Research On The Reorganization Performance Of Asset Reorganization Of China 's Listed Companies

The system of ST company is a special economic phenomenon in China. It is a good way to mark risk and show warning towards listed companies which are in abnormal conditions so as to protect investors’interests. Any listed companies if listed in ST, it would get the result of being re-organized, managing to come back to trading market by improving its finacial status, or degrading to the team of PT companies and delisting at last. Since reorganization is a proper way to promote companies’earning capability and improve finacial status, many ST companies take reorganization as the top priority to resolve their dilemma.These years ST companies reorganization both in trading frequency and business scale has taken a big share in the capital market. It has been a craze for investors from different fields who pursue enormous investment value. However, can assets reorganization increase investors’interests? Can companies really improve their performance through this way? What should be done to improve reorganization achievement? All of these questions above are worth thinking as they are practical and significant.This article is divided into five chapters to illustrate assets reorganization achievement of ST companies in our country. Chapter one presents background and significance of this article, refers to methods and results of assets reorganization achievement home and abroad and concludes their inadequacy. Chapter two firstly studies concept, classification, purpose and development history of assets reorganization. Then make a research analysis towards them. Finally from general to specific view, focus on assets reorganization behaviors of ST companies whose assets reorganization concept, reasons and historical origin are analyzed and presented. Chapter three introduces the design idea of empirical study on assets reorganization achievement and elaborates content, analysis process and calculating procedures of event study which lay a theoretic foundation for research study of the next chapter. Chapter four has an empirical study on assets reorganization achievement of all selected reconstructed ST companies in2008, analyses share price in short term influence by different assets reorganization ways on the information announcement day, then research results are analyzed and demonstrated. Chapter five based on empirical results from the former chapters analyses assets reorganization achievement of ST companies and put forward advice to solve problems.This article focuses on research of ST companies who carried with alert and created myth of assets reorganization in the secondary market, empirically studies assets reorganization achievement, analyses share price in short term influence by different assets reorganization ways on the information announcement day. Theoretically this article has explored theory and research method of assets reorganization achievement of some or all public companies. In practice, it provides related advises for regulatory authority in establishing trading rules in a much reasonable and effective way and for public companies in choosing appropriate assets reorganization ways.