摘要
市场经济条件下,如何通过资本积聚和资本集中获取竞争优势,以谋求可持续发展成为众多上市公司的首选战略目标。资产重组是调整经济产业结构,合理配置企业资源,盘活企业存量资产的有用工具,有利于调整产业结构,优化国民经济布局,在世界现代经济发展中起着相当重要的作用。在上市公司中,资产重组是企业求生存、求发展,扩张资产规模,实现资源有效配置的重要手段。剖析上市公司资产重组的动因和业绩评价是财务学科研究的重要课题,具有理论和现实意义。
本文以资产重组相关理论为基础,运用案例研究和规范研究相结合的方法系统阐述我国上市公司资产重组的现状,分析了我国上市公司资产重组的动因,并以长江电力股份有限公司资产重组为案例,深入剖析其资产重组的动因,并从会计指标和财务指标对其重组前后的绩效进行分析对比。从而得出研究结论:一是资产重组提升了公司的价值。二是资产重组放大了投资价值。三是资产重组对行业整合影响深远。上市公司重组过程中也存在着一些问题:一是关联方交易的问题。二是重组过程中信息披露不规范。三是存在地方行政壁垒,放大了逆向选择行为的效应本文的结构安排如下:第一章引言段,对本文的研究背景、研究意义、研究内容与方法及本文创新进行介绍;第二章主要对资产重组的理论基础进行介绍;第三章主要对国内上市公司资产重组现状的研究及动因分析。第四章是长江电力股份有限公司的案例分析。介绍了长江电力股份有限公司的基本情况,重组的业务流程,资产重组的动因,长江电力股份有限公司资产重组前后财务状况的对比分析,进行盈利能力,营运能力,偿债能力,发展能力的分析;长江电力股份有限公司重组后的对策。第五章是本文的主要结论与对策建议。
本文创新点主要体现在一是通过对长江电力股份有限公司财务状况的重组前后的对比,财务报表数据各项指标的分析使大家更加清晰的看到资产重组对于上市公司的深刻影响。二是文章使用了市盈率法和市净率法和均价估值法,分析了长江电力的投资价值,得出了结论:长江电力股份有限公司的股票价值目前被低估,周期越长,差距越大。资产重组给公司带来了较好的长期投资价值,持有的时间越长,投资的回报就越高。
关键词:资产重组;财务指标;长江电力
Abstract
Under the Market Economy circumstances, most of the public companies'priority is to figure out a way to obtain competitive advantages by capitalcentralization and capital concentration. Consequently, public companies are able todevelop sustainably. Capital reorganization is a valuable tool for a company to adjustthe economic structure, allocate sources and to liquidize the remnant assets.
Consequently, capital reorganization plays an important role in the world's economicdevelopment. Public company sees capital reorganization as an efficient way for thebusiness survival, resource allocation and assets expansion. Analyzing and explainingthe reasons of capital reorganization as well as the performance evaluation has boththeoretical and practical significance.
This research paper will serve the purpose of explaining the capitalreorganization situation for Chinese public companies. Moreover, the paper will alsoanalysis the reasons of the capital reorganization. In this paper, the Yangtze power co.
Ltd. is used as an example. We will observe the reasons of its capital reorganization,the reorganizing process and the analytical results of its accounting statistics and thefinancial statistics. As a result, it is accurate to say that the capital reorganizationprocess for the public companies is beneficial in terms of adjusting the industrialstructure, optimizing the economical layout, optimizing share structure, improving theinternal management mechanism, improving the quality of the public company, andpromoting a healthy long term development of our securities market.
Structure:Chapter 1: Introduction. The introduction will explains the researchbackground, research purposes, research processes, research methods and theinnovations of this paper. Chapter 2: Explaining the foundation definitions of thecapital recognition. Chapter 3: Analyzing the current situation of capitalreorganization for Chinese public companies, as well as the reasons of thereorganizations. Chapter 4: Analyzing the example of the Yangtze power co. Ltd,which includes the introduction to its general background information, capitalreorganization process, and the reasons of the reorganization, analysis of bothfinancial and accounting statistics before and after the reorganization. Moreover, thischapter will also analysis the Yangtze power co. Ltd.,s profitability, the ability tooperate, solvency,development capacity and the strategies they use after thereorganization. Chapter 5: This chapter concludes the research and providesreasonable suggestions to the audiences.
By contrasting the financial situationof Yangtze power co. Ltd before and afterthe capital reorganization, we are able to analyze its financial statistics and ratios inorder to help our audiences having a clear understanding about the effects that arecaused by the capital reorganization. This is also considered as an innovative way ofthis research paper.
Key words: capital reorganization; financial statistics; Yangtze power
目录
第一章 引言
一、研究背景与研究意义
二、研究思路和研究方法
三、研究内容和研究框架
四、研究创新点
第二章 理论基础与文献综述
—、理论基础
二、文献综述
第三章我国上市公司资产重组的制度背景与动因分析
一、资产重组的制度背景
二、资产重组的现状
三、资产重组的动因分析
第四章长江电力股份有限公司资产重组案例研究
—、案例简介
二、资产重组前后的财务指标对比分析
三、资产重组前后的会计指标对比分析
四、市场绩效分析
五、公司重组后的整合
第五章研究结论与政策建议
一、研究结论
二政策建议
参考文献
致谢
