The Research Of Asset-restructuring Performance Of China's Listed Companies

As a method of resource reallocating, the asset restructuring of listed companies is worth concerning on the securities market and national economy. Since Shenzhen securities exchange was founded, the listed companies made an uncommon developing road in the past 12 years. After 12-year developing listed companies reach a certain scale in restructuring times and trading quantities. Whether asset-restructuring actions, which emerge in this background from planned-economy to market-economy, benefit the society, players and what factors affect its scale are relative to the model of next asset restructuring and show the directions of working out policies.The thesis analyst the performance conditions, influence factors and institution causes of asset restructuring from three aspects, the performance theory, positive and institution. It is composed of five chapters and introduction.The first chapter is introduction.Firstly the author states the conception, sorts and present conditions of asset restructuring and the positive researching review of asset-restructuring performance. In the last part of the introduction the author illuminates the research method, significance of asset restructuring simply. Concerning the content of asset restructuring is very abroad and the research is very much, the author introduces it detailedly.The second chapter discusses the theoretical basis of asset-restructuring performance research. The first section summarizes the theoretical research abstract of asset-restructuring performance. Other sections introduce the explanation about asset restructuring of neoclassic theory, transaction cost theory, coordinated effect theory and the theory of principal and agent.The third chapter discuses the special function of asset restructuring of listed companies from two way aspects, industrial structuring modification adjusting and management structure of company. This chapter also discuses the special purpose of asset restructuring of listed companies from financing station, control right earning andgovernment intention.The forth chapter makes an integrating analysis about the asset-restructuring performance of listed company by event study analysis, comprehensive financial analysis based on factor analysis and gray relative analysis.The fifth chapter makes a positive research about four modes of asset -restructuring performance, ownership transfer, purchase and mergers, integral and divestiture assets and equity sale. This chapter also makes a positive analysis about state shares' repurchase and exchanging share merger.The sixth chapter analyses the institutional environment of asset restructuring of listed companies from property right, legal conditions, and information disclosure and government actions. Well, the conclusion is that the present institutional environment is the main cause, which affects the performance of listed companies.The conclusions from this thesis is:1. The asset-restructuring performance of listed companies is bad. The event study analysis and comprehensive financial analysis conclude that the asset restructuring of listed company only get very short-term performance. Further more different ways of asset restructuring make distinct difference in the performance.2. At the special present condition, the players who carry out the asset-restructuring actions dissimilate their objective and distort their behavior. This is the essential reason that causes the bad performance.3.The suggestion is that we should amend the correlative law, rules and regulations, correct the illogical institution and lead classifiably the different ways of asset restructuring. So the asset-restructuring action of listed company can develop well.