河北省上市公司资产重组绩效研究
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摘要
本论文从理论与实践相结合的视角，首先从多个方面对公司资产重组的概念进行了综述，提出了在本论文中资产重组的特定含义；同时对绩效评价相关理论进行了深入的考察与阐述。在此基础上，我们对河北省上市公司的经营现状和资产重组进行了实证分析。研究表明，目前河北省上市公司行业中传统行业居多，尤其是工业，高科技行业少，上市公司多为劳动密集、附加价值低、能耗大或污染严重的行业，所以通过资产重组来改善公司行业结构、提高公司业绩是相当重要的。对于资产重组的绩效评价，我们从财务绩效、市场绩效等方面做了实证研究，总结出了一份影响资产重组绩效的因素图，发现：首先，资产重组对河北省上市公司的财务绩效有提高作用，当年公司业绩提升较为明显，重组后一年则略有提升，但到了重组后第二年业绩出现较大程度的下降，资产重组还能推动行业转移与升级，但作用力度尚不够突出；其次，资产重组对上市公司的二级市场绩效提高有影响。基于对上述实证结论的分析，本文提出了对河北省上市公司的未来资产重组战略的对策建议。
This paper summarizes capital reorganization's theory from the angle of view by relating theory to practice, and presents one definition for this paper. Furthermore, this paper makes a deep-going investigation on capital reorganization's performance theory. We analyze the operation and capital reorganization of listed companies of Hebei on this base. According to the study, presently traditional industries occupy a dominant position in listed companies in Hebei Province, while high-tech industries are comparatively few. Most of listed companies run a labor-intensive business, with low extra-value but enormous energy consumption and serious pollution. Therefore it's rather important to improve industrial structure by means of capital reorganization. In the demonstration research, the performance evaluation of capital reorganization is conducted through financial performance, market performance, etc. Then a table of factors, affecting the capital reorganization naturally follows. The. findings are: First, capi
tal reorganization enhances, in some degrees, the financial performance of listed companies in Hebei Province. In the very year, there is an evident improvement in the business performance; a year later, a slight increase; 2years later, an appreciable decrease. On a small scale, capital reorganization impels the shift and upgrade of industrial structure, as well. Second, capital reorganization has an effect on the securities business for the listed companies. Based on the analysis to the above demonstration research, the author puts forward counter-measures and proposals about capital reorganization strategy of listed companies in Hebei Province.
This paper summarizes capital reorganization's theory from the angle of view by relating theory to practice, and presents one definition for this paper. Furthermore, this paper makes a deep-going investigation on capital reorganization's performance theory. We analyze the operation and capital reorganization of listed companies of Hebei on this base. According to the study, presently traditional industries occupy a dominant position in listed companies in Hebei Province, while high-tech industries are comparatively few. Most of listed companies run a labor-intensive business, with low extra-value but enormous energy consumption and serious pollution. Therefore it's rather important to improve industrial structure by means of capital reorganization. In the demonstration research, the performance evaluation of capital reorganization is conducted through financial performance, market performance, etc. Then a table of factors, affecting the capital reorganization naturally follows. The. findings are: First, capi
tal reorganization enhances, in some degrees, the financial performance of listed companies in Hebei Province. In the very year, there is an evident improvement in the business performance; a year later, a slight increase; 2years later, an appreciable decrease. On a small scale, capital reorganization impels the shift and upgrade of industrial structure, as well. Second, capital reorganization has an effect on the securities business for the listed companies. Based on the analysis to the above demonstration research, the author puts forward counter-measures and proposals about capital reorganization strategy of listed companies in Hebei Province.
