Asset Restructuring And Performance Appraisal Of St Corporations: From Empirical Evidence

As a supervise conduct in stock market, ST means a special treatment between the normal lists and suspend ones. Unless it is work hard to improve the management, the list companies will lose the valuable list qualification. Above all, ST corporations commonly possess intense motivaion for asset restructuring. It's meanful for advance ST corporations to put in practice substantial restructuring industrialized that study ST corporations restructuring performance. Besides, it is also helpful to understand the behavior of the participants and inspect the effects concerning the policies.The paper analyses the performance of ST corporations from two aspects:the performance theory, empirical. It designs the empirical research on performance on the whole and chooses 20 corporations from ST companies which restructured in 2005 as a sample, using various statistic methods such as event analysis and financial analysis. We can see clearly from the cumulative abnormal return (CAR) through the event analysis:CAR reflect the abnormal return which the asset restructuring bring to stockholder. There is the phenomenon of the restructuring information leaked before it shows openly. Generally, shareholders obtain the abnormal return before the press day, otherwise, there is no obvious impact after it. In addition, there is another conclusions drawn from financial analysis:the assets restructuring can improve the ST corporations'performance as a whole, different types of asset restructuring have different effect. The assets restructuring performance of ST corporations is not remarkable and continues. At last, it offer several suggestions according to conclusions such as:strengthen the supervise of the ST corporations and the normative management of the asset restructuring, provide correlative measures consummate stock market perfectly. Meanwhile, the paper tries to provide a normative framework of performance of ST corporations through the event analysis and financial analysis.