【摘要】：對企業(yè)而言,通過并購的方式來擴大經營范圍能夠獲得更高的經濟利益,并且能使企業(yè)產業(yè)多元化從而分散經營風險。因此,很多企業(yè)都熱衷于將并購作為提升企業(yè)價值的工具。20世紀80年代,并購在美國風靡一時。但當企業(yè)規(guī)模擴張到一定程度時,多元化經營帶來的一系列消極影響逐漸顯現(xiàn),例如企業(yè)籌集與配置資金的壓力增加、管理效率低下以及各產業(yè)無法均衡發(fā)展等。于是,許多企業(yè)開始試圖尋找企業(yè)規(guī)模的合理邊界,分拆上市逐漸受到了前所未有的關注。分拆上市本質上是一種收縮性的資產重組方式。因為在完成分拆上市之后,母公司對子公司的實際控制程度降低,整個集團的產業(yè)結構和股權結構也會隨之發(fā)生變化,母子公司能夠通過分拆上市提供集中資源經營各自的業(yè)務,從而消除多元化經營帶來的價值損耗。除此之外,企業(yè)還能通過分拆上市拓寬融資渠道,激勵管理層進而實現(xiàn)母子公司價值的提升。分拆上市在歐美國家和中國香港的資本市場上早就已經非常普遍。相比之下,我國內地分拆上市起步晚且發(fā)展緩慢,但隨著各項制度的日益完善,國內上市公司分拆子公司上市將面臨更多機遇。全文共分為五個章節(jié)。第一章闡述了本文的研究背景、研究意義、研究方法和思路并介紹了全文的基本框架,然后對國內外學者關于分拆上市動因和績效的研究進行了梳理。第二章是關于分拆上市的理論概述。首先,本文對分拆上市和價值效應這兩個概念進行了解釋,并在已有文獻的基礎上結合分拆上市的動因歸納出企業(yè)利用分拆上市提升企業(yè)價值主要體現(xiàn)在三個方面:拓寬了融資渠道、母子公司集中資源經營各自的業(yè)務、子公司接受更為嚴格的外部監(jiān)管和執(zhí)行更有效的激勵制度以實現(xiàn)管理效率的提升。因此,本文將分拆上市為企業(yè)帶來的價值效應進一步劃分為融資效應、經營效應和管理效應。其次,闡述了本文的主要的理論依據(jù):信息不對稱理論、產業(yè)生命周期理論和委托代理理論。最后,詳細解釋了實現(xiàn)融資效應、經營效應和管理效應的路徑以及評價效應實現(xiàn)程度的方法。第三章對同方股份分拆同方泰德上市的案例進行了介紹,包括同方股份和同方泰德公司的內部環(huán)境及行業(yè)概況、此次分拆上市的動因、過程和為母子公司帶來的經濟效果。第四章詳細闡述了同方股份分拆同方泰德上市后實現(xiàn)融資效應、經營效應和管理效應的路徑。其中,在融資效應方面,本文分析了同方泰德進行配股再融資和換股并購兩條路徑,并通過獲得現(xiàn)金的能力、支付現(xiàn)金的能力和資本負債結構三個方面的財務指標得出評價結果:盡管分拆上市拓寬了融資渠道、改善了企業(yè)的融資結構并在短期內提高了其融資能力,實現(xiàn)了較為顯著且積極的正融資效應,但長期來看融資效應逐漸減弱。在經營效應方面,本文分析了同方泰德出售海外業(yè)務集中資源拓展國內市場、調整產業(yè)架構、創(chuàng)新運營模式等三條路徑,并通過分析企業(yè)規(guī)模和獲利能力兩方面的財務與非財務指標變化得出評價結果:分拆上市后同方泰德不斷擴大市場并提高盈利水平,取得了較為顯著的經營效應。在管理效率方面,本文分析了通過分拆上市完善組織架構、改善管理層激勵機制和開展互惠合作三條路徑,并通過分析費用控制水平和資產管理水平對管理效應的實現(xiàn)程度進行評價:分拆上市后同方泰德的資產管理水平有所提高,費用也明顯下降,但與競爭對手相比仍有進步空間。最后第五章是案例啟示。本文在前文分析的基礎上總結出了同方泰德分拆上市后成功提升企業(yè)價值的經驗:合理利用上市平臺融資是發(fā)展的基礎、不斷進行改革創(chuàng)新是取得競爭優(yōu)勢的重要途徑、不斷深化多方合作是取得盈利的保障。然后提出了同方泰德在今后的發(fā)展中應該重視的問題:母子公司應該平衡發(fā)展以及不能通過關聯(lián)交易等手段損害中小股東的利益。
[Abstract]:For the enterprise, the expansion of the scope of business through merger and acquisition can gain higher economic benefits, and can diversify the enterprise industry and spread the risk. Therefore, many enterprises are keen to make merger and acquisition as a tool to improve the value of the enterprise. In the 80s of.20 century, mergers and acquisitions were all the rage in the United States. In a certain degree, a series of negative effects of diversification are gradually emerging, such as the increasing pressure on the raising and allocation of funds, the low management efficiency and the unbalanced development of various industries. So, many enterprises have begun to seek the reasonable boundary of the scale of the enterprise. The city is essentially a contractile way of reorganizing the assets, since the actual control of the parent company has been reduced after the completion of the split listing, and the industrial structure and ownership structure of the whole group will also change. In addition, the enterprise can expand the financing channels by splitting the market and encourage the management to improve the value of the parent and subsidiary company. The split listing is very common in the European and American countries and the capital market of Hongkong, China. With the increasing perfection of various systems, the listing of the domestic listed companies will be faced with more opportunities. The full text is divided into five chapters. The first chapter expounds the research background, research significance, research methods and ideas, and introduces the basic framework of the full text, and then studies the domestic and foreign scholars on the motivation and performance of the split listing. The second chapter is an overview of the theory of split listing. First, this paper explains the two concepts of split listing and value effect, and concludes that the enterprise uses split and listed companies to raise the value of the main body in three aspects: broadening the financing channels, mother and son, and the mother and son on the basis of the existing literature. The company concentrates resources to manage their own business, the subsidiaries accept more stringent external supervision and more effective incentive system to improve the efficiency of management. Therefore, this paper further divides the value effects brought by the separation of the listed companies into financing effect, management effect and management effect. Secondly, the main part of this paper is expounded. The theory is based on information asymmetry theory, industrial life cycle theory and principal-agent theory. Finally, it explains in detail the ways to realize the financing effect, the path of management effect and management effect and the method of realizing the evaluation effect. The third chapter introduces the case of the shares split and Fang taid listed by the same party, including the shares of the same party and the same party. The internal environment and industry profile of Ted company, the motivation, process and economic effect for parent and subsidiary companies. The fourth chapter expounds the financing effect, management effect and management effect of the shares split and Fang Tai de listing in detail. There are two routes of refinancing and merger, and the evaluation results are obtained through the ability to obtain cash, the ability to pay cash and the financial index of capital and debt structure in three aspects. Although the split and listing broadens the financing channel, it improves the financing structure of the enterprise and improves its financing ability in the short term. The effect of financing is extremely positive, but in the long run, the effect of financing has gradually weakened. In terms of operating effect, this paper analyses three ways of selling overseas business centralized resources to expand domestic market, adjusting industrial structure and innovating operation mode, and analyzing the changes of financial and non-financial indicators in two aspects of enterprise scale and profitability. The results are as follows: after the opening of the market, tongtaid continuously expands the market and improves the profit level, and has achieved a more significant operating effect. In terms of management efficiency, this paper analyzes the three ways to improve the management incentive mechanism and the mutual cooperation through the separation and listing, and through the analysis of the cost control level and the capital. The level of management effect is evaluated by the level of production management: the asset management level of Tongfang taid is improved and the cost is obviously reduced after the split of the listed company, but there is still room for progress compared with the competitors. The last fifth chapters are the case inspiration. The experience of enterprise value: rational use of listed platform financing is the basis of development, and continuous reform and innovation is an important way to obtain competitive advantages. Continuous deepening of multi-party cooperation is the guarantee of profit. Then it puts forward the questions that should be paid attention to in the future development of Tongfang taid: mother and child company should be balanced development and cannot pass through The means of related transactions harm the interests of small and medium shareholders.
【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F275;F832.51

