The Research On Asset-Restructuring Performance Of Chinese Listed Privately-Held Enterprises

Great change has being happened in the economy field of China since Reforming and Opening began over 30 years ago.Multi-ownership enterprises, especially privately-held enterprises, are stimulated by the reforming of economic structure which switched the economic structure from planned economy to market-oriented ones. Nowadays non-public enterprises have become an extreme important and the most dynamic part of the whole economy.Chinese capital market established at the beginning of 90s last century and has been growing step by step in last 20 years. Many privately-held enterprises, which greatly gained in last 10 years, reach the requirement to publish their stocks in the exchange market. Meanwhile, more and more privately-held enterprises owners have willingness to publish their stocks on the exchanges. The first batch of listed privately-held enterprises included privately-held ones, such as Vanke Co., Ltd. After more than 20 years, hundreds of privately-held enterprises entered capital markets through IPO or"buying a shell"In the early time privately-held enterprises developed buy self-accumulate like snow balls. As the scale grew larger and larger more and more privately-held enterprises began to use asset-restructure methods, including M&A, stock right transfer, asset replacement, to optimize the distribution of resources, extend the scales and increase economic benefits. The investor on the capital market preferred to bet on the companies that engaged in asset-restructuring affairs. But some of the companies haven't achieved their original goals while others have. The failure was attributed to financial problem or organization integration problem. What's more, a few people and companies did illegal dealing under the cover of asset-restructuring. In this case, I considered it's necessary to study the asset-restructuring behavior of listed-companies in order to reveal the influencing factor and regular patterns behind.This dissertation consists of five chapters:Chapter 1 is introduction. It contains the basis of the researching subject, the review of the developing of domestic privately-held enterprise and capital market.Chapter 2 is literature summarizes. In this part we will discuss the definition, agents, method and evaluation of asset-restructuring on the basis of former research.Chapter 3 is characteristics of domestic privately-held enterprises. I will specialize on the differences between listed privately-held enterprises and other listed companies in this part, such as structure of proprietary rights, motivation of capital operation.Chapter 4 is empirical study. In this chapter, I will choose representative sample to implement quantitative analysis. Through the analysis of both short-term and long-term performance, we will discuss the effectiveness of asset-restructuring behavior.Chapter 5 is conclusion. At last we will discuss the key factors influence on the success of asset-restructuring of listed privately-held enterprises. Further more, we will argue the predict techniques.