整体上市对上市公司业绩的影响——基于对美的集团的案例分析-the impact of overall listing on the performance of listed companies - based on the case study of midea group.docxVIP

摘要：分拆上市在中国资本市场刚开放的时候曾经是上市公司取得上市资格 的必要手段，而随着上市公司的成长和壮大，越来越多上市公司通过整体上市促 使企业内外部资源整合，同时令企业克服分拆上市产生的弊端，发挥企业的综合 优势，形成真正的规模效应。整体上市被视作国企改革中一门深刻的课程，也是 最近国家逐渐推行的混合所有制改革热潮当中一个重要的途径，一些具备条件的 上市企业也亟待通过整体上市的方式为自身获得更多的活力和生机，走上集团化 的道路。家电行业，属于一个传统而又具竞争性的行业领域，近年来整体行业在电商 战略的刺激下日发激烈，政府也为了配合房地产的发展而对家电行业出台了一系 列家电下乡、以旧换新等利好政策，但是要想在更新换代智能化家电的大潮中占 得有利地位还需要投入更多的研发资金，企业资源才能得到更合理的配置和更长 远的发展。为了达到这个转型升级效果，很多上市公司都考虑用一种成本更小， 募集资金速度更快的方式进行，其中一种就是整体上市。美的集团作为首例非上市公司吸收合并上市公司在资本市场上开创了一条 新的道路，通过整体上市，我们可以目睹了该公司的财务业绩有了重大的改变。 本文以美的集团吸收合并美的电器实现整体上市为例，先对美的集团整体上市的 业绩影响的机理进行归纳，再对美的集团整体上市的案例进行详细分析，最后得 出结论：（1）美的集团通过整体上市给财务业绩带来的正面影响；（2）整体上 市能改善上市公司业绩的同时应需要防范的风险；（3）整体上市给我们带来的 启示。关键词：整体上市；上市公司；协同效应；业绩IAbstract:When the Chinese capital market opened up,a listed company using a subsidiary company was a necessary method to get a listed qualification .With the growth and development of the listed companies,more and more listed companies combine internal and external resources through holistic listing and make the company overcome the disadvantages from the way of subsidiary listing at the same time.So company can release the power of the comprehensive advantages and turn into a real scale effect.Holistic listing is regarded as a profound lesson in the revolution of state-owned enterprise and also an important way to carry out mixed ownership revolution step by step.Some qualified companies urge to get much more vigor and vitality through holistic listing ,and then go on the way of the collectivization.Appliance industry belong to a traditional and competitive industry.It turns to be fierce in the stimulation of Electronic Business strategy in recent years.Government makes a lot of policies for Appliance industry ,such as household appliances to countryside,Electrical household appliances trade-in for matching up the development of real estate.If you want to get a vantage position in the tide of replacement,you need to invest more money in research and development.The enterprise resources will get rational allocation and