本文關(guān)鍵詞：長江電力股份有限公司資產(chǎn)重組的績效研究　出處：《安徽大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：市場經(jīng)濟(jì)條件下,如何通過資本積聚和資本集中獲取競爭優(yōu)勢,以謀求可持續(xù)發(fā)展成為眾多上市公司的首選戰(zhàn)略目標(biāo)。資產(chǎn)重組是調(diào)整經(jīng)濟(jì)產(chǎn)業(yè)結(jié)構(gòu),合理配置企業(yè)資源,盤活企業(yè)存量資產(chǎn)的有用工具,有利于調(diào)整產(chǎn)業(yè)結(jié)構(gòu),優(yōu)化國民經(jīng)濟(jì)布局,在世界現(xiàn)代經(jīng)濟(jì)發(fā)展中起著相當(dāng)重要的作用。在上市公司中,資產(chǎn)重組是企業(yè)求生存、求發(fā)展,擴(kuò)張資產(chǎn)規(guī)模,實(shí)現(xiàn)資源有效配置的重要手段。剖析上市公司資產(chǎn)重組的動(dòng)因和業(yè)績評價(jià)是財(cái)務(wù)學(xué)科研究的重要課題,具有理論和現(xiàn)實(shí)意義。 本文以資產(chǎn)重組相關(guān)理論為基礎(chǔ),運(yùn)用案例研究和規(guī)范研究相結(jié)合的方法系統(tǒng)闡述我國上市公司資產(chǎn)重組的現(xiàn)狀,分析了我國上市公司資產(chǎn)重組的動(dòng)因,并以長江電力股份有限公司資產(chǎn)重組為案例,深入剖析其資產(chǎn)重組的動(dòng)因,并從會計(jì)指標(biāo)和財(cái)務(wù)指標(biāo)對其重組前后的績效進(jìn)行分析對比。從而得出研究結(jié)論：一是資產(chǎn)重組提升了公司的價(jià)值。二是資產(chǎn)重組放大了投資價(jià)值。三是資產(chǎn)重組對行業(yè)整合影響深遠(yuǎn)。上市公司重組過程中也存在著一些問題：一是關(guān)聯(lián)方交易的問題。二是重組過程中信息披露不規(guī)范。三是存在地方行政壁壘,放大了逆向選擇行為的效應(yīng) 本文的結(jié)構(gòu)安排如下：第一章引言段,對本文的研究背景、研究意義、研究內(nèi)容與方法及本文創(chuàng)新進(jìn)行介紹；第二章主要對資產(chǎn)重組的理論基礎(chǔ)進(jìn)行介紹；第三章主要對國內(nèi)上市公司資產(chǎn)重組現(xiàn)狀的研究及動(dòng)因分析。第四章是長江電力股份有限公司的案例分析。介紹了長江電力股份有限公司的基本情況,重組的業(yè)務(wù)流程,資產(chǎn)重組的動(dòng)因,長江電力股份有限公司資產(chǎn)重組前后財(cái)務(wù)狀況的對比分析,進(jìn)行盈利能力,營運(yùn)能力,償債能力,發(fā)展能力的分析；長江電力股份有限公司重組后的對策。第五章是本文的主要結(jié)論與對策建議。 本文創(chuàng)新點(diǎn)主要體現(xiàn)在一是通過對長江電力股份有限公司財(cái)務(wù)狀況的重組前后的對比,財(cái)務(wù)報(bào)表數(shù)據(jù)各項(xiàng)指標(biāo)的分析使大家更加清晰的看到資產(chǎn)重組對于上市公司的深刻影響。二是文章使用了市盈率法和市凈率法和均價(jià)估值法,分析了長江電力的投資價(jià)值,得出了結(jié)論：長江電力股份有限公司的股票價(jià)值目前被低估,周期越長,差距越大。資產(chǎn)重組給公司帶來了較好的長期投資價(jià)值,持有的時(shí)間越長,投資的回報(bào)就越高。
[Abstract]:Under the condition of market economy, how to obtain competitive advantage through capital accumulation and capital concentration in order to achieve sustainable development has become the first strategic target of many listed companies. Asset restructuring is to adjust the economic industrial structure. The rational allocation of enterprise resources and the activation of useful tools of enterprise stock assets are helpful to adjust the industrial structure, optimize the layout of national economy, and play a very important role in the development of the world's modern economy. Asset restructuring is an important means for enterprises to survive, develop, expand the scale of assets and realize the effective allocation of resources. It is an important subject of financial science to analyze the motivation and performance evaluation of asset restructuring of listed companies. It has theoretical and practical significance. Based on the theory of asset restructuring, this paper systematically expounds the current situation of asset restructuring of listed companies in China by the method of case study and normative study, and analyzes the causes of asset restructuring of listed companies in China. And the Yangtze Electric Power Co., Ltd. assets restructuring as a case, in-depth analysis of the causes of its asset restructuring. And from the accounting indicators and financial indicators to its performance before and after the reorganization of the analysis and comparison, so as to draw the conclusions of the study:. The second is that asset restructuring magnifies the investment value. Third, asset restructuring has far-reaching impact on industry integration. There are also some problems in the process of reorganization of listed companies. One is the related party transaction, the other is the non-standard information disclosure in the process of reorganization. The third is the existence of local administrative barriers. Amplifies the effect of adverse selection behavior The structure of this paper is arranged as follows: the first chapter introduces the research background, research significance, research contents and methods, and innovation of this paper. The second chapter mainly introduces the theoretical basis of asset restructuring; Chapter 3 is the case study of the listed companies in China. Chapter 4th is the case study of the Yangtze Electric Power Co., Ltd., which introduces the basic situation of the Yangtze Electric Power Co., Ltd. The business process of the reorganization, the motivation of the assets reorganization, the comparative analysis of the financial situation before and after the reorganization of the assets of the Yangtze Electric Power Co., Ltd., and the analysis of the profitability, the operating ability, the solvency and the development ability of the company; Chapter 5th is the main conclusion and suggestion of this paper. The innovation of this paper is mainly reflected in the first is the comparison before and after the reorganization of the financial situation of the Yangtze Electric Power Co., Ltd. The analysis of each index of financial statement data makes us see the deep influence of asset reorganization on listed company more clearly. Second, the article uses the price-to-earnings ratio method and the price-to-book ratio method and the average valuation method. This paper analyzes the investment value of the Yangtze Electric Power Company and draws a conclusion: the stock value of the Yangtze Electric Power Co. Ltd. is undervalued at present. The longer the period is, the bigger the gap is. The reorganization of assets brings a better long-term investment value to the company. The longer you hold it, the higher the return on your investment.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.61;F275

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