我国旅游景区类上市公司的资产重组

Analysis of Assets Restructuring of Tourist Sites Listed Companies

本文选取10家旅游景区类上市公司1999～2008年间发生的资产重组活动,从资产重组的次数、公告时间、关联交易、模式、动因及绩效六个方面进行分析,得出以下结论:我国旅游景区类上市公司资产重组发生率很高;公司为了实现目标,往往将资产收购、股权转让、资产剥离等多种重组手段相结合,以求达到最好的效果;动因主要包括保"壳"、降低交易费用、分散行业风险和拓展经营空间四方面;以保"壳"为动因进行的资产重组,能使公司在重组当年获得短期效应,但不具有长期效应;从公司战略层面进行的资产重组,使公司的偿债能力、资产运营能力、盈利能力和发展能力得到了提高,实现可持续发展。

This paper selects the assets restructuring of the 10 tourist sites listed companies that took place from 1999 to 2008 and analyzes them from six factors： frequency, announcement time, related party transactions, patterns, motivation and performance. Then it concludes that the assets restructuring rate of tourist sites listed companies is very high. In order to achieve their goals, companies often combine many kinds of measures to realize assets restructuring and achieve the best result. Assets restructuring motivations include the following： keeping ＂shell＂, reducing transaction costs, dispersing risks and expanding commercial viability of the industry. To keep the ＂shell＂ as the motivation of assets restructuring enables companies to acquire short-term effect the same year, while it does not have long-term effect. Assets restructuring in terms of company＇s strategy has advanced the company＇s solvency, asset operation capacity, profitability and development capacity. Furthmore, it makes companies achieve sustainable development.