Listed Company Divestitures, Declared The Effect Of Empirical Research

Asset divestiture has become a more sophisticated way of capital operation to be a wide range of applications in the West Country,such capital operation technology have played an important role in improving efficiency in the use of assets and in optimizing the allocation of resources. Nowdays,at the context of world financial crisis deepened and large-scale asset divestiture emergenced.,the research in the field of asset stripping is particularly important and urgent.Whole article is divided into two major parts, the first part is the theoretical basis ,for sorting out the introduction of asset divestiture at home and abroad the results of research, introduce research methods and research findings of scholars at home and abroad, and summed up the efficiency of the theory of corporate finance theory, principal--agent theory, transaction cost theory, welfare theory, such as the relevant theoretical basis of asset divestiture. An Empirical Study of the second part of the main body of the article is. In this study, selected two years sinceJuly 1, 2006 to June 30,2008, in the Shanghai and the Shenzhen Stock Exchange issued a declaration of assets to divest 57 listed companies for the study sample, using event study analysis of asset divestiture pronounced effect, then using multiple linear regression method of the impact of asset divestiture pronounced effect of the relevant factors are discussed. Finally, this article on the normative acts of asset divestiture of our recommendations and the corresponding countermeasures.The main conclusions of the paper include the following:1,Generally speaking, a listed company to asset divestiture declaration will have a positive abnormal return and abnormal return arising primarily from the divestiture of assets declared before and after the incident a short period of time.2,The insider trading does exist in china's asset divestiture, but not so serious as described in the institute.3,The size of the listed companies has a significant negative impact on the divestiture announcement effects.4,The size of financial leverage has a significant positive impact on the asset divestiture pronounced effect.5,The size of the profitability has a significant positive impact on the asset divestiture pronounced effects.6,The size of the value of Tobin's q has significant positive impact on the asset divestiture pronounced effect. 7,The transaction prices of asset divestiture, the mobility of the size and the largest divestiture have no significant impact effect on the assets divestiture effects.