【參考文獻】

相關期刊論文 前10條

1 林旭東;唐明琴;程林;聶永華;;分拆上市的價值創(chuàng)造:來自中國市場的實證研究[J];南方經濟;2015年07期

2 鄧秋玲;;同仁堂二次分拆上市的經濟后果研究[J];商業(yè)會計;2015年14期

3 韓濤;;分拆上市在我國的發(fā)展與價值創(chuàng)造效應:回顧與思考[J];商業(yè)會計;2014年22期

4 李孟菲;張國勝;;分拆上市是公司融資的最佳選擇嗎——以同仁堂兩次分拆上市為例[J];現(xiàn)代商業(yè);2014年27期

5 王新紅;薛煥霞;;創(chuàng)業(yè)板分拆上市公司經營績效評價研究[J];財會通訊;2014年09期

6 肖大勇;羅昕;鄧思雨;董雪;;企業(yè)分拆上市動因:市值管理還是拓展融資渠道一同方股份分拆上市案例研究[J];上海管理科學;2013年06期

7 念延輝;;上市公司分拆上市的財務效應分析——以康恩貝分拆佐力藥業(yè)上市為例[J];會計之友;2013年24期

8 張詩華;;上市公司分拆上市經濟后果研究——來自佐力藥業(yè)的案例研究[J];財會通訊;2013年09期

9 鄭安然;;分拆上市對母公司經營績效的影響研究[J];中國經貿導刊;2012年29期

10 閆華紅;許倩;;國有與非國有上市公司非效率投資比較的實證研究[J];會計之友;2012年20期

，

本文編號：2139589