引文
[1] 何丹．对我国上市公司收购法律制度的研究及完善构想：(硕士学位论文)．上海：华中师范大学，2001
[2] 陆国庆．资产重组：绩效评价与投资机会．证券时报，2002，(2)
[3] 孙艺林，何学杰．上市公司资产重组绩效分析．北京：中华工商联合出版社，2001：48～69
[4] 王隆建．乡镇企业改制上市后的比较优势和经营效果研究：(硕士学位论文)．北京：中国农业大学管理学院，2000
[5] 北京邦和财富研究所课题组．资产重组必须回归市场行为．经济研究参考，2001，(42)
[6] 李东，袁萍上市公司资产重组绩效的实证分析．江苏统计．2001，(4)：14～16．
[7] Baker, G.p.1993. "Growth, corporate polices and the investment opportunity set". journal of Accounting and Economics 16
[8] Barclay, M.J.,and CW.Smith.1995a. "The maturity structure of corporate debt", Journal of Finance 50
[9] Barclay, M.J.,and CW.Smith.1995b. "The priority structure of corporate debt", Journal of Finance 50
[10] 张海涛．企业并购与冲突管理．经济管理，2003，327期：46
[11] M．布莱德雷．金融经济学杂志(1988)，21卷：11
[12] 晓余．并购重组经历的三大阶段．经济日报，2002，10：4
[13] 朱小平．全面审视资产重组中的关联交易．经济理论与经济管理，2001，(4)
[14] Penrose, Edith.T. The Theory of the Growth of the Firm. New York: John Wiley & Sons.Inc. 1959: 187～221
[15] Rosen, Sherwin. Learning by Experience as Joint Production. Quarterly Journal of Economics, August 1972:366～382
[16] Rubin, Paul.H. The Expansion of Firms. Journal of Politics Economy, July 1973:936
[17] Williamion.O.E. The Vertical Integration of Production.: Market Failure considerations. The American Economic Review, May 1971:112～123
[18] Arrow.K.J. Vertical Integration and Communication. Bell Journal of Economics, Spring 1975:173～183
[19] Klein. B.R.G. Grawiord and A.A.Aichian. Vertical Integration Appropriable Rents and the Competitive Contracting Piecess. The Journal of Law and Economics, 1978:297～326
[20] Markham.J.W. Conglomerate Enterprise and Public Policy Boston. MA: Harvard Graduate School of Business Administration,1973:88～89
[21] Higgins and Lawrence D.Schall. Corporate Bankruptcy and Conglomerate Merger. Journal of Finance March 1975:93～113
[22] Galai.D.. and R.W. Masulis. The Option Pricing Model and the Risk Factor of Stock. Journal of Financial Economics, March 1976:53～82
[23] Levy.H,. and M.Sarnat Diversification. Portfolio Analysis and the Uneasy Case for Conglomerate Mergers. Journal of Finance, September 1970:795～802
[24] 费雷德、威斯通、郑光、苏珊、侯格．兼并、重组与公司控制．北京，经济科学出版社，1998：179～181
[25] Dodd. P.. and Ruback. Tender Offers and Stockholder Returns: An Empirical Analysis. Journal of Financial Economics 1986,16: 351
[26] 陈信元，张田余．资产重组的市场反应-1999年沪市资产重组实证分析．经济研究，1999，9卷：47～55
[27] 王跃堂．我国证券市场资产重组绩效之比较分析．财经研究，1999，NO．7：51～59
[28] 陆国庆．中国L市公司不同资产重组类型的绩效比较对1999年度沪市的实证分析．财经科学，2000，NO．6：34～42
[29] 高见，陈歆玮．中国证券市场资产重组效应分析．经济科学，2000，NO．1：6677
[30] 孙芳城，郭悦．沪市A股资产重组绩效分析．重庆工学院学报，2000，NO．2：35～38
[31] 迟海燕，马晔华．各种资产重组方式的比较分析、预测．2000．NO2：23～29
[32] 罗玮．资产重组对我国上市公司市场绩效影响的实证研究：[硕士学位论文]．重庆：重庆大学，2002
[33] 牟俊．我国上市公司资产重组绩效简析．西南民族学院学报，21卷，141-142
[34] 证券时报．中国证券市场1997年度报表系列-深、沪上市公司1997年度及其上市以来资产重组情况一览表(01-06)．1997年12月25日
[35] 1998-2000年上市公司速查手册
[36] 1996-2000年中国统计年鉴
[37] 孔欣欣．上市公司并购绩效评价研究．：[硕士学位论文]．新疆：新疆农业大学管理系，2001
[38] 成建梅，上市公司资产重组绩效评价．江西广播电视大学学报，2002年第一期，11-13
[39] 孙丽文．河北省大型企业集团发展中的问题分析及对策研究：[硕士学位论文]．天津：河北工业大学，2001
