An Empirical Investigation Of Restructuring Performance Of Corporations With Special Treatment

Corporate restructuring is to reset and allocate ownership, asset, debt and operation, and to adjust the ways they are assembled. It is used to optimize allocation of resource. The Special Treatment corporations (hereinafter ST corporations for short) in difficulties restructures frequently. It is significative to investigate restructuring performance of ST corporations, find the problems and take measures, this investigation will be propitious to realize market-oriented and material restructuring for ST corporations.This paper firstly summarizes theory of restructuring about corporate expanding and constricting, and sums up empirical study of market performance and operating performance of restructuring, including researches on financial distress; Then we introduce the actuality of ST corporations; In chapter 4 we take empirical invetigation on market performance and operating performance of restructuring; we classify the sample according to the changing of holding shareholder and take a contrast analysis in chapter 5 . Then we table proposals about how to realize market-oriented restructuring.The results suggest that cumulative average abnormal return (hereinafter CAAR for short) of ST corporations is significantly positive in after restructuring, CAAR ascends and then falls; If financial indicator method is used, the results show that the performance of ST corporations isn't improved evidently in the year restructuring happens. The performance remarkably goes up in the first and the second year after restructuring; However performance begins to decline in the third year; Performance of the companies whose holding shareholder changes is not improved significantly.Corporate restructuring can improve performance and shareholders' return in short run, but this improvement is not durative. To assure material improvement in restructuring performance, we must impel market-oriented restructuring of ST corporations.