本文關(guān)鍵詞： 資產(chǎn)重組 財(cái)務(wù)危機(jī) 動(dòng)機(jī) 問題 績(jī)效　出處：《哈爾濱商業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國(guó)證券市場(chǎng)發(fā)展的二十幾年,被烙上了深刻的“中國(guó)化”印記。為了推進(jìn)我國(guó)資本市場(chǎng)的形成和發(fā)展,轟轟烈烈的股份制改造,造就了我國(guó)資本市場(chǎng)上第一批上市公司。它們大多數(shù)由國(guó)有企業(yè)改制而來,采用全部資產(chǎn)統(tǒng)一上市的方式,沒有來得及剝離劣質(zhì)資產(chǎn),導(dǎo)致這些上市公司資產(chǎn)質(zhì)量偏低,在證券市場(chǎng)高速發(fā)展的同時(shí),各種弊端都突顯出來,難以繼續(xù)盈利,部分上市公司出現(xiàn)連續(xù)虧損情況,被戴上ST的帽子。自1993年,深寶安收購(gòu)延中實(shí)業(yè)拉開我國(guó)上市公司重組的帷幕以后,1997年大規(guī)模的資產(chǎn)重組登上舞臺(tái),成為各種有退市風(fēng)險(xiǎn)的上市公司的青睞對(duì)象。最近幾年,在退市新政的壓力下,上市公司都加快了重組的步伐。 本研究在閱讀大量文獻(xiàn)的基礎(chǔ)上,結(jié)合管理學(xué)、經(jīng)濟(jì)學(xué)、財(cái)務(wù)學(xué)和統(tǒng)計(jì)學(xué)多方面學(xué)科,對(duì)我國(guó)民營(yíng)企業(yè)資產(chǎn)重組的現(xiàn)狀進(jìn)行了大量的調(diào)查研究,為ST公司進(jìn)行資產(chǎn)重組提供了理論依據(jù)。我國(guó)的資產(chǎn)重組具有多種模式,綜合來看,先破產(chǎn)再進(jìn)行并購(gòu)重組的方式,成功率最高,效果最好,很多ST公司為了改善經(jīng)營(yíng)管理,保住上市公司資格,都積極尋找高質(zhì)量的重組方,力求脫帽；重組方也為了獲取上市資格,拓寬融資渠道,努力尋找性價(jià)比高的“殼”資源；各地方政府為了促進(jìn)本地經(jīng)濟(jì)發(fā)展,也在極力推動(dòng)和促進(jìn)上市公司的資產(chǎn)重組行為。在奠定了理論基礎(chǔ)后,從我國(guó)現(xiàn)階段民營(yíng)企業(yè)中,ST公司重組的現(xiàn)狀入手,比較其資產(chǎn)重組行為的相似性及差異性,剖析重組行為存在差異的成因,找出存在的問題,如監(jiān)管制度不完善,法律法規(guī)不健全,公司治理的缺陷,造成了信息的極度不對(duì)稱等情況。進(jìn)而選取近期華數(shù)傳媒成功對(duì)*ST嘉瑞進(jìn)行重組作為案例,對(duì)民營(yíng)企業(yè)重組的基本情況和動(dòng)機(jī),重組方案的選擇與實(shí)施,以及重組完成后的績(jī)效進(jìn)行了細(xì)致的研究。 作者通過對(duì)資產(chǎn)重組相關(guān)理論的闡述和案例的研究分析,可以在理論上,為之后對(duì)民營(yíng)企業(yè)重組的深入研究提供理論基礎(chǔ),同時(shí)為政府制定相關(guān)對(duì)策提供參考依據(jù)；實(shí)踐中,通過探尋企業(yè)陷入財(cái)務(wù)困境后如何重組再次上市,并從宏觀方面、市場(chǎng)方面、企業(yè)自身方面對(duì)資產(chǎn)重組提出相關(guān)建議,就重組中中小股東利益的保護(hù)和重組后的整合等問題提供可操作的指導(dǎo)意見,達(dá)到為以后陷入財(cái)務(wù)困境被風(fēng)險(xiǎn)警示的上市公司提供借鑒和參考的目的。
[Abstract]:In the 20 years of the development of China's securities market, it has been branded with profound "Sinicization" mark. In order to promote the formation and development of our country's capital market, the vigorous share-holding system reform has been carried out. It has created the first batch of listed companies in the capital market of our country. Most of them come from the reform of state-owned enterprises. They adopt the way of unified listing of all assets and have no time to divest inferior assets. As a result of the low asset quality of these listed companies, the rapid development of the securities market at the same time, a variety of shortcomings are highlighted, difficult to continue to make profits, some listed companies appear continuous losses. Since 1993, Shenzhen Baoan acquisition of Yanzhong industry opened the curtain of the restructuring of listed companies in China, 1997 large-scale asset restructuring mounted the stage. In recent years, under the pressure of the New deal of delisting, the listed companies have accelerated the pace of restructuring. On the basis of reading a large number of literatures, this study has carried out a large number of investigations and studies on the current situation of asset restructuring of private enterprises in China, in combination with management, economics, finance and statistics. For St company to provide a theoretical basis for asset restructuring. China's asset restructuring has a variety of models, in a comprehensive view, the first bankruptcy and then mergers and acquisitions, the highest success rate, the best effect. In order to improve the management and keep the qualifications of listed companies, many St companies are actively looking for high-quality reorganization parties, and strive to take off their hats; In order to obtain the qualification of listing, widen the financing channel and seek the "shell" resource with high performance-to-price ratio; In order to promote the development of local economy, local governments are also trying to promote and promote the asset restructuring of listed companies. After laying a theoretical foundation, from the current stage of private enterprises in China. Start with the current situation of St company reorganization, compare the similarities and differences of assets reorganization behavior, analyze the causes of the differences in reorganization behavior, find out the existing problems, such as imperfect regulatory system, imperfect laws and regulations. The defects of corporate governance, resulting in extreme asymmetry of information, etc., and then selected the recent success of Huasu Media restructuring of St Jiarui as a case, the basic situation and motivation of the reorganization of private enterprises. The selection and implementation of the reorganization scheme, as well as the performance after the completion of the reorganization were carefully studied. The author can provide the theoretical basis for the further study of private enterprise reorganization in theory by expounding the related theory of asset reorganization and studying and analyzing the case. At the same time for the government to formulate relevant countermeasures to provide reference; In practice, by exploring how to reorganize and re-list after falling into financial distress, and from the macro aspect, market aspect, the enterprise itself put forward the relevant suggestions on asset restructuring. This paper provides operational guidance on the protection of the interests of minority shareholders and the integration after the reorganization, so as to provide reference and reference for listed companies that fall into financial distress and be warned of the risks in the future.
【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】：2014
【分類號(hào)】：F832.51;F271

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