Research On Assets Recombination And Capital Structure Optimization Of Traffic Public Company In China

Assets Recombination of Traffic Public Company is a behavior process which Traffic Public Company acted as an assets principal part to reorganize all tangible and intangible stock of assets,optimize allocation by all kinds of means,increase assets' utilized efficiency,propel assets' maximum value-added,thereby achieve investment performance. We can find a common characteristic,by researching development history of many Traffic Public Company since 1990,that all traffic public company that possess potentials keep on development and gain better economic results expand by all kinds of assets Recombination. Particularly two years late since 1998,domestic capital market and securities business are growing up gradually,Assets Recombination has already spread all over the world,it shows large scale as never before,deeply influence,and evolving approach. Assets Recombination became an efficient means of Traffic Company to solve operation dilemma,survive,develop,occupy market share and expand scale. Confronting with today's economical globalization,our Traffic Company is facing gigantic challenge and opportunity. It is imminent that how to grasp opportunity and cope with challenge. This paper research assets recombination of typical assets recombination of Traffic Public Company,absorbing some successful experience. It will be important realistic significance that develop and strengthen international competition to deal with challenge after China joining WTO. The dissertation falls into seven chapters.Chapter one analyzes the general situation of Traffic Public Company in Shanghai and Shenzhen,summarizes the main characteristic and development direction of assets recombination of Traffic Public Company,discusses its motivation and mainly mode with Port-board and Road-board as examples.Chapter two reviews and evaluates assets recombination of Public Company in China since Baoyan purchase in 1993,settles and deducts the phases characteristic of assets recombination of our securities business in 10 years. At last,it concludes thatgovernmental circumstance,operational practice and second market promote by each other and form the development course of the public company in China.Chapter three analyzes motivation of assets recombination of Public Company from system policy and market by logical analysis of the Western Industrial Organization Theory. It demonstrates that it happens necessarily and logically that domestic capital of Traffic Public Company will expand,then sets up affiliated company and annexes and reforms. It analyzes active and positive factors on strategic evolvement in competition,concludes the actual effect of this evolvement.Chapter four puts forward the mode of assets recombination of Public Company,compares effects from different modes and points the best mode of assets recombination.Chapter five summarizes disadvantage of assets Recombination of Chinese Public Company,points out the questions of assets Recombination of Traffic Public Company and the station and function of the government. It designates the principles and measures on assets recombination of Public Company in the future and its development direction after China joining WTO.Chapter six studies assets recombination performance of Traffic Public Company,points performance concept of company assets recombination,that is the fulfill degree of motivation of the company assets recombination and the validity of the development. Establish performance assessment index by Delphi method. At last,it builds the overall evaluation model of unchangeable and changeable weigh.Chapter seven demonstrates and explains ulterior status with the typical files of assets recombination of Traffic Public Company to hold up feasibility and logical reliability of the above viewpoints. It also studies operate steps and details of assets recombination.