An Analysis Of Restructuring Performance Of Special Treatment Listed Corporations

After the "Bao Yang " event in 1993, the form and quantity of the corporate restructuring are changing continually, and it has played an important role in the development of several aspects of the capital market. But there are a lot of problems in the corporate restructuring performance especially the Special Treatment (ST) listed corporations as our country's capital market is incomplete. So, on the basis of substantive researches this investigation just study the performance of the Special Treatment listed corporations.At first, this paper introduces the purpose and the meaning and correlative domestic and foreign researches. The following part is analyzing the formations and the reasons why Special Treatment listed corporations carry on restructuring performance with the fact of our country under the theories of foreign corporations' performances of Mergers and Acquisitions (M&A). After that, this paper use Cumulative Abnormal Return method and financial indicator method respectively to analyze the performance of the corporate restructuring. The last section of the paper is the analysis of the empirical study results and my own policy advices.The results are as followings: for the short-term market response, most of the corporations have positive abnormal return before the day when release the news of restructuring. The return is increasing after the day, but as the time goes by, the cumulative abnormal return has a declining trend. First-shareholder changed corporations are more significant. From the results of the financial indicator method, the performance of the listed corporations restructured is improved immediately. But the situation isn't durative that the corporations are at a loss again in the following several years, some one are even worse than pre-restructuring. And then they trap in the "loss-restructure-loss again-restructure again".