【作者】 游成梅；

【导师】 李少华； 袁立；

【作者基本信息】 北京化工大学 ， 管理科学与工程， 2001， 硕士

【摘要】 资产重组近几年来一直是中国证券市场上的热门话题，自1993年上市公司资产重组出现，进入到1997年，资产重组更是如火如荼地开展起来，到2000年底资产重组达到1000多起，无论是资产重组的广度还是深度以及重组的方式创新方面都呈现出前所未有的局面。本文正是在这样的背景下探讨我国上市公司资产重组对企业价值产生的影响。 本文首先从不同的资产重组方式入手，讨论了各种重组方式对企业价值产生影响的结果——剥离分立突出了企业的主营业务、兼并收购使企业快速实现多角化经营、股权转让改变了公司不合理的股权结构、资产置换向上市公司注入了优良资产，总之不同的资产重组方式的合理使用，对提高企业价值都会产生积极的作用。然而资产重组并非灵丹妙药，如果不进行实质性的资产重组，只在报表性重组上做文章，终究会被证券市场淘汰出局。 无论上市公司采取何种重组方式，重组成败最终要体现在企业的财务指标上。于是本文进一步探讨了不同重组方式的共性分析方法，即通过观察重组前后有关会计指标的变化判断重组对企业产生的是正面影响或负面影响，文章最后应用财务指标方法对高校上市公司进行了实证分析，尤其对南开戈德重组对企业产生的影响进行了探讨。更多还原

【Abstract】 In recent years capital reform is always a hot topic in Chinese Securities Market. Since the appearance of quoted company capital reform in 1993, capital reform has developed like a raging fire in 1997 and the amount of capital reform has been about 1000 by the end of 2000. Not only the width but also the depth of capital reform and the mode of it are unprecedented. The paper discusses the effects by Chinese quoted company capital reform on enterprises’ values in such background.Firstly, it discusses the results by many kinds of capital reform modes. For example, desquamation schism stands out the main businesses of enterprises, merger purchase realizes polygonization manage, stock transfer changes the unreasonable structure of stock ownership in enterprises, capital displace immits fine capital to quoted company. In one word, rational operation of different modes of capital reform will produce active effects to the increase of enterprises’ values. But capital reform is not tanacea. If the capital reform is not in essential, the enterprises will be washed out of the securities market.No matter which mode quoted company uses, the result of capital reform will be reflected in the financial index. Therefore this paper discusses the common analytical method of different capital reform modes. That is to estimate the influence by observing the change of accounting index. In the end of this paper it discusses such common analytical method by an example of NanKai WuDe capital reform.更多还原