【作者】 周子剑；

【导师】 朱文生；

【作者基本信息】 江西财经大学 ， 会计学， 2002， 硕士

【摘要】 资产重组在西方证券市场上已有一百多年的历史了，在我国的兴起才仅仅十多年的时间。但是，资产重组在我国的发展却是惊人的，特别是近几年在证券市场上资产重组更是愈演愈烈。这是建立社会主义市场经济，解决国企问题的必然结果。党的十五大提出了支持企业和企业集团进行资产重组，鼓励大企业间的强强联合，“抓大放小”的战略决策。本文也就是站在这个现实问题的基础之上，结合宏观与微观两方面来阐述我国的资产重组的问题。为此，本文分为四个部分来论述。 第一章是总论篇，对资产重组作了基本概述。资产重组是眼下经济生活中的热门话题。但是，什么是资产重组?资产重组的理论基础是什么?这些问题却不是大家都十分清楚的。因此本文首先简要介绍了企业资产的概念，指出资产不仅包括企业会计账目意义上的资产，而且包括企业一切可以利用并能带来收益的资源总和，包括物质资源、人力资源和组织资源。并在此基础上引入了资产重组的概念，指出资产重组是企业物质资源、人力资源和组织资源的重新配置和调整。并对资本经营和资产重组、重组失败和虚假重组两对概念作了辨析。其次，按照不同的分类标准，资产重组可以作不同分类。例如：政府主导型资产重组、市场主导型资产重组和政府与市场结合型资产重组，生产经营性重组、资本经营性重组、生产经营与资本经营混合性重组和体制变革性重组，上市前的资产重组和上市后的资产重组等等。最后，分析了资产重组的理论基石。指出资产重组的理论基础是产权理论，通过对产权概念和特征的分析，深入阐述了产权理论的内容，并由此得出资产重组的实质就是产权的流动。 第二章是宏观篇，从宏观角度阐述资产重组对我国经济改革的现实意义。我国经济体制的改革历经20年进程，已经取得显著成效。但是随着改革的步步深入，一些深层次的矛盾和问题也日渐突出，特别是国有经济和国有企业面临着十分严峻的形势。而解决所有这些问题的战略思路都又一个共同的指向——推进大规模资产重组。因而在这一章，笔者从宏观三个不同的角度(产业结构、企业产权结构、国有经济和国有企业改制脱困)来阐述实施资产重组的重要意义。首先，资产重组是政府实施产业政策的工具之一。产业发展中的资产重组是产业关系不断地分化或整合，使传统的、功能残缺的区域性产业关系逐步溶入广泛的产业社会化体系和国际分工体系的过程。通过资产重组，推动产业升级与结构转换，促进资源优化配置。其次，我国国有企业的产权结构有其特殊性：所有权结构单一化，公有成分比总过大。国有企业债务日益沉重，经济效益持续下降。而通过资产重组可以促进产权结构多元化，优化产权结构。可以优化资产负债结构，降低负债比例。最后，国有企业缺乏经营自主权，生产经营效益低下等等是因为未能建立起符合市场机制的现代企业制度。国有企业改革是把建立现代企业制度与实施战略性调整和改组两者结合起来进行的，或者说，在微观层次上要建立企业现代制度，八宏观层次卜要推进囚有企业的战略性调整和改组。资产重组是一种有效的方式：通过国有企业存量资产的流动、重绷高活中小企业。通过兼井、收购等方式，实现强强联合，组建企业集团，实现国有企业组织结构的战略性调整。通过资产重组，i）Q节存量资产，提高企业资产质量，实现国有企业脱困的目标。 第三章和第四章是微观篇，这两章把资产重组的视角从宏观面转向到微观面。从我囚宏观角度来看，进行大规模的资产重组有其必要性和迫切性，但作为微观企业，如果没有利益上的动机，要进行大规模的资产重组也是不可能的。所以，第三章首先就分析了上市公司资产重组的原因：（）追求协同效应，包括经营协同效应和财务协同效应。（2）追求企业发展，有效地突破了进入新行业的壁垒，减少企业发展的风险和成本。（）实现企业发展战略目标。（4）寻求分离价值。（5）扭了增盈，获得配股资格。（6）体现政府意图。资产重组中，如何运用一定的形式通过调整资源存量来实现资源优化配置，是一项技术要求很高的工作。因而，现实中上市公司的资产重组的方式是多种多样的，它包括企业并购、托管经营、买壳、借壳上市、企业收缩和资产置换。在第三章的最后，详细阐述了我国上市公司资产重组的现状：（l）“报表重组”（虚假重组）仍然严重，但实质性重组也逐渐增多。（2）地方政府或主皆部门的作用不可替代。（）多种重组形式并举，各显特色。（4）中介机构成为上市公司重组的得力帮手。（5）重组环境今非昔比。 第四章是在第三章的基础上继续分析上市公司资产重组问题。第二章中已经详细阐述了资产重组对我国国有经济和国有企业的重要意义，说明了资产重组的必要性和迫切性。而在第三章分析现实中上市公司资产重组行为时，不难发现一部分上市公司是实实在在的进行资产重组，而有一部分上市公司只是借资产重组之名进行虚假重组。显然，后者与我国推行大规模资产重组的经济政策是相违背的。那么，是什么原因造成上市公司资产重组的两种不同结果？从中应该吸取什更多还原

