Studying About The Question Of Rearrangement Of Listed Company's Assets

Assets reorganization is a new problem which set in 1990's,In the present,the theory circle of China hasn't researched it deepy and fully ,they lacked the experiences regardingassets reorganization of some developed countries,especially the list corporations'assets reoeganization.The artice probes into the following three questions;the importance and necessity of list corporation,problems which may appear during the reorganization and its advices.Economic development is accomplished through continued economic structure adjustment since we come to industrialization. Generally speaking, internal self-accumlation is the main channel for enterprise's development at early commodity economic society.But with the situation has changed,assets reorganization is the main channel.Now China is in the stage of adjusting economic structure,more than 1200 list corporations are confronting with the problems of existence and development.Althouge we have different ways of reorganizing assets in the list corporations,yet there are just two kinds from the angle of reorganization mode,namely assets reorganization before listing (list reorganization)and second reorganization after listing(second reorganization).The former mainly refers to the stock system with enterprise's assets as the tie,namely changing the original enterprise to limitsd responsibility company.List reorganization consists of 4 basic kinds. Second reoragnization refers to after the finishment of assets reorganization for the first time, we again reorganize assets in order to achieve bwtter effects. This mode consists of passive reorganization and initiative reorganization.It is true that there are many suecesses in assets reorga- nization, but at the same time there also exist failures.unclear property right which caused stated-owned assets Iost,too many administrative intervene, unperfect market and untho- rough reform, a change in form but not in content, unperfect legal system and policies and so on. I think we can adopt the following measures in order to solve the above problems. Firstly we should quicken the step to establish legal regulations and policies, and make adjustment for the prsaent taxation sytem and financing system. Secondly we should set up and perfect the capital market as fast as possible. Capital market is the important basis of assets reoganization.There are't effective assets reorganization without perfect capital market. Capital market is not only such a market to regulate the supply and demand of long-term funds, but also a one to exchange capital and assets. Thirdly we should change our ideas and set up a standard personnel team. The list corporations of China can hecome into the true world enterproses and have the true assets reorganization only on the basis of establishing operating personnesl system and cultivating them. Lastly we should manage well different interest conflicts and guard against the contr- adictions which will appear during the reorganization. The 4th chapter of "the People's Republic of China regarding Securities Law" give the details about assets reorganization of list corporations. With its deep implement, the assets reorganization of China's list corporations will march forward a new step surely.