Analysis On Asset Restructuring Performance Of Chinese Listed Companies

Most enterprises in China pay much more attention to the function of financing when they plan to get listed, while ignoring the reorganization of governance system. Although the companies get listed, they are controlled under outdated system, and cannot be operated successfully. In order to improve these companies, asset restructuring is adopted to better the reform and resolve related matters.Since Shenzhen securities exchange was founded, the listed companies took an uncommon developing road. After its development the listed companies have achieved a certain scale in both restructuring times and trading quantities. How about the effects of the frequent assets restructuring? Can it improve the profit and operation of the related companies? This paper discusses this question from the view of positive research.With reference to the existed research results, this paper analyzes the effect of assets restructuring on 15 listed companies. The result shows that the assets restructuring in 2002 has few durable positive effects on these companies. Much more efforts should be made into asset restructuring. It is composed of five chapters.The first chapter is introduction. It presents the background of this research paper, and reviews the internal & external research work and achievements in the relevant fields.The second chapter is a summary of asset restructuring, which includes the definition and classification of asset restructuring, and also concludes the methods by which a company can value its performance.The third chapter is the cause research. It firstly states the cause theories of asset restructuring, and then analyzes the intrinsic causes.The fourth chapter is the demonstration of listed companies' asset restructuring. It analyzes the effect of assets reorganization on 15 listed companies through principalcomponent method.The final chapter discusses the reasons for unconspicuous effects of the disquisitive companies in the above chapters and puts forward some suggestions on how to perfect the asset restructuring performance for listed companies.