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MBA硕士毕业论文_K股份公司资产重组绩效研究PDF

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文本描述
近年来,中国证券市场的发展取得的成绩非常显著,市场不断发生变化,上 市公司的整体实力面临严峻的考验。公司经营涉及的多个方面都应结合实际变化, 采取科学的方案推动自身的完善。如何有效利用资本,获取竞争优势,谋求企业 的长远发展,已成为当前企业尤为重要的战略目标。从国家来看,资产重组能够 有效发挥资产的效用,将其与最重要的领域和行业相结合,采用新的布局,为国 民经济发展注入新力量。因此,资产重组影响巨大,与现代化经济的进步相协调, 能有效解决资本市场出现的资源配置问题。还能为上市公司的振兴提供参考。深 入了解市场变化,选择新形式,为产业结构优化提供便利。从不同层面出发,全 面增强公司综合实力,帮助公司在市场竞争中获胜,赢得最大收益。重组活动的 主体在不断的发展中也出现了变化。原是以国有企业为主,现在已与民营企业和 外资企业建立关联,手段越发多元。对企业资产重组的原因与目的以及产生的绩 效深入研究,一直是探讨的重点课题。无论从理论还是实践角度,都具备极大意 义。 DK股份公司是一家国有上市公司,最初的主要业务是开发采矿产品。2014 年起,矿产品在国际环境中的市场陷入困境,价格大跌,导致与之相关的公司经 营业绩极度不理想。2015年,为实现企业的转型升级,DK股份公司通过并购,委 托管理,增资,新设公司等方式相继收购了7家非矿业企业,当年迅速实现了扭 亏为盈,同时,其经营范围由采矿行业变为综合行业,实现多元化经营目标。DK 股份公司本次进行的重组,具有一定的参考价值。本文通过查阅相关财务数据, 将财务指标绩效与EVA指标绩效相结合,对资产重组进行分析,最终得出与资产 重组相关的重要信息。作为典型案例,DK股份公司的资产重组研究备受关注,在 整个研究过程中,也从不同知识中得到启示。同时,也为其他上市公司提供了参 考和启示。 关键词:上市公司资产重组企业价值财务绩效EVA指标 Abstract Inrecentyears,thedevelopmentofChina'ssecuritiesmarkethasmade remarkableachievements.Themarketisconstantlychanging,andtheoverallstrength oflistedcompaniesisfacingaseveretest.Manyaspectsofthecompany'soperation shouldbecombinedwiththeactualchanges,takescientificprogramstopromotetheir ownimprovement.Howtousecapitaleffectively,gaincompetitiveadvantageandseek long-termdevelopmentofenterprisesthroughcapitalconcentrationhasbecomea particularlyimportantstrategicgoalofenterprises.Fromthenationalpointofview, assetrestructuringcaneffectivelyplaytheeffectivenessoffunds,combineitwiththe mostimportantfieldsandindustries,adoptanewlayout,andinjectnewstrengthinto thedevelopmentofthenationaleconomy.Therefore,theimpactofassetrestructuring ishuge,whichcaneffectivelysolvetheproblemofresourceallocationinthecapital marketincoordinationwiththeprogressofmoderneconomy.Itcanalsoprovide referencefortherevitalizationoflistedcompanies.Weshoulddeeplyunderstandthe marketchangesandchoosenewformstofacilitatetheoptimizationofindustrial structure.Startingfromdifferentlevels,comprehensivelyenhancethecomprehensive strengthofthecompanytohelpthecompanywininthemarketcompetitionandwin themaximumprofit.Themainbodyofreorganizationactivitieshasalsochangedin thecontinuousdevelopment.Itusedtobedominatedbystate-ownedenterprises,but nowithasestablishedrelationswithprivateenterprisesandforeign-fundedenterprises, withmoreandmorediversifiedmeans.Ithasalwaysbeenakeytopictostudythe causes,purposesandperformanceofenterpriseassetrestructuring.Itisofgreat significancebothintheoryandinpractice. DKstockcompanyisastate-ownedlistedcompany.Itsmainbusinessatfirstwas todevelopminingproducts.Since2014,themarketofmineralproductsinthe internationalenvironmenthasbeenintrouble,andthepriceshavefallensharply, resultingintheextremelyunsatisfactoryperformanceofrelatedcompanies.In2015,in ordertorealizethetransformationandupgradingofenterprises,DKCo.,Ltd. successivelyacquired7nonminingenterprisesbymeansofM&A,entrusted management,capitalincreaseandnewcompanyestablishment.Inthesameyear,DK quicklyrealizedturninglossesintoprofits.Atthesametime,itsbusinessscope changedfromminingindustrytocomprehensiveindustry,realizingthegoalof diversifiedoperation.DKstockcompanythistimecarriesonthereorganization,has certainreferencevalue.Throughconsultingtherelevantfinancialdata,thispaper combinesthefinancialindexperformancewithEVAindexperformance,analyzesthe assetrestructuring,andfinallyobtainstheimportantinformationrelatedtoasset restructuring.Asatypicalcase,DKcompany'sassetrestructuringresearchhas attractedmuchattention.Inthewholeresearchprocess,italsogetsenlightenmentfrom differentknowledge.Atthesametime,italsoprovidesreferenceandEnlightenment forotherlistedcompanies. Keywords:ListedcompanyAssetrestructuringCorporatevalue FinancialperformanceEVAindicator 目录 第一章绪论..................................................................................................1 1.1研究的目的和意义........................................................................................1 1.1.1研究的目的.................................................................................................................1 1.1.2研究的意义.................................................................................................................1 1.2国内外研究现状................................................................................................2 1.2.1国外研究现状.............................................................................................................2 1.2.2国内研究现状.............................................................................................................5 1.3研究内容与研究方法........................................................................................7 1.3.1研究内容...................................................................................................................7 1.3.2研究方法...................................................................................................................8 第二章相关概念及理论分析......................................................................8 2.1概念概述........................................................................................................8 2.1.1资产重组概念.............................................................................................................8 2.1.2资产重组类型.............................................................................................................9 2.1.3资产重组绩效概念....................................................................................................9 2.2资产重组相关理论..........................................................................................10 2.2.1委托代理理论............................................................................................................10 2.2.2协同效应理论...........................................................................................................10 2.2.3信息信号理论............................................................................................................11 2.3资产重组绩效评价方法..................................................................................11 2.3.1事件研究法...............................................................................................................11 2.3.2财务指标法...............................................................................................................11 第三章DK股份公司资产重组案例分析...................................................12 3.1DK股份公司简介.............................................................................................12 3.2资产重组案例简介..........................................................................................13 3.2.1重组动因分析...........................................................................................................13 3.2.2标的资产状况...........................................................................................................15 3.2.3重组方案...................................................................................................................17 第四章DK股份公司资产重组绩效分析...................................................20 4.1基于财务指标绩效分析..................................................................................21 4.1.1偿债能力分析............................