摘要
房地产行业作为国民经济中不可缺少的一部分。前几年，房地产行业因为形势利好，
得到了飞速发展。当前，国际政治动荡不安对本来就处于下行的国际经济形势更是雪上加
霜。同时，我国宏观经济政策对于房价的调控再加上受到不稳定的新冠疫情影响，使得房
地产行业自身平均行业利润率开始趋于平缓。种种难题成为房地产企业持续经营所必须要
解决的。
奥园美谷科技有限公司的前身为京汉实业投资集团股份有限公司，该公司从 2020年
4月开始进行资产重组，其成为中国奥园集团的旗下的控股公司后。于 2021年 3月计划
收购浙江连天美医药管理有限公司，正式进入医药美容领域。在两次重组方案发布后，该
公司的股票都出现了一定幅度的涨幅。奥园美谷的股票价格上涨，究竟是由于资产重组停
牌期间的补涨作用，还是由于其他原因。其次，奥园美谷的这两次重组是否会对奥园美谷
产生其他方面的影响，还有待于进一步的研究。
本文基于奥园美谷两次资产重组的案例。首先，介绍了本文的研究背景和研究意义。
对研究案例所用到的研究内容以及研究方法进行了简要的阐述。其次，对资产重组的动因、
绩效评价的理论进行介绍。接着，对奥园美谷的两次资产重组的过程以及双方资产重组的
动因进行分析。之后，从短期和长期的绩效的角度对这两次资产重组进行了研究。其中，
短期绩效是采取了 AR和 CAR的事件研究法，长期绩效则是利用财务指标分析法选取了
14个指标进行分析。得到上述两次资产重组对公司的整体业绩有一定的改善，对公司的
投资价值和核心竞争力的提高有促进作用的结论。最后，本文就奥园美谷资产重组的案例
得出了相应的启示，为今后公司的发展提出了一些建议，希望能够对同类企业的转型和升
级提供参考价值。
关键词：
房地产企业；资产重组；动因分析；绩效评价
I

Abstract
The real estate industry is an indispensable part of the national economy. In the past few
years, the real estate industry has developed rapidly because of the favorable situation. At
present, the international political turmoil has made the downward international economic
situation even worse. At the same time, China's macroeconomic policies for housing price
control and the unstable COVID-19 epidemic, coupled with the real estate industry's own
average industry profit margin began to flatten. All kinds of difficult problems become real
estate enterprises must be solved in the sustainable operation.
Aoyuan Beauty Valley Technology Co., LTD., formerly known as Jinghan Industrial
Investment Group Co., LTD., the company began to restructure assets in April 2020, after it
became the holding company of China Aoyuan Group. In March 2021, it plans to acquire
Zhejiang Litianmei Pharmaceutical Management Co., LTD., formally entering the field of
medical beauty. The company's stock rose after both announcements. Aoyuan beauty valley's
stock prices rose, whether due to the assets restructuring suspension during the catch-up effect,
or because of other reasons. Secondly, it remains to be further studied whether these two
restructurings will have other impacts on The Valley.
This paper is based on two cases of asset restructuring of Aoyuan Beauty Valley. Firstly, the
background and significance of this paper are introduced. In addition, the research methods and
contents used in the case study are briefly described. Secondly, it introduces the method of
enterprise assets reorganization and the theory of evaluating reorganization efficiency. Then, it
introduces the process of two asset reorganizations and analyzes the motivation of the two asset
reorganizations. Then, the paper analyzes the performance of these two assets reorganization
from the short and long term. To get whether to meet the expectations of its asset restructuring.
Among them, AR and CAR event study method is adopted for short-term performance, while 14
indicators are selected for long-term performance analysis by financial index analysis. The
above two assets reorganization of the company's overall performance has a certain
improvement on the company's investment value and the improvement of the core
competitiveness of the promotion role. Finally, this paper draws some enlightenment from the
case analysis of the asset restructuring of Aoyuan Meigu, and puts forward some suggestions for
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