上市公司资产剥离的动因及其绩效分析.介绍

郑州航空工业管理学院

毕业论文(设计) **** 届 ***** 专业 ******** 班级

题目上市公司资产剥离的动因及其绩效分析姓名****** 学号*********

指导教师 ****** 职称讲师

二О一三年五月 *****日

内容摘要

资产剥离属于收缩资本运作模式的一种，与扩张性的并购交易相反，资产剥离代表了企业的战略收缩，并不总是意味着企业经营的失败，很多时候它同样是企业发展战略的合理选择。企业通过剥离进行的资产收缩与通过并购进行的资产扩张其运作原理是一样的，都是对公司业务组合的重新定位以及对企业经济资源的重新配置，其目的都是为了实现企业最佳的经营规模，以增强企业的竞争力，最终增加企业的盈利。企业根据其经营目标或战略需要对其资产进行简单的剥离，因此对于正确认识和评价资产剥离具有重要价值。

本文首先介绍了资产剥离的定义，在此基础上分析了上市公司为什么要进行资产剥离，从盘后存量资产、调整产品结构、优化资产结构、改善财务结构等分析了企业进行资产剥离的原因，然后分析了剥离对企业绩效产生的影响。最后文章从把握剥离的时机、理智选择剥离的资产等方面提出了企业进行资产剥离的对策。本文的创新之处在于系统的分析了上市公司进行资产剥离的主要动因，并完善了多样化的剥离对象。

关键字

上市公司；资产剥离；剥离动因

Motivation and performance analysis of listing Corporation of asset divestiture

By:xuyafei Supervisor : Lecturer，Li Fengtuan

Abstract

A divestiture to shrinking capital operation mode, and the expansion of M & A transactions instead, divestiture represents a strategic contraction enterprises, it does not always mean business failure, most of the time it is also a reasonable choice of enterprise development strategy.The enterprise through the stripping of asset shrinkage and through mergers and acquisitions of assets to expand its operation principle is the same, is the relocation of business combination and allocation of economic resources of the enterprise, its aim is to realize the best operation scale enterprises, in order to enhance the competitiveness of enterprises, and ultimately increase the profitability of enterprises.According to its business objectives or strategic need for simple stripping of its assets, so it has important value for the correct understanding and evaluation of assets stripping.

This paper first introduces the definition of assets, on the basis of the analysis for the listed company assets, from after-hours stock assets, adjust product structure, optimize the asset structure, improve financial structure, etc. It analyses the reasons of the assets of enterprise, then analyzes the stripping of influence on enterprise performance. Finally this paper hold its timing, rational choice of assets etc. Puts forward the countermeasures of enterprise

assets. The innovation of this paper lies in that the system analysis of the influence the performance of the listed company assets, improve the diversification of the ice off objects.

Key words

Listed company; Asset stripping; Stripping factor

目录

一、资产剥离概述 ....................................- 1 - （一）资产剥离的定义和动机..........................- 1 - （二）国内外资产剥离研究现状........................- 3 -

二、上市公司进行资产剥离的动因 .......................- 4 -

三、上市公司资产剥离后绩效分析........................- 8 - （一）资产剥离对绩效产生的影响......................- 8 - （二）资产剥离对上市公司长期绩效的影响..............- 9 - 四、完善上市公司资产剥离的对策........................- 12 -

（一）准确把握资产剥离的时机.......................- 12 - (二)理智选择适合剥离的资产........................- 13 - (三）科学确定剥离资产的价值.......................- 13 - (四）重视资产剥离的后期管理.......................- 14 - 致谢.................................................- 15 - 参考文献..............................................- 16 -