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论文编号：	4366
作者编号：	2120102250
上传时间：	2012/6/7 15:25:06
中文题目：	上市公司集团化与资产利用效果研究
英文题目：	Empirical Study of the Relationship between Listed Companies Grouping and Asset Utilization Results
指导老师：	程新生
中文关键字：	上市公司集团化，资产报酬超额率，资产回报波动指数，控制人属性，两权分离度
英文关键字：	Groups of Listed companies, Extra return on assets, Asset return volatility index, Status of ultimate controller, Degree of separation of ownership and control
中文摘要：	在当前国内产业结构升级和资源合理配置的需求下，企业集团的资源整合和战略扩张不可避免，甚至出现多家上市公司受控于同一控制人。这种上市公司集团化现象可以追溯到2000年左右，本文旨在探讨上市公司集团化与上市公司资产利用效果的关系。本文在总结分析已有文献的基础上，从资产报酬水平和资产回报波动两个角度评价资产利用效果，并设计出资产报酬超额率和资产回报波动指数两个评价指标。本文从理论分析和实证研究两个层面进行，研究发现上市公司集团化会降低资产报酬水平，增加资产回报波动；最终控制人属性不同会引起集团化上市公司资产报酬水平和资产回报波动的差异，且中央直属、民营上市公司集团化下的上市公司资产报酬水平要优于地方政府所属的集团化上市公司，民营的集团化上市公司的资产回报波动最大；控制人对上市公司的所有权与控制权分离程度越高，该上市公司资产报酬水平越差，资产回报波动越大，反之亦然。本文依据上述研究结果，结果国情，给出一些政策性建议，具有一定的实际指导价值。同时也指出了本研究的局限性和不足之处，并展望该领域进一步研究的方向。
英文摘要：	To upgrade domestic industrial structure and more rationally allocate resources, it is inevitable for some corporations to expand their business, even leading to the result that more than one listed companies are controlled by the same controller. Probably since the year 2000, Chinese business corporations began to create groups of listed companies. This paper aims to explore the relationship between listed companies grouping and asset utilization results. Based on existing literature, this paper has researched the issue based from two perspectives the return on assets and the fluctuation in the level of return, and designed two indicators -- extra return on assets (ER) and asset return volatility index (FI). Research was conducted with both theoretical analysis and empirical research, and found that listed companies grouping can decrease the level of return and enhance the level of fluctuation. Also, ER is lower for companies under the control of local government owned groups than that of central government owned or private owned, while FI of listed companies under private control is highest. In the regression analysis, we find that ER and FI of listed companies under groups’ control can be explained well by two variables, the degree of separation of ownership and control, and the status of the ultimate controllers. Finally, we will give some suggestions based on the results of the research, providing reference to practice. Also, we will point out the limitations and shortcomings of the study, and prospects for further research direction in this area.
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