Empirical Research On The Performance Of Asset Reorganization Of Chinese Listed Companies

With the adjustment of industrial structure in China,listed company carries on the asset reorganization in succession in order to improve company performance by integrating own resources. There is no consistent opinion among academic community about whether the performance can be improved by asset reorganization. This paper will study on the performance of asset reorganization and the restrict factor of listed companies in China. The purpose of this paper is to properly evaluate the behavior of asset reorganization, so as to provide the direction on strategy making and performing. And, it provides a new way about the similar empirical analysis.The paper could be divided into two parts,and the first is focused on basic theories. Above all, we will summarize and analyze the former research fruits according to the performance of asset reorganization and its affect factor. Secondly, we clarify the motive and significance of this study and define its topic by analyzing the current internal and external situation of the performance of asset reorganization of listed companies. Thirdly, we introduce the theory both the asset reorganization and performance of the theory; and we analyze the performance of asset reorganization and the restrict factors of it.The second part is the body of this paper. Firstly, it designs the empirical research on performance of asset reorganization on the whole, including research assumptions, samples choosing and sourcing, performance evaluation index system structuring and research method choosing. After that, it chooses 342 companies from listed companies which restructured in 2003 as a sample, and does a empirical research on the performance of asset reorganization of listed companies and the restrict factors of it, using various statistic methods such as Descriptive Statistic, Factor Analysis , Analysis Of Variance and so on. Through the research, we can see that the behavior of asset reorganization of listed companies hasn't improved the performance of listed companies in fact. We can also see that the changing of the first majority shareholder and the mode of reorganization are main factors impacting the performance of asset reorganization, while, the impact to the performance from affiliate transaction is...