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The Study On Reconstruction Of Assets And Efficiency Of Capital Allocation

Posted on:2006-04-05Degree:MasterType:Thesis
Country:ChinaCandidate:C ZhouFull Text:PDF
GTID:2156360152470258Subject:International Trade
Abstract/Summary:PDF Full Text Request
We gave qualitative and quantitative analysis about the influence of reconstruction to the efficiency of capital allocation, by the methods of theory analysis, positive research and case analysis. Aiming at exploring the principle and effect about reconstruction to capital allocation from economics aspect, offering the accurate measure model for the allocation efficiency of reconstruction of listed company in our country, And then discuss the deficiency of the listed company in our country and the corresponding perfection measures.Firstly, we give a systematic review of domestic and international relevant research results about reconstruction of assets in bettering the capital allocation. Secondly, we combined Jeffrey Wurgler's (2000) model of measuring the efficiency of capital allocation with Klaus Gugler's(2002) assets and profit predict model, and structure a new model to examine the influence of reconstruction of listed company to the efficiency of capital allocation in our country. Empiricals study results indicate that in a relatively long period after merger, the resource distribution function of reconstruction gradually takes effect, but the overall effect is not remarkable, and the whole capital allocation efficiency is still very low. Thirdly, we give five reasons why the capital allocation function of reconstruction weakens. These reasons are as follows: unreasonable ownership structure, The worse performance of listed company, reconstruction motive alienation, investment bank development lagging behind, and underdevelopment of stock market. Then, to the reason that is weakened, we put forward the countermeasure to perfect the capital allocation function of reconstruction: from the macroscopic aspects, we should realize the liquidity of all shares completely and accelerate the internationalization of the capital market of our country; From the microcosmic aspects, the listed companies should integrate the resources after merger, and establish the idea of strategic merger correctly. Lastly, to Examine above-mentioned views through practicing, we selected two listed companies that have reconstructed frequently but result in different capital utilization efficiency, then Carry on exhaustive case analysis.
Keywords/Search Tags:Reconstruction, Acquisitions, Efficiency of capital allocation, Internationalization of capital market
PDF Full Text Request
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