Asset Pricing In A Major Asset Restructuring Of Listed Companies

With the securities market more than 10 years development, the merger and reorganization of the listed companies developed rapidly, and gradually became an important means of strategic adjustment of industrial structure, the advanced optimize of listed companies, and the allocation of resources. As the most important part of the material assets reorganization process, asset pricing is influencing the transaction process and the after trading market reaction, and asset pricing is the serious problem that both the traders and investors concerning about. Therefore, this article focused on the asset pricing in the material assets reorganization of listed companies.First, the concept of the material assets reorganization combining related laws and regulations were introduced in this paper, and procedures of the material assets reorganization of listed companies transaction was summarized. The material assets reorganization process was divided into 11 steps.Secondly, according to all the material collected, the material assets reorganization of listed companies in China was divided into nine types, including:new shares absorption merger, absorbs merger, to purchase assets through issuing shares, to purchase assets through issuing shares and the major asset sale, to purchase assets through issuing shares and a absorb merger, to purchase assets through issuing shares and major assets displacement, major assets displacement, major assets purchased, payouts. Among them, to purchase assets through issuing shares was a very important transaction types.Again, regard 2008 and 2009 data as the studying window, this paper made some statistical analyses on the general asset pricing, carried on an empirical research to the asset pricing in the material assets reorganization of our country's listed companies, from the views of the asset pricing method, assets appraisal base date and assets evaluation method, stock price setting base date and stock pricing method, linkage of asset appraisal increment and the market reaction in different conditions, etc. Took some conclusions such as that six of the transactions were reasonable and three were unreasonable, there were positive correlations between asset value and the market by various trade asset appraisal methods, there were positive correlations between affiliated transactions and asset pricing, etc. Then, this paper chose a typical case of to purchase assets through issuing shares, and then analyzed it.Finally, this paper tried to put forward some corresponding policy recommendations, to provide a reference for listed companies which intend to conduct material assets reorganization and the researchers who take a follow-up study, to provide a basis for the choice of the transaction types, the evaluation methods or the research orientation. The insufficient is that the time was hasty, and the research needs an in-depth study.