China's Listed Companies, Divestitures, Empirical Study Of Market Performance

The skill of divestment boosted from 80' in West Country. Sell-off, as part of this skill, plays an important part in advancing the efficiency of inventory assets and adjusting industrial structure. Sell-off has been applied widely overseas, which has become a well-rounded capital operational mode. The West countries have researched the appliance of corporation assets deeply and formed systemic theories of sell-off in the long-term market economy practice. The history of foundation and development of the security business in our country is not long, so sell-off is a new form. Sell-off boosted fast after 1998 in our country. This paper selects 108 samples from shanghai A-shares market from 2001 to 2003, and analyzes the sell-off market performance of listed-company by event study, and deepens the study by classifying the samples. Then the writer discusses the influencing factors that impact on the sell-off market performance with the method of multiple regression analysis.The framework of the paper is designed as following:Chapter 1 sets forth the background and the significance of the research. After introducing the method and structure of the study, the paper then reviews the correlative documents with sell-off marketing performance, which provide reference for the following study direction.Chapter 2 defines the sell-off, and then sets forth the theoretic basis and practice of sell-off. In this part, the paper sums up and analyzes the theory hiding behind the contractive action and reviews the development process of divestiture in the world. These efforts provide the foundation for the following study.Chapter 3 observes and researches all kinds of divestiture characters in listed-company from the respects of gross, makeup, time, size and industry and so on.Chapter 4 makes a positive study of divestiture marketing performance of the listed-company. This part expounds the resource of data, the choice of sample and defines the variable index. It is proved in this paper that the divestiture in the listed-company of our country can produce marketing performance. And the factors include divestiture size and equity structure.Chapter 5 comes to the conclusions and gives some suggestions. In this chapter the paper finally discusses the shortage of the study and also expects the future study.