| Company’s shrink is a mode of operation just as the expansionary capital operation.Both are equally important for the healthy development of a company. Asset stripping is amode of shrinking capital operation, mainly to adjust the company’s main business and tooptimize the allocation of resources. Asset stripping in the capital market of westerndeveloped countries has been common in the reorganization of the enterprise，and theorystudy on divestiture is rich. But in our country, the research and application aboutdivestiture aspect is relatively scarce. Since1998, with the significant increase of thenumber of China’s listed corporation for asset stripping, our country needs more and moretheories which can effectively guide the practical operation. Based on the extensivecollection of relevant theoretical research at home and abroad, I did the empirical studyusing the screened data from60Chinese listed companies to conclude the motivations ofChina’s listing Corporation for asset stripping. Then, I used the case study method to do thefurther analysis about timing that Chinese listed companies acquired successful divestiture.Hope to be able to complete the Master’s thesis, meanwhile put forward some usefulreference and constructive suggestions for the healthy development of China’s capitalmarket.The first part introduces the research background, purpose and significance. Meantime,it describes the research status about shrinking capital operations and asset stripping.Through the analysis of the problem existed, determine the direction of research. Thesecond part elaborates the related theory about divestiture, laying the foundation for the laterresearch. The third part analyzes the motivations of Chinese listing Corporation divestitureusing the method of empirical analysis. The fourth part studies the timing problems of theChinese listing Corporation divestiture by using the method of case analysis. The fifth partdescribes the enlightenment to our country from the American listing Corporation assetstripping. The sixth part puts forward China’s listing Corporation divestiture measures,hoping to improve the successful rate of asset stripping. The seventh part points out theresearch conclusion, limitations and prospects. The innovation of this paper lies in, throughthe analysis of relevant theoretical and empirical analysis of a series of related date,summarize the motivation of Chinese listing corporation assets peeling. Then, do in-depthanalysis in the asset stripping timing and make the reference standard related to choose thelisting corporation stripping timing. |
