我国上市公司资产重组绩效的实证研究.docVIP

我国上市公司资产重组绩效的实证研究 - PAGE III - PAGE I 摘要 伴随着我国产业结构的调整，上市公司纷纷进行资产重组，并试图通过整合自身资源提高企业业绩。但资产重组是否真的能使业绩得到真正意义上的提升，目前人们对此并未达成共识。本文拟针对我国上市公司资产重组绩效及其制约因素展开相关研究，旨在合理地评价资产重组行为，从而为上市公司重组战略制定与执行提供指导，也为我国上市公司重组的相关实证研究提供一种新思路。 本文首先对已有的按资产重组绩效和影响绩效的因素两方面对国内外研究现状进行综述及分析；进而，阐明了本文的研究目的和意义，界定了本文的研究内容。 第二部分介绍了资产重组和绩效的相关理论，说明了资产重组范畴的界定及其重组方式。并定性分析了资产重组绩效及其影响因素 第三部分是本文的主体部分。首先，对资产重组绩效的实证研究进行了总体设计，包括研究假设、样本数据的选择和来源、绩效评价指标体系的构建、研究方法的选择。进而，从 2003 年发生重组的公司中选取了 342 家作为样本，采用描述性统计、因子分析及方差分析等多种统计方法对我国上市公司资产重组的绩效及其制约因素进行了实证分析及检验。实证结果表明：我国上市公司的资产重组行为对其绩效没有实质性提高；第一大股东变化和重组方式是影响并购绩效的主要因素，而关联方交易对绩效的影响不显著。 最后，针对研究结论并结合我国上市公司资产重组的实践，提出了相关的政策建议，并同时指出了本文研究的局限性。 关键词： 上市公司 资产重组 绩效 实证研究 Empirical Research on The Performance of Chinese Listed Companies Abstract With the adjustment of industrial structure in China，listed company carrie on the asset reorganization in succession in order to improve company performance by integrating own resources. There is no consistent opinion amon academic community about whether the performance can be improved by asse reorganization. This paper will study on the performance of asset reorganization and the restrict factor of listed companies in China. The purpose of this paper to properly evaluate the behavior of asset reorganization, so as to provide the direction on strategy making and performing. And, it provides a new way abou the similar empirical analysis. The paper could be divided into two parts，and the first is focused on basi theories. Above all, we will summarize and analyze the former research fruit according to the performance of asset reorganization and its affect factor Secondly, we clarify the motive and significance of this study and define its topi by analyzing the current internal and external situation of the performance o asset reorganization of listed companies. The second we introduce the theory bot the asset reorganization and performance of the theory; and we analyze the performance of asset reorganization and the restrict factors of it. The