A Study On The Performance Of Major Assets Reorganization Of Listed Companies

With the development of China’s capital market, Reorganization of assets is becoming more and more common. Major asset restructuring management methods issued by the CSRC provides the rules and methods for the reorganization of assets, which makes the capital markets more standardized, Mergers and acquisitions of listed companies enters into a new stage. Whether The behavior of asset restructuring of listed companies with a variety of motives can improve performance or not is a question which needed a further discussed. So research on recapitalization performance of listed company has a very important practical significance.Firstly, the study of the theoretical literature on recapitalization performance were analyzed and summarized, Secondly, related concepts about the reorganization of assets are introduced as well as the theoretical basis of reorganization. There are mainly two methods on performance of asset restructuring, one is named Stock event study and another is Accounting event study. Finally, I select the application of accounting event study as the standard to establish performance evaluation system of listed companies.Forty-six listed Companies are selected as the research samples which major asset restructuring took place in 2010, I analyzed and compare the performance in five years, the year before the reorganization of assets、the year of the reorganization of assets and three consecutive years after reorganization of assets. Conclusions are as followed; Major asset restructuring behavior to some extent improved the long-term performance of enterprises. Rose after the first drop is the trend which is differs from the traditional trend. Compared the general restructuring behavior with the major asset restructuring behavior, major asset restructuring behavior can better reflect the original intention of the reorganization of assets. Related reorganization of assets and non-related asset restructuring, although both improve operating performance of listed companies, non-related asset restructuring of enterprises to enhance the performance behavior is more apparent. Speaking on asset restructuring mode, Asset acquisition mode to enhance the performance of listed companies is limited, merger model to improve the performance of listed companies remains to be seen, divestiture mode is considered the fastest effective asset restructuring mode, Replacement of assets mode significantly improve long-term performance.