【Abstract】 Asset reorganization’s booming is no more than ten years in China, which have already had the history of hundreds of years on the western stock market. However, its tempo is surprising, especially in recently yeas, and it’s the inevitable outcome of establishing the socialism market economy and solving the state-owned enterprises (SOEs)’problem. The 15th CPC National Congress proposed the strategic policy of supporting enterprise and enterprise group’s asset restructuring and encouraging large enterprises’ strong-strong union and managing well large enterprises while adopting a flexible policy toward small ones. This article discussed asset reorganization’s problem based on this realistic problem, combining macro-point and micro-point view. Thus, the article consists of five parts.Chapter 1 introduces asset reorganization generally. Asset reorganization is now fashionable in the economic circles. However, what is asset reorganization? What’s the theoretic basis of asset reorganization? These problems cited above remain uncertain. The chapter gives a presentation of enterprise’s asset simply at first. Not only the asset includes enterprise’s fiscal resources, but also it includes all resources that could be used and profitable including material resources, manpower resources and structure resources. Then concept of asset reorganization is introduced which is rearranged and readjusted of material resources, manpower resources and structure resources. Chapter 1 distinguishes the definition between asset reorganization and capital reorganization, failure of reorganization and ostensible reorganization. Asset reorganization can be classified different classification according to the different classification standard, such as governmental guiding asset reorganization, market guiding asset reorganization, mixture of government and market guiding asset reorganization, production management asset reorganization, capital management asset reorganization, mixture of production and capital management asset reorganization and system renovating asset reorganization, asset reorganization before listed and asset reorganization after listed, ect. At last, chapter 1 analyses the theoretic basis of asset reorganization and points out that its theoretic basis is property rights theory. After analyzing the property rights theory’s concept and character, chapter 1 points out that essential of asset reorganization is liquid of property rights.Chapter 2 is macro-scope which expounds the asset reorganization’s realistic signification to Chinese economy reform. The economy system reform that has twentyyeas’ history has been acquired notable effect. However, with deepening of reform, some deep-rooted contradictions and all the problems have emerged, especially state-owned economy and state-owned enterprises facing fierce situation, pushing forward strategic restructure of SOEs is one of resolvent to all problems. In this chapter, the significance of asset reorganization is expounded from three macro-points of view. At first, asset reorganization is one of industry policy tools carried out by government. Asset reorganization in industry development is a process that industries’ relationship constantly divided or integrated turns traditional, function fragmentary, regional industries’ relationship into far-ranging, international industry system. Asset reorganization pushes forward industries’ upgrading and its structure’s transforming, boosts resources’ rearranging. Secondly, SOEs’ property rights structure has its distinctiveness, rights of ownership has a simplified structure and state-owned rights of ownership holds a majority of proportion. SOEs are heavily in debt and their economic returns are dropping. Asset reorganization turns SOEs’ simplified structure of rights of ownership into multi-structure and optimizes their liability structure. At last, SOEs’ operation lacks right of independence and their economic returns are dropping. The reason of above problems is not establishing modern corporate systems according to market更多还原