Asset Restructuring Of Listed Companies In Hunan Province Performance Empirical Research

As the principal part of securities market, the listed companies' assets reorganization is successful or failing, which directly concerns Chinese securities market whether standardize development. Plenty of documents appear on the whole listed companies of every annual reshuffle in our country's security market, research into assets restructuring theory and its correlation with the reshuffle performance, however rare appear on the market for province local area listed-company's restructuring performance research. The few studies of this kind still stay in summarizing its present situation and analyzing some typical cases, but have no systematic thorough research. The appraisement to Hunan province marketing company's assets-restructuring performance is not yet concerned with at the present time.The paper tests the assets-recombining performance of Hunan province listed-company according to two aspects as follows: the reactions of the securities markets and the achievement of corporation management, analyze the inner factor on the foundation of demonstration study, and reach the objective conclusion through applying the research method of standard study's integration with demonstration study and the comparison study technique and taking Hunan province listed-company as the research object.The results of the research are as follows: First, the reactions of the securities markets of Hunan province marketing company's assets-restructuring are not positive in general, assets regrouping doesn't arouse the notable increase of shareholder wealth and its reactions to each pattern has notable difference. Second, assets-regrouping has certain affirmative effect to the achievement of corporation management, in which the improvement effect of reshuffling behavior to the expanding ability of capital stock and the brilliance status of the main business is more obvious than that to the payoff capacity and the stockholder reward. Third, with the passing backwards of restructuring time, the reshuffle has not yet becomes more rational and have-long-term-in-mind, still has someblindness and short-period. Fourth, the different patterns of recomposing have great discrepancy in the improvement effect to the achievement of corporation management. Furthermore, within the improvement effect of different industry's restructuring affairs, that of the public utility industry is the most prominent, and that of the commerce industry appears comparatively serious poor contrarily. On the basis of above results, the paper has analyzed the immanent causation influencing on the assets-restructuring performance of Hunan province listed-company, and has put forward some corresponding policies and suggestions of standarding its behavior and raising its performance.