An Empirical Analysis On The Correlation Between Corporate Performance And Restructuring Modes About Listed Companies In China

The research of the influence factors of corporate performance is one of the hottest issues in the field of corporate finance. It hasn't come to an agreement even after years of research and discussion. However, depending on those researches, economists have made some achievements. Overall, most research focuses on the correlation between corporate performance and ownership structure, the correlation between corporate performance and capital structure, the correlation between corporate performance and governance structure, and pays less attention to the correlation between corporate performance and pre-IPO restructuring modes. Basing on these achievements and researches of the influence factors of corporate performance, the article studies the correlation between corporate performance and pre-IPO restructuring modes.Firstly, the article explains some fundamental conceptions and concludes former research achievements and opinions. Then, the article discusses the motive and influence factors of why corporate would choose different pre-IPO restructuring modes, analysis why the pre-IPO restructuring modes would affect corporate performance, and then, raises the fundamental hypothesis of the whole article. In the empirical part, the article first takes manufacturing companies which listed from 2002 to 2004 as samples, and then makes a compare between two groups, the result shows that the corporate performance of complete restructuring corporate is better, and the degree of related-party transaction of complete restructuring corporate is lower than incomplete restructuring corporate. Then, the article tests the difference of two group in order to find out whether the difference is significant or not, the result shows that difference of corporate performance between two group is no significant in statistics, but difference of related-party transaction between two group is significant in statistics. Then, the article applies multi-linear regression analysis to make empirical study of the correlation between corporate performance and restructuring mode, and the result shows that there is no significant correlation between corporate performance and restructuring mode, no significant correlation between corporate performance and related-party transaction. The main influence factor of corporate performance is the ownership concentration, the capital structure, the corporate scale, corporate growth potential, listed year and so on. In the end, the article brings up relevant policy suggestions basing on the study result above.The research of the influence factors of corporate performance is meaningful and comprehensive. Due to the limitation of time, resources, and research capability, the article only covers an elementary and exploratory study on the topics. I sincerely expect your professional suggestions and advices.