我国信息技术类上市公司资产剥离研究

【作者】 邓勇；

【导师】 赵德武；

【作者基本信息】 西南财经大学 ， 会计学， 2003， 硕士

【摘要】 资本运营是企业重组的主要表现形式，它通过对企业的资本及由此带来的各类资源进行重新组合配置，使企业从运营形态到组织结构等各方面发生深刻变革,以提高企业的经营水平和竞争力。在国外成熟的市场经济国家，企业资本运营主要从两个方向展开：一是扩张，如收购、兼并、托管等；二就是紧缩，如资产剥离、分立、分拆上市、股份回购等。扩张和收缩处于同等重要的位置，是公司最高决策者进行资本运营的左右手。"有所为，有所不为"这一中国传统哲学理念在国内外企业的资本运营中表现得淋漓尽致。但我们注意到，在过去的一段时间里，国内在研究资本运营时，更多的是讨论收购和兼并。这背后存在着相应的历史原因和认识误区。在过去，中国企业只注重产品经营，而忽略了资本经营。在产品经营方式下，小规模的重复生产给企业造成生产成本高居不下、经营模式单一以及市场风险难以分散等弊端，最终也使得企业竞争力不强。这种局面随着90年代初资本运营在我国的开始运用被打破。特别是党的十五届四中全会作出了《中共中央关于国有企业改革和发展若干重大问题的决定》之后，扩张型的资本运营对于各家企业来说更是耳熟能详和推崇倍至。相反，人们对紧缩型的资本经营就相当的陌生。另外，某些中国企业只懂得扩张，不懂或者厌恶主动收缩。 在认识上，它们都把"进入X X强"作为企业的终极目标，都在利用一切机会进行扩张。这种现象的背后有很多深层次的体制原因。譬如某些国有企业对规模的重视甚于效益，又譬如政府为了社会稳定或其它政治目的通过行政力量实施联姻政策等。这种类型的资本扩张往往失败，因为它忽视了资本的逐利属性。伴随着经济体制改革，特别是企业改制上市，经济业绩对企业经营行为的指导作用日益突出。证券市场是资源配置的场所，公司规模的大小并不能决定资本的流向，财务业绩优秀的企业才是资本追逐的对象。在这种理性的评判标准下，国内企业认识到任何有利于提高企<WP=3>业经营效益的资本营运都可以被企业运用。于是，一些企业开始尝试紧缩型的资本运营。本文所探讨的资产剥离就是公司紧缩的一种重要方式。伴随IT泡沫的破灭，国内信息技术类上市公司的经营状况在2001年出现了困难。于是不少上市公司采用了资产剥离的资本运作手段，试图通过资产结构的调整、企业资源的整合以及主营业务的加强来摆脱经营困境。本文以我国信息技术类上市公司为对象，采用规范研究与实证研究相结合的方法，在一般考察资产剥离基本理论的基础上着重对信息技术类上市公司资产剥离交易过程中的一些重大问题以及资产剥离绩效问题进行了比较系统深入的研究，这对于规范信息技术类上市公司资产剥离行为，正确评价资产剥离绩效，促进资本市场的发展具有重要的理论意义与现实意义。本文由四个部分组成。第一部分是引言。首先，本文描述了2001年国际国内形势的变化对信息产业的不利影响。简单来说，就是西方信息技术类企业利润大幅缩水，股价低迷；中国信息技术类企业增速放缓，价格竞争导致企业盈利能力下降；WTO的来临使得国内企业面临严峻挑战，发展前景不确定性增大。而后，本文简要回顾了国内外就资产剥离及其相关方面的研究成果。譬如剥离与并购关系、剥离的二级市场效应、剥离的经营绩效以及与剥离研究有关的报表粉饰行为和上市公司的盈利质量等。本文特别关注我国信息技术类上市公司在资产剥离时，是否存在报表粉饰的情况。最后，本部分又说明了研究方法和研究思路。本文既运用了传统的规范研究方法，譬如阐述资产剥离理论等，又结合信息技术类上市公司的资产剥离进行了实证研究。这样就使得本文做到了理论和实践的有机结合，更具说服力。第二部分是资产剥离的理论分析。在比较资产剥离和公司紧缩的其他类型（包括公司分立、分拆上市、股份回购、定向股和自愿清算）基础上，本文概括了资产剥离的五个特征。即资产剥离是最简捷的公司紧缩手段，不涉及到公司股本的变动；资产剥离的对象广泛；资产剥离的会计处理最为简便；资产剥离可以直接获得现金或等量证券收<WP=4>入；资产剥离的方式很灵活，可以向公司外的机构或个人出售，也可以向公司的管理层或员工出售。而后，作者论述了资产剥离和资产并购之间存在的联系，说明两者是统一而不是对立的关系。在辨明相关概念之后，本文结合我国资产剥离的实际情况，深入地分析了资产剥离的五种经济动机。其中，明晰主业是经常被提及的经济动机。最后，利用前沿的管理学原理——企业核心竞争力理论将资产剥离提高到了一个较高理论层次。第三部分是信息技术类上市公司资产剥离的交易过程。我们讨论了资产剥离公司的上市时间、资产剥离交易双方的关联性、资产剥离公告的时间、资产剥离定价以及资产剥离的披露。本文发现，1996年上市公司的质量普遍较低。另外，资产剥离往往发生在年中和年末左右。在分析现状的基础上，本文对资产剥离的定价和披露提出了一些改进意见。最后一部分研究了我国信息技术类上市公司资产剥离的绩效。绩效具体包括二级市场的绩效和企业财务绩效两部分。在运用实证研究的基础上，本文得出了相应的研究结论。即资产剥离能使?更多还原

