【作者】 金桩；

【导师】 黄泽民；

【作者基本信息】 华东师范大学 ， 世界经济， 2004， 博士

【摘要】 作为企业资源重新配置的一种手段，上市公司资产重组一直是我国证券市场乃至整个国民经济中值得关注的事项。自深圳证券交易所成立以来的12年中，我国上市公司资产重组经历了一个从无到有、从小到大、从不规范到规范的发展历程。目前，我国上市公司资产重组无论是重组次数还是交易金额都已经达到了相当规模。作为在我国特殊的转轨经济背景下产生的经济行为，上市公司资产重组究竟有没有给参与人及社会带来效益?效益的大小又受到哪些因素的影响?对这些问题的回答关系到企业今后资产重组行为模式的选择，也将为我国相关政策的制定提供参考。 本文从资产重组绩效的理论、实证和制度分析三个层面，对我国上市公司资产重组绩效现状、影响因素及其制度根源作了较深入的探讨。文章共分六章。 第一章为导论。主要包括对资产重组定义及分类的探讨、对我国上市公司资产重组现状的描述以及对上市公司资产重组绩效实证研究的述评等。 第二章主要探讨了资产重组绩效研究的理论基础。本章首先总结出资产重组绩效的理论研究框架，并在此基础上，分别对新古典理论、交易成本理论、委托——代理理论以及协同效应理论分别作了理论和应用分析。 第三章从产业结构调整和公司治理改善两个方面探讨我国上市公司资产重组的特殊功能意义，并从融资地位、控制权收益和政府意图等三个方面着重探讨了我国上市公司资产重组的特殊目的。 第四章分别采用事件收益分析法、基于因子分析的综合财务分析法和灰色关联度分析法对我国上市公司资产重组的绩效做了综合研究。 第五章分别对资产重组的四种主要方式，即股权转让、收购兼并、资产置换和资产剥离与所拥有股权的出售绩效做了实证研究。此外，本文还对我国上市公司资产重组的两种创新方式，国有股回购和换股合并做了实证研究。 第六章主要利用新制度经济学的方法，从产权制度、法律环境、信息披露和政府行为四个方面对上市公司资产重组的制度环境做了深入分析，并得出我国现存的制度环境是影响重姐绩效的根本原因的结论。 本文得出的主要结论是: 1.目前我国上市公司资产重组的绩效是低下的。事件收益分析和综合财务分析均得出，我国上市公司资产重组只产生了非常短期的绩效。同时笔者发现不同的重组方式之间，重组绩效存在较明显的差异。 2.我国特殊的制度环境中，有关资产重组活动参与人的目标异化和行为扭曲是导致上市公司资产重组绩效低下的根本原因。 3.本文的政策建议是，尽快完善有关资产重组的法律法规，纠正现存不合理的制度安排，并对上市公司资产重组的不同方式采取分类引导和规制，使上市公司资产重组活动在规范中健康发展。更多还原

【Abstract】 As a method of resource reallocating, the asset restructuring of listed companies is worth concerning on the securities market and national economy. Since Shenzhen securities exchange was founded, the listed companies made an uncommon developing road in the past 12 years. After 12-year developing listed companies reach a certain scale in restructuring times and trading quantities. Whether asset-restructuring actions, which emerge in this background from planned-economy to market-economy, benefit the society, players and what factors affect its scale are relative to the model of next asset restructuring and show the directions of working out policies.The thesis analyst the performance conditions, influence factors and institution causes of asset restructuring from three aspects, the performance theory, positive and institution. It is composed of five chapters and introduction.The first chapter is introduction.Firstly the author states the conception, sorts and present conditions of asset restructuring and the positive researching review of asset-restructuring performance. In the last part of the introduction the author illuminates the research method, significance of asset restructuring simply. Concerning the content of asset restructuring is very abroad and the research is very much, the author introduces it detailedly.The second chapter discusses the theoretical basis of asset-restructuring performance research. The first section summarizes the theoretical research abstract of asset-restructuring performance. Other sections introduce the explanation about asset restructuring of neoclassic theory, transaction cost theory, coordinated effect theory and the theory of principal and agent.The third chapter discuses the special function of asset restructuring of listed companies from two way aspects, industrial structuring modification adjusting and management structure of company. This chapter also discuses the special purpose of asset restructuring of listed companies from financing station, control right earning andgovernment intention.The forth chapter makes an integrating analysis about the asset-restructuring performance of listed company by event study analysis, comprehensive financial analysis based on factor analysis and gray relative analysis.The fifth chapter makes a positive research about four modes of asset -restructuring performance, ownership transfer, purchase and mergers, integral and divestiture assets and equity sale. This chapter also makes a positive analysis about state shares’ repurchase and exchanging share merger.The sixth chapter analyses the institutional environment of asset restructuring of listed companies from property right, legal conditions, and information disclosure and government actions. Well, the conclusion is that the present institutional environment is the main cause, which affects the performance of listed companies.The conclusions from this thesis is:1. The asset-restructuring performance of listed companies is bad. The event study analysis and comprehensive financial analysis conclude that the asset restructuring of listed company only get very short-term performance. Further more different ways of asset restructuring make distinct difference in the performance.2. At the special present condition, the players who carry out the asset-restructuring actions dissimilate their objective and distort their behavior. This is the essential reason that causes the bad performance.3.The suggestion is that we should amend the correlative law, rules and regulations, correct the illogical institution and lead classifiably the different ways of asset restructuring. So the asset-restructuring action of listed company can develop well.更多还原