An Empirical Research On Performance Of Assets Restructuring Of Listed Company In Jiangsu Province

Since we entered the 21stcentury, the merger of China economy into world economy has had its own demands that our listed companies must try their best to improve their competency, the profit-making ability and innovation ability to suit the further intension of market competition. The listed companies that play an important role in capital market are taking up with their sustainable development through kinds of operation models. Therefore, in recently years, assets restructuring such as merger, purchase and transfer is always a hot topic in Chinese Securities Market.The paper first encloses the frame of investigating assets restructuring to introduce existing theoretical results from domestic and foreign scholars. Next, the paper analyzes and compares motive theories of assets restructuring between Chinese and foreign listed companies, then introduce present assets restructuring situations in listed companies of Jiangsu province. Once more, the paper tests the assets restructuring performance of Jiangsu province listed companies according to two aspects as follows: the reactions of the securities market and the achievement of corporation management, analyzes the inner factor on the foundation of demonstration study, and reach the objective conclusion through applying the research method of standard study's integration with demonstration study and the comparison study technique and taking Jiangsu province listed companies as the research object.The results of the research are as follows: First, the reactions of the securities market of Jiangsu province listed companies'assets restructuring are positive in general, assets restructuring arouse the notable increase of shareholder wealth and its reaction to each pattern has notable difference. The reaction of the securities markets of M&A is the most prominent, and that of assets restructuring is the worst. Second, assets restructuring has affirmative effect to the achievement of corporation management, and different patterns of assets restructuring have great divergence in the improvement effect to the achievement of corporation management.Finally, the paper makes a conclusion according to the research above, then puts forward some corresponding policies and suggestions of standarding its behavior and raising its performance from listed companies, agencies and government regulation, and makes a prospect of the future development.