家族企业资产剥离的动因及经济后果研究

【作者】 刘琳；

【导师】 宋云玲；

【作者基本信息】 内蒙古大学 ， 会计， 2021， 硕士

【副题名】以好想你出售百草味为例

【摘要】 近些年,特别是2008年国际金融陷入危机后,我国资产剥离的案件明显增多,对于资产剥离的研究也逐渐丰富起来。本文重点对于好想你出售百草味这一独特的资产剥离案例的动因与经济后果展开分析讨论。本文秉承理论联系实践的原则,将从典型案例为切入点,以该企业为主体探究家族企业资产剥离的动因及经济后果。在对案例的动因研究时,分别基于哈佛分析框架、归核化理论以及壳资源视角进行相关分析。在对案例的经济后果研究时,分别用事件研究法、EVA评价体系以及潜在风险研究对其展开分析叙述。通过全面系统地分析,本文得出如下结论:首先,公司的管理层可能出于自利性归因,将事件发生的真正动因隐藏起来,而选择公布对于自己有利的动因。其次,资产剥离的动因不只有解决财务困境,进行归核化战略调整等容易看出来的,还可能在为清壳做准备,并且大股东掏空行为也可能存在于非关联方交易中。最后,上市公司的短视行为,尽管进行了自利性归因,仍然很难得到市场的认可,就算会产生一定积极作用,但并不持久,甚至可能增加潜在风险。以上研究成果,可作为上市公司、投资者以及监管者研究资产剥离时的参考依据,为分析动因和预测后果提供方法,从而有助于其做出正确的选择。更多还原

【Abstract】 In recent years,especially after the international financial crisis in 2008,the cases of divestiture of assets in China have increased significantly,and researches on divestiture are also gradually enriched.This paper focuses on the analysis and discussion on the reasons and economic consequences of the unique divestiture case of Bai Caowei.This paper,based on the principle of combing theory and practice,will explore the causes and economic consequence of divestiture case of family-owned enterprises from typical cases.In the research of the motivation of cases,Harvard analysis framework,the theory of normalization and the perspective of shell resources are used to analyze.In the study of economic consequences of cases,the event study method,EVA evaluation system and potential risk research are used to analyze and describe it.Through a comprehensive and systematic analysis,the paper concludes that:firstly,the management of the company may hide the real cause of the event due to self-interest attribution,and choose to publish the favorable motivation.Secondly,the motivation of asset divestiture is not only easy to observe,such as solving financial difficulties and carrying out refocusing strategy adjustment,but also to prepare for the shell clearing,and the tunneling behavior of large shareholders may also exist in the non related transactions.Finally,the short-sighted behavior of listed companies,despite the self-interest attribution,is still difficult to be recognized by the market,even if it will have a certain positive effect,it is not lasting,or even increase potential risks.The above research results can be used as a reference for listed companies,investors and regulators to study divestiture,and provide a method to analyze the causes and predict the consequences,so as to help them make the right choice.更多还原