上市公司资产重组绩效分析——以百花村股份有限公司为例-analysis on the performance of listed companys asset restructuring - taking baihua village co., ltd. as an example.docxVIP

万方数据 万方数据 摘 要 近年来，兼并、收购、购买资产、股权转让等资产重组手段频频出现，一方面是因为进 入 21 世纪以来，经济全球化我国经济与世界经济的加速接轨，客观上要求企业特别是上市 公司不断提升其竞争能力、盈利能力和创新能力以适应不断加剧的企业间竞争，另一方面对 于正在经济快速发展中的地方，这一“壳”资源还是显得十分珍惜，因为地方国有企业是地 方经济的重要组成部分，为地方财政提供有力的税收保障。与此同时党中央国务院明确了新 疆经济发展的重要地位，要大力推进上市工作，新疆政府、兵团也高度重视积极推进绩差的 公司重组。 本文通过介绍兵团第一家以商贸行业上市的百花村公司为例，带有国有性质的百花村公 司上市以来没有明确的战略目标导致陷入财务困境，曾经也多次进行转变主业，最后都以失 败告终。以此，本文以股权性质（背景）——ST公司(动机)——资产重组（手段）——绩 效（效果）有机结合起来分析百花村公司经营失败的原因、资产重组的动机、模式以及进行 资产重组过后运行的效果，通过长短期绩效来评价在政府干预下进行的资产重组是否实质性 改善公司状况，以及对百花村公司发展现状、发展前景、发展战略的评价。 简要的分析得出，百花村经营失败原因为主业不突出，战略目标不明确，竞争能力弱； 作为传统产业面临经营困境时，通过资产重组方式可以完成主业变更，从而改善经营绩效； 上市公司拥有稀缺“壳”资源，地方政府在企业面临困境时，扮演了大股东“支持之手”的 角色；另外通过短长期绩效对比分析出百花村公司进行资产重组过后能达到实质性改善，但 是结合百花村公司自身内部经营情况分析，受外界环境的影响大，要想拥有核心竞争力，还 得进一步提高自身能力。 关键词：百花村；资产重组；绩效；事件分析法；财务分析法 I Abstract In recent years, many asset restructuring means such as mergers, acquisitions, buying assets, and equity transfer frequently appeared, one reason is that since the beginning of the 21st century, in the economic globalization, Chinas economic integration with the world economy accelerates, requiring companies, especially listed companies continuously upgrade its objective competitiveness, profitability and innovation capacity to adapt to the growing inter-enterprise competition , On the other hand the rapid economic development is in place, the shell still appears to be very treasured resources, because the local state-owned enterprises is the important part of the local economy and provide a strong local financial revenue guarantee. while CPC Central Committee and State Council clarified the importance of economic development in Xinjiang, to vigorously promote the listing, the Xinjiang government and the Corps also attaches great importance to promote the reorganization for the underperformance of the company . This article describes, it is the first listed company in the Corps commerce industry and it has been listed with the state-owned nature .There is no clear strategic goal in the BHC company leading to its