-I- 摘要 资产重组是通过资源重新配置，将资源进行合理划分和结构调整，通过合并、 分立等其他方式，重新组合和配置。随着我国资本市场交易活动得日益频繁，资 产重组已成为实现企业战略的重要手段，但在实践过程中，由于业绩承诺等无法 达到预期的效果，会导致上市公司股价和业绩产生波动，从而影响利益相关者的 利益。因此如何通过资产重组达到整合的目的，以及如何提升资产重组的效益是 本文的研究动因。 本文选取了JD公司作为研究对象，以资产重组的相关理论为基础，结合公 司实际的实施过程，在分析资产重组绩效的目标和影响因素基础上，通过绩效评 价方法的选择、绩效评价指标的计算及对结果的分析，最终对公司重组绩效进行 了整体评价。评价结果将为公司未来战略规划以及后续重组的实施提供了一定的 参考。总体上看，JD公司资产重组后实现了短期内的股价超额收益率及累计超 额收益率整体均呈现出显著上升，中长期结果显示资产重组在一定程度上改善了 经营业绩，发挥了资源整合规模效应，实现了盈利能力的提升。 结合JD公司资产重组的过程与绩效评价分析，本文对行业内公司资产重组 提出了优化建议以期为今后企业资产重组业务更好开展提供参考。 关键词：资产重组；事件分析；财务指标评价；重组绩效 Abstract -III- Abstract Assetreorganizationisthereasonabledivisionandstructuraladjustmentof resourcesthroughresourcereallocation,andtherecombinationandallocationby merger,divisionandotherways.Withtheincreasinglyfrequenttradingactivitiesin China'scapitalmarket,assetrestructuringhasbecomeanimportantmeanstorealize corporatestrategies.However,intheprocessofpractice,thestockpriceand performanceoflistedcompanieswillfluctuateduetoperformancecommitment cannotachievetheexpectedeffect,thusaffectingtheinterestsofstakeholders. Therefore,howtoachievethepurposeofintegrationthroughassetrestructuringand howtoimprovethebenefitsofassetrestructuringaretheresearchmotivationofthis article. ThisarticleselectstheJDcompanyastheresearchobject,onthebasisofthe relevanttheoriesofassetreorganization,combinedwiththeactualimplementation processofthecompany,basedontheanalysisoftheobjectivesandinfluencing factorsoftheperformanceoftheassetreorganization,throughtheselectionof performanceevaluationmethods,thecalculationofperformanceevaluationindicators andtheanalysisoftheresults,tocarryouttheoverallevaluationofthecompany's restructuringperformance.Theevaluationresultswillprovidesomereferencesforthe company'sfuturestrategicplanningandtheimplementationofthesubsequent restructuring.Overall,JDcompanyobtainedtheshort-termexcessreturnonstock priceaftertheassetrestructuring,andthecumulativeexcessreturnshoweda significantincrease.Themedium-andlong-termresultsshowthatassetrestructuring improvesbusinessperformance,bringsintoplaythescaleeffectofresource integration,andimprovesprofitability,toacertainextent. CombinedwiththeanalysisandtheevaluationoftheprocessofJDcompany's assetreorganizationandperformanceoftheassetreorganization,thispaperputs forwardoptimizationsuggestionsfortheassetreorganizationofcompaniesinthe industryinordertoprovidereferenceforthebetterdevelopmentofenterpriseasset reorganizationbusinessinthefuture. Keywords:Assetsreorganization；Eventanalysis；Financialevaluationindicators； Restructuringperformance 目录 -V- 目录 摘要....................................................................................................................I Abstract............................................................................................................III 第1章绪论....................................................................................................1 1.1研究背景与意义.....................................................................................1 1.1.1研究背景......................................................................................1 1.1.2研究意义......................................................................................2 1.2研究思路与方法.....................................................................................3 1.2.1研究方法......................................................................................3 1.2.2研究思路......................................................................................3 1.3研究现状.................................................................................................5 1.3.1国外研究现状...............................................................................5 1.3.2国内研究现状...............................................................................6 第2章相关理论................................................................................................9 2.1资产重组绩效的含义.............................................................................9 2.1.1资产重组的含义..........................................................................9 2.1.2资产重组的运作模式..................................................................9 2.1.3资产重组绩效的含义................................................................10 2.1.4资产重组绩效的度量方法........................................................10 2.2资产重组绩效评价...............................................................................11 2.2.1资产重组绩效评价的影响因素................................................11 2.2.2资产重组绩效评价的基本程序................................................11 2.3本章小结...............................................................................................12 第3章JD公司资产重组背景分析...................................................................13 3.1公司简介...............................................................................................13 3.1.1JD公司基本情况........................................................................13 3.1.2JD公司股权结构........................................................................13 3.1.3JD公司经营状况........................................................................15 3.1.4JD公司财务状况........................................................................18 3.2资产重组内外部动因分析...................................................................19 3.2.1外部动因分析............................................................................19 3.2.2内部动因分析............................................................................22 北京工业大学工商管理硕士专业学位论文 -VI- 3.3资产重组目标.......................................................................................23 3.4本章小结...............................................................................................24 第4章JD公司资产重组绩效评价的方法与指标选取.................................25 4.1评价方法的选择依据...........................................................................25 4.2评价指标的选择依据...........................................................................26 4.3本章小结...............................................................................................29 第5章JD公司资产重组绩效评价的过程与结果.........................................31 5.1数据来源...............................................................................................31 5.2财务评价指标计算...............................................................................35 5.2.1短期绩效评价指标计算............................................................35 5.2.2中长期绩效评价指标计算........................................................39 5.3评价结果分析.......................................................................................41 5.3.1短期绩效评价结果分析............................................................41 5.3.2中长期绩效评价结果分析........................................................41 5.4本章小结...............................................................................................43 第6章JD公司资产重组绩效评价的启示与建议.........................................45 6.1资产重组前期准备阶段.......................................................................45 6.1.1重组动因的考虑........................................................................45 6.1.2外部环境资源的考虑..................................................