The Influence On The Performance For Assets Reorganization Of The Listed Companies In China

The issue of assets reorganization of the listed companies is always a hot spot in the capital market of all countries both theretically and practically.Moreover, the study on the performance for the assets reorganization is a critical issue on the study of moden finance area.To the reference of the assects reorganization study experience from home and abroad,this paper put forwards to divide the assets reorgznization of the listed companies into four groups after thoroughly analizing the current situation of the listed companies of China.They are expanding assets reorgznization, retrenching assets reorgznization, assets reorgznization to transfer the major ownership and assets reorgznization to ajust the internal bussiness.We choose all the samples of the China's listed companies which reorganized their assets during the period of 2003-2005. There are 1299 samples in the expanding assets reorgznization group,1093 in the retrenching assets reorgznization group,71 in the transferring major ownership group and 165 in the internal business ajusting group. Applying the fama-french three fators model and seasonal regression analysis, we get the following results:the performance of the listed companies obviously enhanced two years after the expanding assets reorgznization process; the performance of the listed companies obviously enhanced two years after the entrenching assets reorgznization process,too; In the transferring major ownership group, there is a declining perfomance trend for them.If the companies in this group can't integrate effectively after the assets reorgznization process, their performance may improve greatly in a short term, but in a long term,there is a negative effect;In the internal business ajusting group, the stock price may rise in a short term in the secondary market for the reason of assets reorgznization,but in a long term,there is no conclusion on whether the high quality assets injection can improve their perfomance or not.Finally, according to the empirical results, we give some advice to the legisators and regulators.