文档介绍：CHANGZHOU INSTITUTE OF TECHNOLOGY
毕业论文
题目:ST公司资产重组绩效研究
二级学院(直属学部): 延陵学院
专业: 财务管理
班级: 08财Y2
学生姓名: 虞臻琦
学号: 08122736
指导教师姓名:梁俊平
职称: 副教授
评阅教师姓名:
职称:
年月
摘要
资产重组是企业资本经营的核心内容,也一直是各国证券市场研究的热点。在过去的几十年里,各国学者对上市公司并购重组进行了广泛而深入的研究。伴随着我国产业结构的调整,很多上市公司试图通过资产重组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。因此,研究中国企业重组问题有着极其重要的现实意义和理论价值。
本文以研究ST公司资产重组绩效为主题。首先介绍了本文的研究背景,综述了国内外关于公司重组绩效和财务困境方面的研究成果。其次分析了资产重组效应及动因,并对特别处理制度进行了详细的介绍,并在理论综述的基础上,对全部22个样本重组前一年、重组当年和重组后两年的8个财务指标考察,并采用建立市场模型的事件研究法,考察近年ST公司重组的绩效情况,验证ST公司不同重组方式、所属行业、被ST时已上市时间等因素对重组绩效的影响。最后,根据实证研究结果提出了政策建议。
关键词:ST公司资产重组绩效累计超常收益(CAR)
The research on panys’ assets anization performance
Abstraet
Assets anization is the core content of the enterprise capital management, has also been is the world of the theoretical study of the securities market hot spot. In the past few decades, countries of scholars to be listed merger and acquisition restructuring made extensive and in-depth research. Along with our country the readjustment of industrial structure, panies have conducted assets anization, and try to improve their own resources through the integration of enterprise performance. But the assets anization will really make performance get real ascension, at present people to it has not reached a consensus. Therefore, the research on the enterprise restructuring problem plays an extremely important realistic meaning and theoretical significance.
This paper studies the assets anization in ST performance of the theme, points to a theme to this section. This paper firstly introduces the research background, at home and abroad was reviewed about corporate restructuring performance and financial difficulties. From pany restructuring of the development and the present situation of the research put forward in this paper, the research content and significance of research; Secondly analyzes the assets anization effect and causes, and the special treatment system in detail; And in theory on the basis of the review of all