An Empirical Analysis On The Performances Of Passive Asset-restructuring For Chinese Listed Companies

The Asset-restructuring of the listed company is the eternal topic of the stock market, but relevant analysis of Asset-restructuring performance is also one of the important contentses of modern financial economics research.Because see from the macroscopic angle, it's very important to rightly understand this topic.It's the departure and the leading thought of policy establishment, the lawmaker and the supervisor to carry on the Asset-restructuring;See from the microcosmic angle, it is the premise of the business enterprise to implement Asset-restructuring decision. Many foreign scholarses did the thorough research to the Asset-restructuring performance of the listed company, but in the domestic, along with the Asset-restructuring behavior of Chinese listed company become increasingly multifarious, a great deal of scholar also start to pay more attention to this realm.Under the fully understanding of the reserch actuality of relevant Chinese listed company Asset-restructuring, consult the different cognition for Asset-restructuring, this paper put forward the innovative concept which is the passive Asset-restructuring of the listed company, namely the shareholder of the listed company ( original or lately- become through procure the stock ownership) take the listed company as the target company to makes the more important adjustment on it's asset structure ( the single asset fee is over 30,000,000 RMB), accompany with the variety of the stock ownership of the listed company, but also the original big shareholders by themselves start which don't involve the variety of the ownership.By carrying on the statistic to the type's asset-restructuring of Chinese stock markets close to the 2001 year-end which is above 30,000,000 RMB, discover that 329 listed company carry out totally 427 times passive asset-restructuring.All these asset-restructuring are implemented by the no- circulation shareholder who hold the opposite control of the ownership.Then, design the comprehensive evaluation index system of asset-restructuring performance, adopt the factor analysis to construct the synthetical score-function, carry on the empirical analysis to the passive Asset-restructuring of Chinese listed company. The result indicate, asset-restructuring promoted the company performance as a whole in...