【摘要】：隨著我國(guó)國(guó)有企業(yè)混合所有制改革的不斷推進(jìn),國(guó)有企業(yè)分拆上市引起了社會(huì)各界的廣泛的關(guān)注。一些國(guó)有企業(yè)為響應(yīng)國(guó)家號(hào)召,貫徹落實(shí)國(guó)家指導(dǎo)意見,選擇將下屬子公司或子業(yè)務(wù)板塊進(jìn)行分拆上市。企業(yè)可以通過分拆上市滿足母子公司的融資需求,實(shí)現(xiàn)改善激勵(lì)機(jī)制、完善公司治理結(jié)構(gòu)等目標(biāo)。然而,由于目前我國(guó)資本市場(chǎng)不夠健全,中請(qǐng)境內(nèi)主板上市的流程復(fù)雜、審批周期長(zhǎng),大部分國(guó)有企業(yè)選擇將下屬子公司或子業(yè)務(wù)板塊分拆后在香港上市。目前我國(guó)成功實(shí)現(xiàn)分拆上市的案例較少,且大部分國(guó)內(nèi)企業(yè)很難達(dá)到香港交易所對(duì)申請(qǐng)上市公司制定的標(biāo)準(zhǔn),若企業(yè)盲目選擇分拆上市很容易遇到一系列阻礙,因此企業(yè)需要從分拆上市后企業(yè)經(jīng)營(yíng)績(jī)效能否提升,分拆上市的目標(biāo)能否得到實(shí)現(xiàn)等方面考量企業(yè)是否真正適合進(jìn)行分拆上市。采用理論分析、案例分析與指標(biāo)分析研究相結(jié)合的方法,對(duì)分拆上市后的龍?jiān)措娏?jīng)營(yíng)績(jī)效進(jìn)行分析。通過參考國(guó)內(nèi)外大量分拆上市的相關(guān)文獻(xiàn),對(duì)分拆上市的基礎(chǔ)理論進(jìn)行介紹;引入國(guó)電集團(tuán)分拆上市龍?jiān)措娏Φ陌咐?對(duì)案例企業(yè)的背景、分拆動(dòng)因、分拆過程等進(jìn)行分析;設(shè)計(jì)財(cái)務(wù)指標(biāo)評(píng)價(jià)體系,對(duì)龍?jiān)措娏?jīng)營(yíng)績(jī)效進(jìn)行財(cái)務(wù)指標(biāo)分析,從業(yè)務(wù)優(yōu)勢(shì)、企業(yè)發(fā)展規(guī)模等幾個(gè)方面對(duì)龍?jiān)措娏M(jìn)行非財(cái)務(wù)指標(biāo)的分析,研究分拆上市后龍?jiān)措娏?jīng)營(yíng)績(jī)效的變化情況;將理論知識(shí)與案例分析結(jié)果相結(jié)合,提出國(guó)電集團(tuán)分拆上市的啟示與建議。以子公司龍?jiān)措娏Φ慕?jīng)營(yíng)績(jī)效作為主要研究對(duì)象,希望通過對(duì)龍?jiān)措娏Ψ植鸷蟮慕?jīng)營(yíng)績(jī)效的分析,總結(jié)出提升子公司經(jīng)營(yíng)績(jī)效的意見和建議,為希望提升分拆上市后子公司經(jīng)營(yíng)績(jī)效的其他企業(yè)提供可行性參考。
[Abstract]:With the development of mixed ownership reform of state-owned enterprises in China, the split-listing of state-owned enterprises has attracted wide attention from all walks of life. In response to the call of the state, some state-owned enterprises have chosen to split their subsidiary companies or sub-business sectors to carry out the guidance of the state. Enterprises can meet the financing needs of parent and subsidiary companies by splitting and listing, and achieve the goal of improving the incentive mechanism and perfecting the corporate governance structure. However, because the capital market of our country is not perfect at present, the process of listing the main board in China is complicated and the examination and approval period is long, most state-owned enterprises choose to go public in Hong Kong after splitting up their subsidiaries or sub-business sectors. At present, there are few cases of successful splitting and listing in China, and it is very difficult for most domestic enterprises to meet the standards set by the Hong Kong Stock Exchange for companies applying for listing. It is easy for enterprises to meet a series of obstacles if they blindly choose to split up and list on the stock market. Therefore, enterprises need to consider whether they are really suitable for splitting and listing from the aspects of whether the performance of enterprises can be improved and whether the objectives of splitting and listing can be realized. The paper analyzes the performance of Longyuan electric power after listing by theoretical analysis, case analysis and index analysis. By referring to a large number of related literature at home and abroad, this paper introduces the basic theory of splitting and listing, introduces the case of Guodian Group into the listing of Longyuan Power, and analyzes the background, motivation and process of the case. The financial index evaluation system is designed to analyze the financial performance of Longyuan electric power, and the non-financial index of Longyuan electric power is analyzed from the aspects of business advantage, enterprise development scale, etc. This paper studies the changes of the performance of Longyuan electric power after the splitting and listing, combines the theoretical knowledge with the results of case analysis, and puts forward the enlightenment and suggestions of the break-up and listing of Guodian Group. Taking the operating performance of Longyuan Electric Power Company as the main research object, the author hopes to summarize the opinions and suggestions to improve the operating performance of the subsidiary company through the analysis of the operating performance of Longyuan Electric Power Company after the separation of Longyuan Electric Power Company. It provides a feasible reference for other enterprises that wish to improve the operating performance of their subsidiaries after splitting and listing.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.61;F406.7

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