Reorganization Of Listed Companies Factors And The Performance Of Empirical Analysis

In September 1993, Shenzhen Baoan Group purchased the 19.8% overall stock shares of Shanghai Yanzhong Industrial Shareholders Company in the security market. From the above event, our security market developed into a higher and new stage. In the recent years, there are many restructuring events in the listed companies, it approximates hundreds cases every year. In the stock market, the list company published the restructuring messages and the investors noticed it, following the price of the security of the list company will alter with the message. After our nation joined the WTO, how to confront the foreign competitors; how to alter the conditions of the domestic companies which are in a small capital and product scale, less the management, all these are the focuses of the domestic academe. On the point of the list companies, to deal with the drastic competition after the entry of WTO, to make the companies to be a big scale one in a little time, the companies must carry out restructurings. Once the Chinese companies established its own multination companies, they will acquire advantage status in the following competitions with foreign companies.After the fast development of the domestic capital market, it provided a more and more looser environment for the domestic investors. Most capitals are interested in the list companies restructurings and put its own into the process of the restructuring and prompt the restructuring progress. What is the reason of the list companies restructuring; the restructuring will induce the capital market and the security price alter, so do affect the shareholders wealth, whether or not the restructuring will add the shareholders wealth; not only the restructuring will adjust the company resource to a more harmonious status, but also it will improve the company management, whether or not it will improve the performance of the company; what policies should we adopt in the list companies restructuring; all the above questions would be answered in this thesis.In the international academy, they often analysis the affect of the list company restructuring by using Wealth Effect analysis or Financial Data analysis to. In this thesis, I also adopt these two methods to analysis it.