Quantitative Research On The Effect Of Asset Reorganization On Chinese Listed Companies Performance And Efficiency

Asset reorganization is an important means to achieve optimal allocation of social resources, and it is s one of the core of enterprise capital management. Reasonable and effective asset reorganization of enterprises will no doubt play a huge role in promoting development. In recent years, as the constant adjustment of the global economic structure and industrial structure, Chinese economic development is also facing new opportunities and challenges. Therefore, many listed companies hope that asset reorganization can achieve optimization and adjustment of the company asset structure and industrial structure, and achieve the company complementary, strategy shift and diversification.Now there are many issues before us:In Chinese market economy environment, whether the listed company asset reorganization can achieve the original desired effect? Whether it can really optimize the company’s asset structure and resource allocation, improve the company performance and operational efficiency? What are the factors that affect the impact of asset reorganization? These problems urgently need to be researched.This paper carries out empirical research, which based on overview and analysis of domestic and foreign asset reorganization performance Research, as well as the basic theory of asset reorganization. First, this paper choose 55 listed companies as the object of study, through filtrating A-share listed companies which took place asset reorganization in 2005. And collect 5 years financial data to do comparative analysis. Then it studies the effect of reorganization on Chinese listed companies from two aspects, which contains the effect of asset reorganization on Chinese listed company’s performance and efficiency.With regard to the study of the impact of asset reorganization on Chinese listed company’s performance, this paper mainly uses financial indicators method. First, it selects 12 financial indicators to build a system to evaluate the company’s performance. Then use global factor analysis to evaluate 5 years financial data to obtain the score of company’s performance. The last, according to the changes of the company’s performance evaluate the impact of asset reorganization on listed company’s performance. With regard to the study of the impact of asset reorganization on Chinese listed company’s operational efficiency, this paper also uses financial indicators method. First, it selects four input indicators and two output indicators, then use DEA to evaluate the efficiency of the sample companies before and after the reorganization. The last, according to the changes of efficiency evaluate the impact of asset reorganization on listed company’s operational efficiency.Eventually draw the following conclusions:In the short term, asset reorganization significantly improves the operational efficiency of listed company, but it has no significant impact on company’s performance. From the overall perspective, asset reorganization not only significantly improves the company’s performance, but also significantly improves company’s efficiency. In the long run, the improvement of listed company’s performance and operational efficiency is not persistent. Different types of asset reorganization’s impact on listed company’s performance and operational efficiency are significantly different. Related party transaction reorganization’effects on performance and efficiency are better than non-related party transaction. The scale of reorganization has no significant effect on the changes of performance and efficiency. The changes of assets structure before and after reorganization has significant effect on the listed company’s performance and efficiency.