Positive Study Of Different Assets Reorganization's Effect On The Performance Of Chinese Listed Companies

Currently, most assets restructuring of listed companies in China are blind, short-term, and utilitarian. The substantive reorganizations take a small account, while most of them are a mere formality. Many scholars have accused some listed companies for making money in disguise of reorganization. Some people even regard that there is no genuine reorganization under current circumstances of China, and the reorganizations are often operated behind the scenes, violating the market rules. And it is supposed that such a condition will stay unchanged for a long time. Responding to these problems, it is of great significance to conduct research on the performance of reorganization, find out the problems concerning it and take corresponding measures to promote substantive reorganization of listed companies. Moreover, in the course of concrete operation we may encounter all kinds of problems. It is of great urgency to find a sound way of assets restructuring and scientifically evaluate the long-term performance of restructuring of different types.First of all, this dissertation reviews the relevant academic achievements at home and abroad and sums up some shortcomings of the previous researches. First, most current researches fail to distinguish the difference between various types of reorganization, and only study the effects as a whole. Thus, the relevant conclusions are often too general. Second, the performance evaluations mainly focus on the short-term results (the financial index and the performance in capital market in one year after the reorganization), in lack of long-term, constant study. Third, few researches have analyzed the factors devoted to successful reorganizations and little advice have been offered to promote the performance of the reorganization. Based on these problems, this dissertation makes in-depth studies on how assets reorganization of different types have different effects.In the light of the arguments over the concept and classification of assets restructuring at home and abroad, this dissertation makes a distinct definition and explanation: the assets restructuring here refers to the activities, which, in a large scope, change the asset structure of an enterprise to a large extent, which have a fundamental influence on the business direction of an enterprise and the operational strategy, and which are often accompanied by a change of shareholders.According to the international practices, the asset restructuring can also be divided into five groups: takeovers and mergers, transfer of stock rights, assets stripping, assets replacement, and other methods (state-owned share repurchases, debt reorganization, trusteeship, company splitting, lease and so on). The development of assets restructuring created unprecedented economic business. The development of assets restructuring created unprecedented economic business.These new emerging economic service proposed new problem to the accounting system and the criterion construction, simultaneously it also poured new vigor to the accountant reform. Studies on various restructuring ways of accountancy issue can help us to understand well the financial data change of the listed reorganizes before the reorganization. In the situation that the 06 new criteria was just implemented different accountant processing mode analysis had more theoretical and the practical significance.This article utilizes the principal components analytic method, analyze the listed company assets reorganization based in 2002. In view of the long-term performances research and the use of regression analysis, the essay makes a further analysis about the primary factors that made the stockholder's rights structure to the influence the size of assets restructuring performances; And the essay makes a comparison between change of the first big stockholder and the existence of relevance transaction to get the influence of reorganization performance.Because of different factors, such as the operational objectives of an enterprise and the methods of accounting treatment, the choices of the assets restructuring ways would be different. In the light of the different influence of restructuring methods on the performance, the essay makes studies guide the listed companies for the choices of assets restructuring operation. And the conclusion is that the influence of the takeovers - mergers restructuring is not obvious to the achievement of sample company, especially, the expansion has not enhance the profits, instead, looked from the long time its achievement has drop. After the reorganization of a corporate which is restructured by transferring stockholder's rights, achievement drop a little but when considering the long time it is a slightly growth.Many of the asset replacement belongs to related party transactions, are carried on between the listed company and the parent company or the subsidiary company, in which the goals of quite many is to use the related party transaction to dress up the management and financial condition. And the aim is to achieve the share matching financing qualifications, therefore the achievement is obvious in the year that restructuring was just ended. After recon structuring, the restructuring of the fine assets needs a process,and the quality of which influences the management achievement directly. So, in the first year after restructuring, achievement tends to drop.The assets stripping is helpful in promoting the achievement in the certain period , in a short-term look is more or less an ideal assets restructuring way, but in a long time, the problem of enterprise itself would be exposed. The fine assets become bad ones again, thus creates the vicious circle.According to the empirical analysis on the performance of the listed company's assets restructuring, it can be found that assets restructuring played a positive role in increasing the listed company's performance of that year. But with the time passing, the performance of the restructured company tends to drop. It indicates that there is excess speculation during the process of the listed company's assets restructuring. Therefore, the analysis on the empirical conclusions can not only provide great help for our nation to set more perfect measures on assets reorganization, but also offer useful advice for the enterprise to create better strategic objectives, operating process and related rules and regulations .The last part of this dissertation analyses the reason why the long-term performance of assets reorganization may drop. The main problems include: the government's excessive intervention; too much emphasis put on short-term performance; too many in the course of reorganization; irregular assets assessment. In response to these problems, the dissertation offers six pieces of advice: to encourage substantial reorganization; to reduce government's intervention into the assets reorganization; to choose proper way of reorganization; to promote the banks'function to supervise; to regulate the related party transactions; to take tighter regulation on the securities and ensure the related information more explosive...