【作者】 陈萍；

【导师】 刘德煌；

【作者基本信息】 厦门大学 ， 金融学， 2006， 硕士

【摘要】 从20世纪90年代初到现在,我国证券市场用了十几年的时间走过了发达国家上百年的历程。无论在市场容量、交易手段、监管规则,还是上市公司数量等方面,都有了长足的发展。随着改革的深入和经济的迅速发展,我国证券市场拥有巨大的发展空间,证券市场的基石——上市公司在中国经济增长中显示出其重要作用。目前尽管上市公司还存在着一定的问题,但是由于证券市场的激励和监督作用,我国上市公司已开始步入规范发展的境地,其盈利和绩效大大好于同类非上市公司。上市公司也不断借助证券市场这个平台,通过并购和重组方式进行产业结构调整,优化资源配置。基于以上的背景,本文从实际出发,分析我国上市公司重组的绩效、存在的问题和矛盾,为提高上市公司重组绩效提供依据。在分析方法上,本文采取规范分析与实证分析相结合的方法。在重视定性分析的同时,较多地采用图表数据做实证描述,并运用现代统计学方法进行验证。本文在数据收集中花费了大量的时间,在数据处理上反复计算多次,以求得比较客观的结论。因此本文不是简单地重复别人的结论或凭市场的感觉得出结论,而是脚踏实地地从具体数据的采集做起,按照一定的标准将样本进行分类,利用模型得出一般性结论。也许结论与现实还有不相吻合之处,但毕竟能从一个侧面反映上市公司重组的真实效果。本文在规范分析和实证分析结论的基础上,阐明了提高上市公司重组绩效的基本思路。本文分成六个章节,第一章是对资产重组的概念、具体形式和动因、以及我国资产重组的发展历程等进行概述;第二章回顾了国内外对资产重组绩效已有的研究;第三章介绍了研究数据的来源、样本选择和实证方法;第四章采取超常收益法检验资产重组是否给上市公司带来绩效、比较各类重组方式在各个不同区间的超常收益,并且使用公告效应和CAR(t t1, ?1)占CARt最高值的百分比两个指标检验重组中是否存在内幕交易,发现我国的资产重组中存在较严重的内幕交易;第五章研究了重组方式、是否关联交易和股权结构三个影响资产重组绩效的因更多还原

【Abstract】 From the 1990’s up until now,China’s stock market took the years to go through the whole hundred-year history of security market in the developed countries.This market increasingly develops in many aspects:market capacity,trade facility,supervisory regulation,listed company quantities,etc.China’s stock market is gaining more space to expand along with the deepening of reform policy and expenditious development of economy.The cornerstone of the market---listed companies play an increasingly important role in the economic boom in China.The listed companies,however,still have many troubles,they gradually come into a more regulated and standard environment due to market’s stimulant and supervision and gain more proceeds and success,compared with non-listed ones in the same communities.Simultaneously,the listed companies take many advantages of the platform of security market,to adjust the industrial structure and optimize the resource distribution,by M&A and restructuring.Take account of these backgrounds,this paper analyzes the performance of listed company asset restructure,existed problems,give optimized decision for the listed company.This paper comibine the standardization analysis and the empirical study..Along with quantitative analysis,this paper describe the subject with more chart data and introduce statistics to validate.I took much time to collect data for this paper and in order to show a comparatively impersonal conclusion,I calculated repeatedly when processing data.This paper is not retell the old viewpoint or make conclusion by market perception,but to get a general conclusion on the basis of collecting data,classifying the samples according to the standard.Although the difference existed between the conclusion and the reality,this paper shows us one side of the performance of listed company asset restructure.Drew a conclusion based on empirical study,this paper further discussed the reason that affects the asset restructure result of listed company.This paper contains six chapters.The firt chapter of this paper is to introduce the conception,forms and reasons of the asset restructuring,and give a summarization of the development of the asset restructuring in our country.The second chapter of this paper is to review the performance of the asset restructuring,there are two ways to更多还原