Empirical Research On The Performance Of Asset Restructuring Of China's Listed Companies

This thesis analyst the performance conditions, influence factors and institution causes of asset restructuring from three aspects, the performance theory, positive and policy recommendations .In theory part of the reorganization of assets from the concept , type, cause and significance of the areas were discussed, focusing on the performance of the company's reorganization of factors, the type, the transactions, the relevant industries, and the scale are analysis. In part of empirical analysis, by market research and analysis on the financial performance of the company reorganization, Some market research, with the excess yield of law in 2004 in the reorganization of the Shanghai and Shenzhen exchanges shares of listed companies in the secondary market performance to the reorganization notice day for the mid-point, comparative analysis of its shares before and after a month Price changes, the resultant restructuring activities of the company's impact on shareholder value. We select a database sample of 54 companies from China Securities News, these samples in 2004 after three years of financial data using factor analysis and matching T test analysis, are used for the comprehensive performance evaluation scores. First investigate the overall performance of the sample, and then we investigate factors affecting the performance of the reorganization and compare it according to the reorganization and related types of transactions. Through empirical analysis, the paper received the following conclusions: In the market research part, excess yield began to increase before the notice on restructuring, on notice to the highest around, then dropped in the two months before and after the study period, the yield curve over a parabolic trend, show that the reorganization of shareholder value only short-term changes in the long term did not change significantly. Financial analysis, corporate reorganization a few years before and after the comprehensive performance scores did not change significantly,did not pass significant test,the performance has improved slightly at the beginning , then decline, the performance did not change significantly. Through comparison among the four types of reorganization, Mergers and acquisitions for the performance of scoring in the decline, the remaining three types have improved. In compare with related transactions, Non-affiliated transactions have greater improved to the performance of restructuring.Last part is the policy recommendations to asset restructuring activities, the recommendations as following: Optimizing ownership structure, improve the corporate governance structure, reduce the government's interference, and enable enterprises to achieve the real dominant position of the asset reorganization.