【作者】 张艳；

【导师】 李书锋；

【作者基本信息】 湖南大学 ， 会计学， 2005， 硕士

【摘要】 资产重组是企业资本经营的核心内容，也一直是各国证券市场理论与实践的热点。在过去的30年里，世界各国经济和金融学家对上市公司并购重组进行了广泛而深入的研究，其核心问题之一就是并购重组能否为上市公司创造价值。近几年，我国上市公司的资产重组活动层出不穷。这些资产重组是否真的改善了上市公司的业绩，有哪些因素会影响到资产重组的绩效，受到了理论界和实务界的普遍关注。因此，有效地评价我国上市公司资产重组的绩效，找到其主要影响因素，进而采取有效措施来提高我国上市公司资产重组的整体绩效，具有重要的理论和现实意义。 在对国内外相关文献进行回顾的基础上，本文分别运用数据包络分析和多元回归分析的方法，对我国上市公司资产重组活动的经营绩效及其影响因素进行实证研究，得出的结论主要有：资产重组总体上能够带来上市公司经营业绩的提高，从各种不同重组方式的绩效情况来看，重组绩效最好的是资产剥离类型，最差的是资产置换类型，收购兼并与股权转让两种类型的居中；重组类型、股权结构、重组规模、重组前总资产和行业这几个因素能对重组绩效产生显著的影响，而重组次数对重组绩效不存在显著的影响。最后，本文根据实证研究的结论，针对如何提高上市公司资产重组的绩效提出了建议，以期为我国上市公司资产重组的决策者和监管部门提供参考。 本文的创新之处主要有：(1)运用数据包络分析方法求出稳定性指标，使用我国上市公司1996年—2003年年报中披露的财务数据，来考察我国上市公司1999年与2000年所发生的资产重组事项的经营绩效。(2)在运用数据包络分析方法时，选用更加合理的输入输出指标；(3)采用多元回归的方法进一步分析了影响资产重组经营绩效大小的主要因素。更多还原

【Abstract】 Corporate restructuring is so important that it is not only the core of corporation’s capital operations but also the focus of security market’s theory and practice. In the past thirty years, economists all over the world have studied corporate restructuring of listed companies widely and deeply. And one of the core issues is whether corporate restructuring can create value for listed companies or not. In recent years, corporate restructuring emerges one by one in Chinese security market. Whether corporate restructuring really improves performance of Chinese listed companies and which factors affect corporate restructuring performance attract the attention of academics and practitioners. So it is meaningful to effectively evaluate the operating performance of corporate restructuring, find out main factors which affect it and take measures to improve the operating performance of corporate restructuring for Chinese listed companies.After reviewing the research fruits of the domestic and the international, the thesis analyzes the operating performance of Chinese listed companies and its influencing factors through data envelopment analysis method and multiple regression analysis method. The main conclusions are drawn as follows: The corporate restructuring can improve the companies’ operating performance as a whole. Analyzing from the effects of the four types of corporate restructuring, divestiture achieves best operating performance, asset exchanges achieves worst one, and M&A and ownership right transference achieves medium one. Restructuring type, structure of ownership right, restructuring scale, the total assets before restructuring and trade type have significant effects on the operating performance of corporate restructuring. Finally, based on the conclusion from empirical study, this thesis makes some suggestions about how the operating performance of corporate restructuring for listed companies can be improved, and it can be referred by decision-makers and supervision departments of listed companies in our country.The innovations of the thesis include: (1) with data from annual reports of listed companies between 1996 and 2003, we apply data envelopment analysis method to get stable index to analyze the operating performance of corporate restructuring which happened in 1999 and 2000 among Chinese listed companies; (2) we choose more suitable input indexes and output indexes when applying data envelopment analysis method; and (3) we adopt multiple regression analysis method to take further study ofthe main factors to affect the operating performance of corporate restructuring.更多还原