【Abstract】 The main form of enterprise restructuring is capital operation,,which can improve management and compititive capability through reallocation of capital and kinds of resources and reshaping of operational form and organizational structure. In foreign market economy, capital operation for an enterprise includes two kinds. One is expansionary style such as M&A( merger and acquisition),the other is concentrated style such as divestiture,spin-off,equity carve-out,stock repurchase and etc.The concentrated restructuring is as important to the management decision- making as the expansionary one. However, M&A was discussed quite more than concentrated capital operation in the past. The reason lies in some historical background and false idea. In the past,we emphasize productive operation rather than capital operation. The result of this operational model is the lack of compitition because the small-scale and reduntant production lead to high manufacturing cost ,simplex operational model and undiversified market risk. This situation was changed with the application of capital operation in early 1990’s.Especially after the CPC Central Committee made decision on the reform and development of state-owned enterprise at the 4th plenary Session of the 15th CPC central committee,the capital operation of expansionary kind came to be more and more popular. However,people aren’t familiar with the concentrated operation and even detest it.In their minds,they take every opportunity to expand in order to be gigantic.The reason for this phenomenon is our social system.Some state-owned enterprises prefer scale to profit and some are required to merge for the<WP=6>social stablity and other political concerns.This kind of expansion is bound to fail because it ignores that capital only goes where profit can be made. With the economic reform and listing of enterprise,profit begins to play an increasingly important role in guiding operation of enterprise.Securities market is a place of resource allocation where enterprise with excellent financial result rather than mass-scale is highly regarded.For this criteria,domestic enterprises realize they should employ whatever capital operation including concentrated strategy if it can improve financial position.Divestiture is an important form of concentration.With the explosion of IT bubble,it is more and more difficult for domestic IT company to survive.So, listed IT corporations adopt divestiture in order to get out of difficulty. All the listed IT corporations which ever adopted divestiture in 2001 are the objects of my paper. We focus the course and economic function of divestiture as well as its basic theory by incorporating positive and normative reseach methods.I hope my reseach can provide some theoretical and practical guidances for the standardization of corporation behavior ,evaluation of economic function of divestiture and the development of capital market.This paper has four parts.The first part is introduction.First of all,we describe the negative impact upon the IT industry for the change of international and domestic situation.Simply speaking,foreign IT enterprises suffer abruptly reduced profit and low share price;chinese IT enterprises get their development slowed and their operating results become bad because of extreme competition;the prospect of chinese enterprises become unpredicable with accession of WTO.Later,this paper makes a retrospection on the past research achievements related to divestiture.See,the relationship between divestiture and M&A,the response of secondary market on divestiture,the economic function of divestiture and earning management of listed corporation.In the end,we mention our reseach logic and methodology. Both<WP=7>positive method and normative one are adopted in this paper.Thus this paper becomes more persuasive by incorporating practice with theory.The second part is the theoretical analysis on divestiture.The five features of divestiture are summarized after comparison between divestiture and the other forms of concentr更多还原