A Performance Evaluation System For Assets Restructuring Of China's Public Listed Companies And Empirical Studies On It

Since the end of 20 century, there has been a tidal wave of assets restructuring in China, and there are much more restructuring affairs today. In theory restructuring benefits adjusting the structure of industry and improving the performance of the companies which have been restructured. But there are many problems such as restructuring of the listed company is too often, etc. They greatly influence the performance of restructuring. So China Securities Regulatory Commission enacts a series of laws to regulate it. How is the performance of restructuring? There isn't any agreement on it. In this paper ,it builds a new evaluation system for restructuring performance which comes from the idea of Balanced scorecard for the first time and evaluates the performance of restructuring in empirical approach.The paper selects the listed companies that restructured in 1998 and not restructured in 99-2001 as the stylebook 1, and selects the listed companies that restructured in every year from 98-2001 as stylebook 2. Then use the new evaluation system and method of factor analysis to gain the factor score, the integrated one and a taxis on these scores. At last, according to the taxis, it concludes that the performance of restructuring of listed companies is correlate with the type and times of restructuring, and not correlate with the industry the listed company in.