| In recent years, corporate restructuring activities between listed companies and their related parties in China are increasing rapidly, and have arose the focus of every people in the stock market. Quantitative researches on corporate restructurings in China are not so many as qualitative researches and the analyse of the cases, which focus on the listed companies during 1997 to 2000. This thesis is to find out the diffent characteristics of corporate restructuring under the background of strengthened supervision and improved accounting standards after 2000, restructuring whether improve financial effect of the list company and financial effect of different methods of corporate restructuring between the list companies and their related parties, are the emphases of the problem which people focus on, which have the important signification on guiding corporate restructuring between the list companies and their related parties.The thesis studies which the list companies improve the financial effect after the corporate restructuring from the theory and the demonstration research. On the basis of the summary to theories and the demonstration researches to the performance of corporate restructuring home and overseas and the analysis to the traits and developing tendency of Chinese asset restructuring between listed companies and their related parties, the thesis makes demonstration research on the financial effect.In the part of theory analysis, the thesis introduces the define of corporate restructuring in china and classifies corporate restructuring between listed companies and their related parties. Then analyze it from rule of law, and introduces the current instance,the emphases of research in the actuality of corporate restructuring between their related parties in China after the transformation of the policy.In the part of demonstration, the thesis use financial analysis to look into 89 restructuring cases happened in 2003 in Shanghai and Shenzhen stock market from the angle of operating performance before and after the listed companies' restructuring. The positive research shows that, the improvement of the financial effect is different in light of different restructuring methods. As a whole, after corporate restructuring of the listed companies, the metheds of M&A and asset exchange are good at the metheds of asset divestiture and ownership right transference. In the last section, the author summarizes the whole thesis, and points out the limitation. |