[40] 严莉．四川省上市公司资产重组分析：[硕士学位论文]．四川：西南财经大学，2000
[2] 陆国庆．资产重组：绩效评价与投资机会．证券时报，2002，(2)
[3] 孙艺林，何学杰．上市公司资产重组绩效分析．北京：中华工商联合出版社，2001：48～69
[4] 王隆建．乡镇企业改制上市后的比较优势和经营效果研究：(硕士学位论文)．北京：中国农业大学管理学院，2000
[5] 北京邦和财富研究所课题组．资产重组必须回归市场行为．经济研究参考，2001，(42)
[6] 李东，袁萍上市公司资产重组绩效的实证分析．江苏统计．2001，(4)：14～16．
[7] Baker, G.p.1993. "Growth, corporate polices and the investment opportunity set". journal of Accounting and Economics 16
[8] Barclay, M.J.,and CW.Smith.1995a. "The maturity structure of corporate debt", Journal of Finance 50
[9] Barclay, M.J.,and CW.Smith.1995b. "The priority structure of corporate debt", Journal of Finance 50
[10] 张海涛．企业并购与冲突管理．经济管理，2003，327期：46
[11] M．布莱德雷．金融经济学杂志(1988)，21卷：11
[12] 晓余．并购重组经历的三大阶段．经济日报，2002，10：4
[13] 朱小平．全面审视资产重组中的关联交易．经济理论与经济管理，2001，(4)
[14] Penrose, Edith.T. The Theory of the Growth of the Firm. New York: John Wiley & Sons.Inc. 1959: 187～221
[15] Rosen, Sherwin. Learning by Experience as Joint Production. Quarterly Journal of Economics, August 1972:366～382
[16] Rubin, Paul.H. The Expansion of Firms. Journal of Politics Economy, July 1973:936
[17] Williamion.O.E. The Vertical Integration of Production.: Market Failure considerations. The American Economic Review, May 1971:112～123
[18] Arrow.K.J. Vertical Integration and Communication. Bell Journal of Economics, Spring 1975:173～183
[19] Klein. B.R.G. Grawiord and A.A.Aichian. Vertical Integration Appropriable Rents and the Competitive Contracting Piecess. The Journal of Law and Economics, 1978:297～326
[20] Markham.J.W. Conglomerate Enterprise and Public Policy Boston. MA: Harvard Graduate School of Business Administration,1973:88～89
[21] Higgins and Lawrence D.Schall. Corporate Bankruptcy and Conglomerate Merger. Journal of Finance March 1975:93～113
[22] Galai.D.. and R.W. Masulis. The Option Pricing Model and the Risk Factor of Stock. Journal of Financial Economics, March 1976:53～82
[23] Levy.H,. and M.Sarnat Diversification. Portfolio Analysis and the Uneasy Case for Conglomerate Mergers. Journal of Finance, September 1970:795～802
[24] 费雷德、威斯通、郑光、苏珊、侯格．兼并、重组与公司控制．北京，经济科学出版社，1998：179～181
[25] Dodd. P.. and Ruback. Tender Offers and Stockholder Returns: An Empirical Analysis. Journal of Financial Economics 1986,16: 351
[26] 陈信元，张田余．资产重组的市场反应-1999年沪市资产重组实证分析．经济研究，1999，9卷：47～55
[27] 王跃堂．我国证券市场资产重组绩效之比较分析．财经研究，1999，NO．7：51～59
[28] 陆国庆．中国L市公司不同资产重组类型的绩效比较对1999年度沪市的实证分析．财经科学，2000，NO．6：34～42
[29] 高见，陈歆玮．中国证券市场资产重组效应分析．经济科学，2000，NO．1：6677
[30] 孙芳城，郭悦．沪市A股资产重组绩效分析．重庆工学院学报，2000，NO．2：35～38
[31] 迟海燕，马晔华．各种资产重组方式的比较分析、预测．2000．NO2：23～29
[32] 罗玮．资产重组对我国上市公司市场绩效影响的实证研究：[硕士学位论文]．重庆：重庆大学，2002
[33] 牟俊．我国上市公司资产重组绩效简析．西南民族学院学报，21卷，141-142
[34] 证券时报．中国证券市场1997年度报表系列-深、沪上市公司1997年度及其上市以来资产重组情况一览表(01-06)．1997年12月25日
[35] 1998-2000年上市公司速查手册
[36] 1996-2000年中国统计年鉴
[37] 孔欣欣．上市公司并购绩效评价研究．：[硕士学位论文]．新疆：新疆农业大学管理系，2001
[38] 成建梅，上市公司资产重组绩效评价．江西广播电视大学学报，2002年第一期，11-13
[39] 孙丽文．河北省大型企业集团发展中的问题分析及对策研究：[硕士学位论文]．天津：河北工业大学，2001
[40] 严莉．四川省上市公司资产重组分析：[硕士学位论文]．四川：西南财经大学，2000