This paper using event study method firstly does an overall analysis on the effect of 77 special treatment corporations' (hereinafter ST corporations for short) asset restructuring first announcement from 2002 to 2004, and then analyzes the potential factors that may affect the effect of ST corporations asset restructuring strategy. The result shows that the investors take ST corporations' asset restructuring news as profitable in short run, but the effect in long run is not certain. It also reveals that the ways of asset restructuring and the means of payment are the main factors leading to different performance of corporations' stock price. Among the four ways of asset restructuring, the way of equity transfer results in the worst performance, while asset stripping and asset exchange can raise shareholder wealth, and the effect of mergers & acquisitions is not sure. Among the four means of payment, the payment of asset can raise shareholder wealth;the payment of shares or cash also raise shareholder wealth in short run, but in long run the shareholder wealth may decrease;paying for nothing is surely reducing shareholder wealth. |