我国上市公司资产重组绩效研究 ••••••以沪市数据为例

论文总字数：25393字

摘 要

Abstract …………………………………………………………………………2

1. 绪论 ………………………………………………………………………4

1.1研究背景和意义 ………………………………………………………4

1.2 研究思路和方法 …………………………………………………………5

1.3 相关概念界定 ………………………………………………………6

1.4 本文结构安排 ……………………………………………………6

1. 文献综述……………………………………………………………………7

2.1 关于使用事件分析法的文献综述………………………………………7

2.2 关于使用财务指标法的文献综述………………………………………8

2.3 关于使用主成分分析法的文献综述……………………………………10

2.4 本章小结…………………………………………………………………10

1. 研究设计…………………………………………………………………11

3.1 事件分析法………………………………………………………………11

3.2 财务指标法………………………………………………………………12

3.3 样本选取与数据来源……………………………………………………13

1. 实证分析…………………………………………………………………14

4.1 不同行业的资产重组市场反应及比较…………………………………14

4.1.1 三组行业平均累计超额收益率趋势……………………………14

4.1.2 停牌前复牌后二十天三组行业t检验…………………………15

4.2 不同行业的资产重组对企业业绩的影响及比较……………………16

4.3 回归分析………………………………………………………………18

4.4 市场炒作说的检验……………………………………………………20

4.5 实证结果小结…………………………………………………………22

1. 结论………………………………………………………………………24

5.1 主要结论………………………………………………………………24

5.2 对于政府及企业的建议………………………………………………24

致谢…………………………………………………………………………………25

参考文献 ……………………………………………………………………………25

我国上市公司资产重组绩效研究——以沪市数据为例

摘 要

本文主要研究上市公司的资产重组的绩效问题，从沪市选取上市公司数据进行研究。由于近些年来，我国上市公司的资产重组事件表现出了井喷的趋势，而如此多的资产重组事件给企业所带来的到底是长期的绩效改善还是仅仅是企业期望通过资产重组在短期内美化自身的财务报表来迷惑投资者，这一问题值得研究。因此本文将使用事件研究法和财务分析法相结合的实证研究方法对二零一四年到二零一五年我国沪市上市公司的房地产行业，矿业行业和部分其他行业的企业资产重组事件进行研究，并对市场炒作假说进行检验。其中，事件研究法是通过收集资产重组停牌复牌前后二十天的股票收盘价以及上证A指的收盘价对日收益率和超额收益率进行计算研究，而财务分析法则是主要研究企业年度财务报表中的净资产收益率的数值变化。此外，文中还通过EXCEL软件和SPSS软件进行折线图的绘制以及t检验和回归分析。通过本文的研究发现，文中的资产重组事件样本里，尽管房地产行业的重组绩效在短期内表现出了优于其他行业的趋向，但长远来看并没有带来持续的利好。市场对于企业资产重组的反应有很大部分是炒作成分，大部分企业都是借资产重组事件之手在短期内吸引投资者的投资，这种现象是非常不好的，非常需要加强对于资产重组事件的监管以及对于企业管理者的教育。

关键词：资产重组绩效；房地产；矿业；超额收益率；净资产收益率

The research on the performance of listing Corporation's assets reorganization in ChinaThe research on the performance of listing Corporation's assets reorganization in China——With the data of Shanghai stock market as an example

Abstract

The main performance problems are about listed company asset restructuring in this thesis, which select the data from the Shanghai Stock Exchange. Because in recent years, China's listed company's assets recombination events showed blowout trend, and so many events to enterprise asset restructuring brought about in the end is a long-term performance improvement or simply through asset restructuring enterprises are expected in the short term beautification its financial statements to confuse investors, this issue is worth studying. Therefore, this article will use the event study method of empirical research and financial analysis Combination of enterprise assets restructuring event in 2014 to the 2015 Listed Companies in Shanghai real estate industry, mining industry and some other industries studied , market speculation and hypothesis testing. Among them, the event study through the collection of assets before and after re-suspension resumption twenty days closing stock price as well as the Shanghai A refers to the closing price of Japan returns and excess returns are calculated research, financial analysis and corporate law is the main annual financial statements changes in the value of the net assets yield. In addition, the article also draw and t-test and regression line graph by EXCEL software and SPSS software. Through this study we found that the text of the asset restructuring events in the sample, although the performance of the real estate industry restructuring in the short term than other sectors showed a trend, but in the long run did not bring sustained positive. Market reaction to the reorganization of enterprise assets are much of the hype ingredients, most companies are asset restructuring by the hand of the event to attract investors to invest in the short term, this phenomenon is very bad, a great need to strengthen the asset restructuring for regulatory and business managers of education events.

Keywords：Asset Restructuring Performance；real estate；mining industry；abnormal returns；return on equity

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