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The Performance Of Assets Recombination Of Listed Companies And Empirical Studies

Posted on:2006-02-19Degree:DoctorType:Dissertation
Country:ChinaCandidate:H LeiFull Text:PDF
GTID:1116360155962690Subject:Business management
Abstract/Summary:PDF Full Text Request
Corporate recombination is to reset and allocate ownership, asset, debt and operation, and to adjust the ways they are assembled. It is used to optimize allocation of resources. Asset recombination have already developed for nearly a hundred years in the west and become one of the most active realms in the western economics. But in China, it deserves intense research in both theories and practice because it is at the early developmental stage nowadays in China. It is an important issue in both theory and practices that studying the performance of asset recombination for listed company in China, from theoretic angle clarifying its concepts and essence, from positive angle analyzing its background and models, and from development angle discussing its problems and regulations.Firstly, the thesis introduced the theories and development process of asset recombination and looked forward its definition and research scope. Then based on the market model, we detect the long-run extra stock returns of corporate after recombination. The result did not show long run extra corporate returns after recombination. The next stage detects the influence of the different dominance forms on corporate recombination of ownership transfer. The study shows that corporate value of listed company from ownership transfer did not increase significantly.. Empirical study of different recombination forms proves that within two years only the listed corporate with other forms of asset recombination gains, and the listed corporate take ownership transfer for assets recombination gains the least. With the empirical study on pure samples, the author detects deeply the motive of the dominance right change and its inherent mechanisms in theories and practice. The result shows that there is a significantly positive correlation between the level of premium of control rights and the rate of transferred stock, When transferred stock exceeds the level of 25%, the private returns gained from the dominance right significantly. After carried on further analysis from different points of view on the whole instances of assets recombination of the China listed corporate, the author takes the empirical study on the recombination performance of two kinds of special examples: corporate merger and acquisitions (M&A) and special treatment (ST) company.After giving a general view of corporate merger and acquisition, the forms of corporate merger and acquisition, we detect the long-run abnormal stock returns ofcorporate after M&A. The result shows a significantly negative stock price response to M&A. There are some factors influencing the long-run abnormal stock returns. The empirical study proves that horizontal merger and acquisition gains the highest long-run abnormal returns, while the conglomerate M&A gains the least. And the ownership structure has effect on the long-run abnormal stock returns. At the same time, we study the corporate evaluation after corporate M&A. The study shows the correlation between ownership structure and corporate evaluation. The relationship between the ratio of state-owned stock and the corporate evaluation is significantly negative. The correlation between ratio of corporate stock and the corporate evaluation is significantly positive. The study also shows that the forms of merger and acquisition can influence the corporate value after M&A. The horizontal merger and acquisition have the best influence on the corporate value.We introduce the actuality of ST company, we take empirical investigation on market performance and operating performance of recombination; we classify the sample according to the changing of holding shareholder and take a contrast analysis. The results suggest that cumulative average abnormal return (hereinafter CAAR for short) of ST corporations is significantly positive after recombination. CAAR ascends first, and then falls. If financial indicator method is used, the results show that the performance of ST corporations did not improve significantly in the year of recombination. The performance criteria remarkably go up in the first and second year after recombination. However performance begins to decline in the third year. Performance of the company that changes its largest shareholder did not improve significantly.After giving the brief comment on the current related laws in China and carrying the economical analysis on the illegal behavior in the asset recombination trade, we put forward some policy suggestions regarding China's exchange market of assets recombination. . The thesis thinks that asset recombination is the result of cooperation between government and asset recombination agency. Therefore, we must deal with it in many ways, and make asset recombination market develop in a regular way.
Keywords/Search Tags:asset recombination of listed corporate, recombination performance, dominance right change, merger and acquisition, special treatment (ST), cumulative average abnormal return (CAAR)
PDF Full Text Request
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