本文選題：上市公司 + 整體上市�。� 參考：《云南財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：隨著我國資本市場的發(fā)展以及分拆上市模式下的弊端日益顯現(xiàn)，，上市公司實(shí)現(xiàn)整體上市，通過將集團(tuán)公司內(nèi)全部資產(chǎn)或主營業(yè)務(wù)資產(chǎn)注入上市公司，從而避免同業(yè)競爭，減少控股股東的掏空行為，進(jìn)而發(fā)揮資源整合的協(xié)同效應(yīng)及改善股權(quán)結(jié)構(gòu)，為解決分拆上市下的弊端提供了思路。自2003年以來，證監(jiān)會(huì)、國資委等國家各部委相繼推出了鼓勵(lì)大型企業(yè)實(shí)現(xiàn)整體上市的政策，基于政策的推動(dòng)和上市公司自身做大做強(qiáng)的動(dòng)力，特別是在股權(quán)分置改革之后，上市公司整體上市作為一種金融創(chuàng)新已逐漸成為我國資本市場上的一個(gè)熱點(diǎn)話題，整體上市這一概念股廣泛受到投資者追捧，整體上市這一新生事物也引起理論界與實(shí)務(wù)界較大的關(guān)注。然而整體上市是否能夠從根本上解決分拆上市下的弊端，是否能夠?qū)ι鲜泄究冃У奶嵘鸬酱龠M(jìn)作用，整體上市對上市公司績效影響的作用機(jī)制是什么，主要有哪些因素影響上市公司整體上市的績效，對這一問題的研究將有助于為政策制定者提供經(jīng)驗(yàn)證據(jù)，為企業(yè)及投資者提供決策依據(jù)。 本文結(jié)合經(jīng)濟(jì)學(xué)、管理學(xué)的相關(guān)理論對整體上市這一制度變遷進(jìn)行理論分析，為分析整體上市對上市公司績效的影響奠定理論基礎(chǔ)，進(jìn)而分析了實(shí)現(xiàn)整體上市對上市公司績效產(chǎn)生影響的作用機(jī)制，最后從不同的角度分析了影響上市公司整體上市績效的主要因素。在上述分析框架下，首先采用因子分析法對上市公司實(shí)現(xiàn)整體上市的績效進(jìn)行綜合評價(jià)，并采用Wilcoxon秩檢驗(yàn)的方法對整體上市績效改善的顯著性進(jìn)行檢驗(yàn)，得出結(jié)論整體上市能夠有助于上市公司績效的提升，但就短期的觀測來看該效應(yīng)不明顯。通過因子分析能夠?qū)Σ煌究冃нM(jìn)行橫向比較也能夠?qū)ν还究冃У淖兓M(jìn)行縱向比較，但并不能從更微觀的角度說明影響整體上市績效的因素。進(jìn)一步的，本文從整體上市注入資產(chǎn)質(zhì)量、整體上市的不同模式、股權(quán)性質(zhì)以及股權(quán)結(jié)構(gòu)展開分析，通過橫截面數(shù)據(jù)模型以及面板數(shù)據(jù)模型進(jìn)行回歸分析，研究結(jié)果表明：（1）整體上市注入資產(chǎn)質(zhì)量對上市公司績效的提升有較大的促進(jìn)作用；（2）通過反向收購母公司模式實(shí)現(xiàn)整體上市的上市公司績效優(yōu)于其他整體上市模式；（3）不同股權(quán)性質(zhì)的上市公司實(shí)現(xiàn)整體上市的績效差異不顯著，在對國有企業(yè)進(jìn)行整體改制上市推動(dòng)的同時(shí)也應(yīng)加大對民營上市公司實(shí)現(xiàn)整體上市做大做強(qiáng)的鼓勵(lì)；（4）第一大股東持股比例越大越有動(dòng)力推動(dòng)整體上市，并對整體上市績效產(chǎn)生正向的影響；（5）實(shí)現(xiàn)整體上市后第一大股東持股比例對整體上市績效的正向作用小于整體上市之前；上市公司實(shí)現(xiàn)整體上市能夠明顯提升其資產(chǎn)盈利能力。最后論文針對上述主要研究結(jié)論提出了相關(guān)政策建議。
[Abstract]:With the development of capital market in our country and the increasingly malpractice in the mode of splitting and listing, the listed company realizes the whole listing, by injecting all the assets or the main business assets of the group into the listed company, thus avoiding the competition of the same industry. Reducing the hollowing behavior of controlling shareholders, and then exerting the synergistic effect of resource integration and improving the ownership structure, provides a way to solve the malpractice of splitting and listing. Since 2003, the CSRC, SASAC and other national ministries have successively introduced policies to encourage large enterprises to realize the overall listing, which is based on the promotion of policies and the motivation of the listed companies to become bigger and stronger, especially after the reform of the split share structure. As a kind of financial innovation, the overall listing of listed companies has gradually become a hot topic in the capital market of our country. The whole listing this new thing also causes the theory circle and the practice domain big concern. However, whether the whole listing can fundamentally solve the drawbacks under the split listing, whether it can promote the performance of the listed companies, and what is the mechanism of the effect of the overall listing on the performance of the listed companies? The research on which factors affect the overall performance of listed companies will be helpful to provide empirical evidence for policy makers and provide decision basis for enterprises and investors. Based on the theories of economics and management, this paper makes a theoretical analysis on the institutional changes of holistic listing, which lays a theoretical foundation for the analysis of the impact of holistic listing on the performance of listed companies. Then it analyzes the mechanism of the effect of realizing the overall listing on the performance of listed companies, and finally analyzes the main factors that affect the overall performance of listed companies from different angles. Under the above analysis framework, we first use factor analysis method to evaluate the overall performance of listed companies, and use the Wilcoxon rank test method to test the significance of the improvement of overall listing performance. It is concluded that the overall listing can improve the performance of listed companies, but the effect is not obvious from short-term observation. Factor analysis can compare the performance of different companies horizontally and vertically, but it can not explain the factors that affect the overall performance of listed companies from a more micro perspective. Furthermore, this paper analyzes the quality of assets injected into the whole market, the different modes of the whole listing, the nature of equity and the structure of equity, and carries out regression analysis through cross-section data model and panel data model. The results show that: 1) the quality of assets injected into the stock market can promote the performance of listed companies. (2) the performance of the listed companies listed as a whole through the reverse takeover of parent companies is better than that of other listed companies. (3) there is no significant difference in the performance of the listed companies with different equity properties in realizing the overall listing, While promoting the overall reform of the state-owned enterprises, we should also increase the encouragement to the private listed companies to make the overall listing bigger and stronger.) the larger the proportion of shares held by the first largest shareholders, the more motive power to promote the overall listing. And it has a positive impact on the overall listing performance. 5) the positive effect of the proportion of the first largest shareholder on the overall listing performance is smaller than that before the whole listing; the realization of the overall listing of listed companies can significantly improve their asset profitability. Finally, the paper puts forward the relevant policy recommendations in view of the above main research conclusions.
【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F276.6;F832.51;F275

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