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Study Of The Financing Of The Asset Restructuring Of Listed Companies

Posted on:2004-08-11Degree:MasterType:Thesis
Country:ChinaCandidate:G F LiFull Text:PDF
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Assets restructuring is a very outstanding phenomenon in Chinese economy. From the beginning of our opening and reform, it becomes more and more popular. Since the beginning of 1990's, we have set up Shenzhen an Shanghai security exchange. It is preparative for assets restructuring. During the development of assets restructuring's practice,its theory is going ahead too.Assets restructuring is an innovative system for listed companies. It can improve their efficiency and capability. It is a new corporation system that reorganizes the capitals that come from different sources. During the progress of our reform, the demand for better resource configuration becomes intensive. Listed companies are very important in the whole economy. They should have a try in assets restructuring, in order to improve the competitive ability. Therefore, the whole economy can make progress.This thesis expounds as the following:First, the thesis begins with the assets restructuring and financing theories. After researching on the two theories, the author begins to study on the topic of this thesis: financing problems in assets restructuring. And then the author deals with the related problems.Second, the author organizes the whole thesis in the sequence of "come up with the questions—analyze the questions—settle the questions". After all analyses, the author draws the conclusion in the end.The thesis is divided into four parts:Part One: The theories of assets restructuring and financing. In this part, the author gives the definition of assets restructuring at first,and does some researches on our country's assets restructuring. The theories for assets restructuring includes: 1. assets restructuring promotes resource configuration. 2.assets restructuring pormotes the framework of industries.3.assets restructuring promotes the development of corporations. 4. assets restructuring promotes the development of security market. Then, the author analyzes the motive of assets restructuring,and puts forward the importance of financing in assets restructuring. Second,the author discusses the definition of financing. And the author also analyzes the methods of financing. The author points out, the principles in financing should be followed in the choices of financing methods of assets restructuring. In practice, assets restructuring is combined with different modes. Part Two: Financing modes in assets restructuring of our listed companies. First, the author gives out the different financing modes that existed in our listed companies. They include the familiar financing modes and some innovative modes. The author indicates that MBO is quite beneficial for our companies. The author believes that during the change of the whole economic environment, MBO will become an important mode of assets restructuring in our country. In addition, the author discusses the familiar financing modes. There are some differences in these modes, and their effects are different also. Part Three: The analysis of the phenomena of our financing modes. This part is the focus of this thesis. After the analysis of the financing modes of our listed companies, the author puts forward the developing trend of different modes, and then comes up with some opinions of MBO during the analysis of MBO cases. First, the author discusses the related laws of financing in China. The development of Chinese capital market is undoubted, but there are still some difficulties in it. Therefore, the listed companies in this market are facing some challenges. And the system of financing will be improved during the improvement of the whole market. MBO is a hotspot in Chinese stock market. Recently, there are many MBO cases of listed companies. The research on MBO is quite heated.The author thinks, the improvement of macro economic environment contributes to the development of MBO. China's MBO is going into a stage of further development. Part Tour: discussing and thinking about directional share issue& assets trust. Two problems have...
Keywords/Search Tags:Assets Restructuring, Financing, Management Buyout, Assets Trust
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