Positive Research On The Financial Effect Of Listed Company's Assets Restructuring In China

The merger of the listed company Baoan and Yanzhong happened in 1993, which was the first asset restructuring case in China's stock market. During the recent years, asset restructuring of the listed companies has been spurring up and playing important role in stock market. Asset restructuring plays a notable role in the optimization of the resource allocation, adjusting of the industries' structure, enhancing the efficient and the effective of companies. However, asset restructuring is a two-edged sword, and not all restructuring cases are successful, there are so many obstacles in the course of asset restructuring and the following conformation that the expected effect can't be obtained. Namely, does the listed company improve their operating performance and shareholders' income by asset restructuring?The thesis studies the financial effect of the asset restructuring of the list companies from the theory and the demonstration research. On the basis of the summary to theories and the demonstration researches to the performance of asset restructuring home and overseas, the author makes progress in the theory system and the applied demonstration method; After the analysis to the developing traits of China's listed companies' asset restructuring, the thesis makes demonstration research on thefinancial effect.In the part of theory analysis, the thesis introduces the actuality of asset restructuring in china, defines and classifies asset restructuring according to the current instance, then forecasts the future trend.In the part of demonstration, the thesis use financial analysis to look into 137 restructuring cases happened in 2001 in Shanghai and Shenzhen stock market from the angle of operating performance before and after the listed companies' restructuring. The positive research shows that, as a whole sample, the financial effect of listed companies' asset restructuring has been improved in the long term; The improvement of the financial effect is different in light of different restructuring method; The financial effect of acquiring companies improves more than the target companies.In the part of advice, the thesis explains the causes, the embodiment and the harm of main obstacles deeply, and then puts forward some advice on how to optimize asset restructuring.In the last section, the author summarizes the whole thesis, and points to the limitation.