A Positive Study On Assets Reorganization Of Listed Company Of HeNan

Asset reorganization is always the hot topic in the stock market, it is like a double blade sword, and it can optimize the internal resource reallocating and the corporate governance, maximize the value of corporations, and improve the quality of listed companies. There are a lot of problems in the asset reorganization in the meantime, which endanger the development of stock market. Economic of Henan Province increase very quickly in the recent years, but the development of its listed company is opposite slowly. This paper tries to take the asset reorganization of listed company in Henan as to study special subject, carrying on substantial evidence to the asset reorganization of listed company in Henan, exploring the problems which may appear during the reorganization and its advices also be put forwards. The article is organized into five chapters.The first chapter will give a brief account of the listed companies'basic conditions in Henan, such as funds, capital scale and profit ability.Secondly it introduces the classification of listed company in Henan, including profession to distribute, the region distribute and the choice with method of the asset reorganization. According to the method which is established by usage, we classified the asset reorganization activities of listed companies into 4 groups, they are transfer of shares, sales of assets, mergers& acquisitions, and replaces of assets.The second chapter combines the sample of listed company in Henan, it makes out the empirical research on performance of the asset reorganization. The main purpose of corporate restructurings is to optimize the internal resource reallocating and the corporate governance, maximize the value of corporations, and improve the quality of listed companies. Asset reorganization activities of listed companies have become a very important topic in domestic science field. How about the effects of the frequent assets reorganization? Can it improve the profit and operation of the related companies? This paper discusses this question from the view of empirical research. Firstly, the characteristics of listed companies'assets reorganization in Henan are carried on a synopsis description. Secondly, the listed companies'reorganization period is shortened and carrying on a few reorganizations probably for a year, so as to this paper analysis reorganize strength of listed company. In the empirical research, this paper it discusses such common analytical method, we compare performance of different years in order to estimate performance of listed company. Pass the empirical research of this part, this paper detect that the listed companies of reorganizing have an obvious improvement on performance than the non-reorganizes company and all listed companies in Henan, in the meantime because asset replacements of listed company in Henan all accompany with ownership of a share alteration, the form is called big shareholder alteration, market respond obviously to transfer of shares, the big shareholder alteration, the performance of mergers & acquisitions and transfer of shares is declined after asset reorganization activities . A great deal of asset reorganization activities of listed company take place in recent years, The effect of the asset reorganization already visualize, the asset reorganization can improve industry structure, in the meantime the asset reorganization have made progress in turning from deficits to profits. Though the empirical research, we can discover the effects of the asset reorganization already appear, the performance of listed company also is improved slightly. In other words, the aggressive effect of asset reorganization didn't yet completely appears, the asset reorganization activity isn't only solution. For the listed company, especially enterprises running in the red, the asset reorganization is the first step for improving performance, the asset reorganization also haven't a few roads to walk.The third chapter focuses on the problems and causes that exist in asset reorganization. The problems of listed companies'asset reorganization are as following: they lacked a strategic understanding of the asset reorganization; its aim is uncertain; the government is over-involved and the measures of government administration replace market distribution; irregular use of funds of listed company; there exists serious inside dealing during assets reorganization, which damages equity and efficiency in the market; the information disclosure on assets reorganization is not in accordance with law, causing security speculation; Take "protect hull" as a purpose, take " enterprises running in the red " as an object reorganization to have another. There are several reasons for these problems: The asset reorganization activities have arbitrary; the structure of share is not reasonable; the corporate governance is not perfect; the laws and regulation system is not complete; disregard integration of reorganizing enterprises.The fourth chapters we can make suggestions to improve performance of the assets reorganization. The concrete measures are as follows: we will continue to improve the corporate governance of listed company; we will have a correct understanding of the assets reorganization, guard against unthinking action; we will press forward with the strategic re organization of listed company, so as to achieve sustainable development; foreign investment and private enterprise are allowed to participate in assets reorganization; we need strengthen market supervision to disclose information of assets organization, improve transparency of assets reorganization; we will bring market management under a system of laws, combat fraud reorganization ; The government need to establish a distinct position during the asset reorganization activities, standardize the conduct of listed companies'asset reorganization.The last chapter is the conclusion of this paper and some further discussions. Though the empirical research, we can discover the effects of the asset reorganization already appear, the performance of listed company also is improved slightly. In other words, the aggressive effect of asset reorganization didn't yet completely appears, the corporate restructurings performance of listed company in Henan is poor. From the article we gain some revelation, we may start with perfecting stock market supervision, helping improve the quality of the listed company and updating the conception of government. There are also some scarcities in the article, first, the volume of samples is limited ,and the we can't classify the samples by industry.