An Empirical Study On The Operating Performance Of Corporate Restructuring For Chinese Listed Companies

Corporate restructuring is so important that it is not only the core of corporation's capital operations but also the focus of security market's theory and practice. In the past thirty years, economists all over the world have studied corporate restructuring of listed companies widely and deeply. And one of the core issues is whether corporate restructuring can create value for listed companies or not. In recent years, corporate restructuring emerges one by one in Chinese security market. Whether corporate restructuring really improves performance of Chinese listed companies and which factors affect corporate restructuring performance attract the attention of academics and practitioners. So it is meaningful to effectively evaluate the operating performance of corporate restructuring, find out main factors which affect it and take measures to improve the operating performance of corporate restructuring for Chinese listed companies.After reviewing the research fruits of the domestic and the international, the thesis analyzes the operating performance of Chinese listed companies and its influencing factors through data envelopment analysis method and multiple regression analysis method. The main conclusions are drawn as follows: The corporate restructuring can improve the companies' operating performance as a whole. Analyzing from the effects of the four types of corporate restructuring, divestiture achieves best operating performance, asset exchanges achieves worst one, and M&A and ownership right transference achieves medium one. Restructuring type, structure of ownership right, restructuring scale, the total assets before restructuring and trade type have significant effects on the operating performance of corporate restructuring. Finally, based on the conclusion from empirical study, this thesis makes some suggestions about how the operating performance of corporate restructuring for listed companies can be improved, and it can be referred by decision-makers and supervision departments of listed companies in our country.The innovations of the thesis include: (1) with data from annual reports of listed companies between 1996 and 2003, we apply data envelopment analysis method to get stable index to analyze the operating performance of corporate restructuring which happened in 1999 and 2000 among Chinese listed companies; (2) we choose more suitable input indexes and output indexes when applying data envelopment analysis method; and (3) we adopt multiple regression analysis method to take further study ofthe main factors to affect the operating performance of corporate restructuring.