Research On Influence Factor Of China's Listed Companies' Asset Reorganization

Asset reorganization is an important means for enterprises to adjust resource collocating. With the acceleration of globe economy becoming a whole body, the competition between enterprises is becoming more vehement. In order to improve strength, enterprises must adjust the resource collocating and structure not in reason. So, in the last years, the cases of asset reorganization in China increased. Especially in securities market, the amount of companies carrying through asset reorganization became more and more, the reorganization frequence became faster and faster. And asset reorganization is becoming more important. The asset reorganization of listed companies have become an very important topic.This study was based on analysis of the study field and method on asset reorganization from domestic and abroad,and choosed a aspect of asset reorganization which is very important, and was focused on by domestic people, but had not been studied in quantity method.First, introduce some relevant theoretical knowledge, and summed up the four factors that impact the asset reorganization and choose seven explaning variables form these factors. These four factors are economic factors, policy factors, market factors and company factors; the seven variables include: GDP, dummy policy variable, the number of listed companies, the number of associated asset restructuring, the average total assets, average net asset earning ratio, average balance rate, as well as the number of pre-restructuring;Then, collect and collate the data. The effective samples studied are: The explaned variables are the number of listed companies that take place asset reorganization each year from 1999 to 2007; the explaning variables majority are related datas of the listed companies except the GDP and the dummy dates from 1999 to 2007. Then, through the method of statistical analysis, scoring and multiple linear regression analysis, set up a fitting model, and come to the studying conclusion: the three variables including dummy variable, average net asset earning ratio and average balance rate together have great explanation ability to the asset reorganization;Finally, in the light of the above results, combined with China's macro-economic status and the characteristics of listed companies in China, carried out analysis and interpretation, make recommendations,then summed up the inadequacies of this article.