【作者】 芮鹏；

【导师】 梁杰；

【作者基本信息】 沈阳工业大学 ， 会计学， 2007， 硕士

【摘要】 近年来，我国上市公司的关联方资产重组活动正以惊人的速度发展，备受市场各方所关注。目前国内对关联方资产重组的研究大部分以理论探讨和案例分析为主，定量研究较少，且主要集中于1997—2000年间的上市公司。在2000年以后证券市场监管力度进一步加大、新的会计准则和制度对关联方资产重组活动的规范日趋严格的情况下，上市公司的关联方资产重组是否表现出与以往不同的特点，重组是否能真正改善上市公司的业绩，特别是关联方资产重组各类型的绩效如何，是人们比较关注的热点问题。开展这些问题的研究，对于规范和指导我国上市公司关联方资产重组具有重要的意义。本文以关联方资产重组是否提高了上市公司的财务业绩为主线，从理论分析和实证检验的角度上进行了研究，在参阅了大量国内外文献和对我国上市公司关联方资产重组活动特征和发展现状分析的基础上，重点对上市公司关联方资产重组类型的财务绩效进行实证研究。在理论分析部分，本文先对关联方资产重组的概念和类型进行介绍，然后从政策法规角度对关联方资产重组进行分析，着重研究在政策法规变化后我国关联方资产重组的现状。在实证研究部分，本文采用财务分析法来构建业绩评价综合得分模型，以2003年完成关联方资产重组的89家上市公司为样本，从上市公司重组前后经营业绩的角度出发，对上市公司关联方资产重组类型的财务绩效进行实证研究。实证检验结果表明：不同关联方资产重组类型的财务绩效改善情况不尽相同。总体上看，收购兼并和资产置换类型的上市公司在资产重组后财务绩效改善明显好于资产剥离和股权转让类型的上市公司。论文的最后部分对全文进行总结，并指出本文研究的局限性。更多还原

【Abstract】 In recent years, corporate restructuring activities between listed companies and their related parties in China are increasing rapidly, and have arose the focus of every people in the stock market. Quantitative researches on corporate restructurings in China are not so many as qualitative researches and the analyse of the cases, which focus on the listed companies during 1997 to 2000. This thesis is to find out the diffent characteristics of corporate restructuring under the background of strengthened supervision and improved accounting standards after 2000, restructuring whether improve financial effect of the list company and financial effect of different methods of corporate restructuring between the list companies and their related parties, are the emphases of the problem which people focus on, which have the important signification on guiding corporate restructuring between the list companies and their related parties.The thesis studies which the list companies improve the financial effect after the corporate restructuring from the theory and the demonstration research. On the basis of the summary to theories and the demonstration researches to the performance of corporate restructuring home and overseas and the analysis to the traits and developing tendency of Chinese asset restructuring between listed companies and their related parties, the thesis makes demonstration research on the financial effect.In the part of theory analysis, the thesis introduces the define of corporate restructuring in china and classifies corporate restructuring between listed companies and their related parties. Then analyze it from rule of law, and introduces the current instance,the emphases of research in the actuality of corporate restructuring between their related parties in China after the transformation of the policy.In the part of demonstration, the thesis use financial analysis to look into 89 restructuring cases happened in 2003 in Shanghai and Shenzhen stock market from the angle of operating performance before and after the listed companies’ restructuring. The positive research shows that, the improvement of the financial effect is different in light of different restructuring methods. As a whole, after corporate restructuring of the listed companies, the metheds of M&A and asset exchange are good at the metheds of asset divestiture and ownership right transference. In the last section, the author summarizes the whole thesis, and points out the limitation.更多还原