【摘要】：由于歷史原因，在資本市場(chǎng)早期，我國的國企無法滿足上市條件，選擇了分拆上市，即從其經(jīng)營性資產(chǎn)中剝離出一塊發(fā)展前景好、盈利性高的資產(chǎn)進(jìn)行上市。從而產(chǎn)生了一些弊端，如股權(quán)結(jié)構(gòu)不合理、公司治理結(jié)構(gòu)不合理、上市公司非公允關(guān)聯(lián)交易、同行業(yè)競(jìng)爭、大股東侵占中小股東利益、違規(guī)擔(dān)保等。2004年以來，整體上市作為我國證券市場(chǎng)的一項(xiàng)制度創(chuàng)新，TCL、武鋼和寶鋼等集團(tuán)公司先后整體上市所引起的示范效應(yīng)更讓整體上市引起市場(chǎng)的廣泛關(guān)注。集團(tuán)公司整體上市大多都得到了市場(chǎng)的肯定和熱捧，，主要表現(xiàn)在其股價(jià)的變動(dòng)上。然而，集團(tuán)公司整體上市后的實(shí)際財(cái)務(wù)績效情況究竟如何，整體上市后的財(cái)務(wù)績效是否真正獲得了提升，又能否獲得持續(xù)穩(wěn)定的提升是本文研究的主要內(nèi)容。 本文在闡述我國央企集團(tuán)公司整體上市相關(guān)理論的基礎(chǔ)上，對(duì)整體上市的動(dòng)因、條件和模式進(jìn)行了描述，在分析了集團(tuán)公司整體上市發(fā)展現(xiàn)狀的情況下，運(yùn)用事件分析法和財(cái)務(wù)指標(biāo)分析法，對(duì)采集的近幾年整體上市中央企業(yè)的樣本數(shù)據(jù)進(jìn)行分析和研究。研究結(jié)果表明，不同的中央企業(yè)要根據(jù)自身?xiàng)l件來選擇整體上市的時(shí)間和模式，整體上市后，短期績效增長明顯，但是長期績效并沒有平穩(wěn)增長。對(duì)相關(guān)政府部門、上市的央企及投資者提出相關(guān)建議，具有重大的理論意義和現(xiàn)實(shí)價(jià)值。
[Abstract]:Due to historical reasons, in the early stage of the capital market, the state-owned enterprises in our country could not meet the listing conditions. They chose to split up and list on the market, that is to say, the assets with good development prospects and high profitability were spun off from their operating assets to be listed on the market. As a result, there are some disadvantages, such as unreasonable ownership structure, unreasonable corporate governance structure, unfair related party transactions of listed companies, competition in the same industry, encroachment by large shareholders on the interests of small and medium shareholders, illegal guarantee, etc. Since 2004, As a system innovation in China's stock market, the demonstration effect caused by the whole listing of TCL, WISCO and Baosteel has aroused wide attention in the market. Group companies listed as a whole have been recognized and popular in the market, mainly in the movement of its stock price. However, the main content of this paper is how the actual financial performance of the group company after the overall listing, whether the overall financial performance after the listing has really been improved, and whether to obtain a sustained and stable promotion. On the basis of expounding the relevant theories of the whole listing of the group companies in our country, this paper describes the reasons, conditions and models of the whole listing, and analyzes the present situation of the whole listing of the group companies. By means of event analysis and financial index analysis, the sample data of the whole listed central enterprises in recent years are analyzed and studied. The results show that different central enterprises should choose the time and mode of overall listing according to their own conditions. After the overall listing, the short-term performance increases obviously, but the long-term performance does not increase smoothly. It is of great theoretical and practical value to put forward relevant suggestions to relevant government departments, listed central enterprises and investors.
【學(xué)位授予單位】：景德鎮(zhèn)陶瓷學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 蘭國旺;我國集團(tuán)公司整體上市研究[D];廈門大學(xué);2007年

本文編號(hào)：2274963