergy. According to the specific situation of our country's capital market, the influence of the whole listing on the company's performance is analyzed systematically by the methods of event research (aiming at market performance) and factor analysis (aiming at management performance). Then, the multivariate statistical analysis and panel data model are used to analyze the influencing factors of corporate performance. Firstly, the paper selects the companies that successfully implemented the overall listing in China from 2007 to 2012 as samples, and adopts the statistical analysis methods such as grouping, mean T test and multivariate statistical analysis. This paper analyzes the announcement effect of 20 days before and after the whole public announcement day and its main influencing factors. The results show that the overall listing can obtain positive and positive market effects in a short period of time, and this positive market effect has a significant positive correlation with the injected assets quality and the overall listing mode. Then the paper selects the companies that successfully implement the whole listing in our country from 2007 to 2011 as the sample, adopts the factor analysis method and the panel data model method, analyzes the year before the whole listing and the year of the whole listing. The operating performance and influencing factors of the whole year after listing. The results show that there is a significant increase in corporate performance after the overall listing of group companies, and there is a significant positive correlation between the growth of this kind of performance and the type of ultimate controller and the degree of equity concentration of listed companies. Based on the above research, this paper puts forward some policy suggestions, such as strictly enforcing the approval system of the whole listing and strengthening the evaluation and management of the injected assets.
【學(xué)位授予單位】：中國礦業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F272.5

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