An Study Of The Real Estate’s Asset Restructuring Performance

With China’s accession to the WTO, the degree of the enterprises integrated with the international standards is more and more deep. Asset reorganization of listed companies in China occurs on a large, and has increased year by year. The amount of capital related is also growing. The dissertation chooses the listed real estate companies as its research objects, and mainly studies the performance of asset reorganization of these companies. According to their specific circumstances and characteristics of their environment, the dissertation tries to help the listed real estate companies establish the correct restructuring motivations, choose their own way of asset restructuring and improve important financial indicators in the process of restructuring, so to make more efficient allocation of resources. At the same time it tries to provide recommendations for all parties such as government agencies, business managers and investors.The dissertation selects the company financial performance indicators, based on the annual reports of listed real estate companies in China, then sorts out the measure indicators which could evaluate the effect of the asset reorganization of listed real estate companies. Based on the comprehensive application of various research methods, the dissertation mainly adopts the method of empirical analysis, using financial index analysis and principal component analysis in combination. In the process of specific empirical analysis, first of all, the author researches the overall performance of the whole real estate industry and sample companies before and after asset reorganization, and then compares the performances of different modes of asset reorganization, finally analyses the listed real estate companies, successful and failed, to identify the factors affecting the performance of asset reorganization.The main results of the study are as follows:(1) The performance of sample companies was improved in the first year after the asset reorganization, but it declined by a large margin in the second year. As time went on, there was a slight improvement in the third year than the second year. This is a short-term phenomenon in asset reorganization. Compared to previous studies, the companies which have a performance in the third year after the reorganization account for a relatively larger proportion. It shows that the overall performance of assets reorganization is more optimistic compared with other industries, to the listed real estate companies in China.(2) Assets replacement played the most important role in improving the performance of listed real estate companies. The reorganization took effect in that year, and the improvement was very obvious.(3) The reasons for the successful assets reorganization were always similar, but for the failed assets reorganization they were different. To listed real estate companies, they should focus on improving these indicators as the earnings per share, net profit growth rate, growth rate of main business and the cash recovery rate of total assets in the process of assets reorganization...