Research On Asset Reorganization Of Listed Company In China

Asset reorganization's booming is no more than ten years in China, which have already had the history of hundreds of years on the western stock market. However, its tempo is surprising, especially in recently yeas, and it's the inevitable outcome of establishing the socialism market economy and solving the state-owned enterprises (SOEs)'problem. The 15th CPC National Congress proposed the strategic policy of supporting enterprise and enterprise group's asset restructuring and encouraging large enterprises' strong-strong union and managing well large enterprises while adopting a flexible policy toward small ones. This article discussed asset reorganization's problem based on this realistic problem, combining macro-point and micro-point view. Thus, the article consists of five parts.Chapter 1 introduces asset reorganization generally. Asset reorganization is now fashionable in the economic circles. However, what is asset reorganization? What's the theoretic basis of asset reorganization? These problems cited above remain uncertain. The chapter gives a presentation of enterprise's asset simply at first. Not only the asset includes enterprise's fiscal resources, but also it includes all resources that could be used and profitable including material resources, manpower resources and structure resources. Then concept of asset reorganization is introduced which is rearranged and readjusted of material resources, manpower resources and structure resources. Chapter 1 distinguishes the definition between asset reorganization and capital reorganization, failure of reorganization and ostensible reorganization. Asset reorganization can be classified different classification according to the different classification standard, such as governmental guiding asset reorganization, market guiding asset reorganization, mixture of government and market guiding asset reorganization, production management asset reorganization, capital management asset reorganization, mixture of production and capital management asset reorganization and system renovating asset reorganization, asset reorganization before listed and asset reorganization after listed, ect. At last, chapter 1 analyses the theoretic basis of asset reorganization and points out that its theoretic basis is property rights theory. After analyzing the property rights theory's concept and character, chapter 1 points out that essential of asset reorganization is liquid of property rights.Chapter 2 is macro-scope which expounds the asset reorganization's realistic signification to Chinese economy reform. The economy system reform that has twentyyeas' history has been acquired notable effect. However, with deepening of reform, some deep-rooted contradictions and all the problems have emerged, especially state-owned economy and state-owned enterprises facing fierce situation, pushing forward strategic restructure of SOEs is one of resolvent to all problems. In this chapter, the significance of asset reorganization is expounded from three macro-points of view. At first, asset reorganization is one of industry policy tools carried out by government. Asset reorganization in industry development is a process that industries' relationship constantly divided or integrated turns traditional, function fragmentary, regional industries' relationship into far-ranging, international industry system. Asset reorganization pushes forward industries' upgrading and its structure's transforming, boosts resources' rearranging. Secondly, SOEs' property rights structure has its distinctiveness, rights of ownership has a simplified structure and state-owned rights of ownership holds a majority of proportion. SOEs are heavily in debt and their economic returns are dropping. Asset reorganization turns SOEs' simplified structure of rights of ownership into multi-structure and optimizes their liability structure. At last, SOEs' operation lacks right of independence and their economic returns are dropping. The reason of above problems is not establishing modern corporate systems according to market...