旅游上市公司资产重组绩效研究

发布时间：2018-06-11 16:44

本文选题：旅游上市公司 + 资产重组　；参考：《安徽师范大学》2014年硕士论文

【摘要】：资产重组作为社会资源优化配置一种重要手段，已经成为我国证券市场不可或缺的重要组成部分。上市公司都希望能够通过资产重组，实现企业资产结构和产业结构的优化调整，从而促进企业的优势互补，实现战略转移。2009年国务院41号文件国务院关于加快发展旅游业的意见明确提出，要把旅游业培育成国民经济的战略性支柱产业和人民群众更加满意的现代服务业，并且要推进国有旅游企业改组改制，支持民营和中小旅游企业发展，支持各类企业跨行业、跨地区、跨所有制兼并重组，培育一批具有竞争力的大型旅游企业集团。这一文件的出台必将推动旅游行业的进一步资产重组。目前我国旅游行业竞争异常激烈，规模效应差，经营和管理水平较低，进行资产重组成为旅游上市公司做大做强的必经之路。因此，本文深入研究我国旅游上市公司的资产重组行为，探索其重组绩效，对我国旅游行业发展有着重要的理论和实践意义。本文在资产重组理论及相关研究的基础上，借鉴国内外关于资产重组的相关研究成果，结合旅游上市公司经营现状和资产重组实际情况，采用定量与定性相结合的方法分析发生在2000-2012年之间我国旅游上市公司发生的资产重组事件，运用事件研究法检验证券市场对各种资产重组事件公告的直接短期反应，运用财务指标和因子分析法检验资产重组活动对企业经营业绩的长期影响，之后对数据进行对比分析，从不同角度评价我国旅游上市公司资产重组活动的绩效，以期对我国旅游上市公司资产重组相关研究提供可借鉴的管理经验，改进资产重组绩效。本文主要得到以下结论：总体来说，我国旅游上市公司资产重组的短期市场绩效存在，但仅仅发生在公告日前；长期经营绩效总体不明显，在重组当年有明显下降，重组发生后一年有了大幅提升，而重组后两年提升不明显。不同重组类型的重组绩效存在明显差异，短期市场绩效中资产剥离类重组最好，股权转让和资产置换次之，，兼并收购最差；长期经营绩效中重组当年兼并收购、资产置换类绩效改善较明显，而在重组后一年股权转让和资产置换经营绩效表现较好，重组后两年绩效改善表现最好的是股权转让。并由此提出关于我国旅游上市公司资产重组的几点问题与相关建议。
[Abstract]:As an important means to optimize the allocation of social resources, asset restructuring has become an indispensable part of our securities market. The listed companies hope to realize the optimization and adjustment of the enterprise's asset structure and industrial structure through the reorganization of assets, so as to promote the complementary advantages of the enterprises. In 2009, the State Council document No. 41 on speeding up the development of tourism put forward clearly that tourism should be cultivated into a strategic pillar industry of the national economy and a modern service industry that the people are more satisfied with. It is also necessary to promote the reorganization and restructuring of state-owned tourism enterprises, support the development of private and small tourism enterprises, and support the merger and reorganization of all kinds of enterprises across industries, regions and ownership, so as to foster a number of competitive large tourism enterprise groups. The publication of this document will promote the further restructuring of the tourism industry. At present, the competition of tourism industry in our country is very fierce, the scale effect is poor, and the level of management and management is low. The only way for tourism listed companies to become bigger and stronger is to reorganize their assets. Therefore, this paper has important theoretical and practical significance for the development of tourism industry in China by deeply studying the behavior of asset restructuring of listed tourism companies and exploring its performance. This paper is based on the theory of asset restructuring and related research. Referring to the relevant research results of asset restructuring at home and abroad, combined with the current operating situation of tourism listed companies and the actual situation of asset restructuring, Using quantitative and qualitative methods, this paper analyzes the asset restructuring events that occurred in China's tourism listed companies from 2000 to 2012, and examines the direct short-term response of the securities market to various asset restructuring events by using the event research method. This paper uses financial index and factor analysis method to test the long-term influence of assets restructuring activities on enterprises' business performance, and then compares and analyzes the data, and evaluates the performance of assets reorganization activities of tourism listed companies in China from different angles. The purpose of this paper is to provide some management experience and improve the performance of asset restructuring of tourism listed companies in China. The main conclusions are as follows: generally speaking, the short-term market performance of asset restructuring of tourism listed companies in China exists. But only happened before the announcement date; the long-term business performance is not obvious, in the reorganization year there is a significant decline, the reorganization occurred a year after a substantial increase, and the restructuring two years after the increase is not obvious. In the short-term market performance, asset divestiture is the best, equity transfer and asset replacement is the second, and merger and acquisition is the worst. The performance of asset replacement is better than that of equity transfer and asset replacement in one year after reorganization, and the best performance is equity transfer in two years after reorganization. This paper puts forward some problems and relevant suggestions about the assets reorganization of tourism listed companies in China.
【学位授予单位】：安徽师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F592.6;F590.66

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