| The economic and social development is the industrial structure optimization and upgrading and constantly promote the, in the process of development, in order to maintain their competitive advantage, better adapt to the rapidly changing economic environment, enterprises will by different kinds of assets reorganization, re combination of enterprise business model. In recent years, corporate restructuring continues to accelerate the pace of, is increasing, continues to expand the scale and quantity of restructuring, however, well or badly, the reorganization of the enterprise and therefore subject to extensive concern of the domestic and international theory circle and business circles.What are the motives for the enterprise reorganization in our country? Some scholars believe that the motivation of corporate restructuring is to expand market share, diversification, adjusting the industrial structure, tends to be motivation this reorganization in logic will increase the enterprise value, produced a synergistic effect; but other scholars believe that the managers of the enterprise is to build a business empire and satisfy their interests and to initiate recombination. Tends to be the motivation of reorganization in logic will damage the enterprise value, produce non-synergistic effect. Only if we make clear listed companies tends to restructure, for whatever reason, recombining motive is consistent with the operating conditions of the enterprises at the present stage, in order to ensure the restructuring of enterprises can bring positive economic benefits to the enterprise. Then what is the real reorganization of the enterprise? Is it pursuing synergies? Previous research has not reached the same conclusion, to answer this question, it is necessary to study performance of the recombination of enterprises in our country, the reorganization of the enterprise is divided into acquisition for expansion of reorganization and to peel off as the representative of contraction of recombinant, for the wealth of acquisitions and divestitures, look back to the previous studies, scholars did not form consensus. The answer to these questions is related with the mode selection of the future acquisition behavior. Also, it can provide certain reference to the formulation of relevant policies in China.The domestic and overseas research achievements, and the forms of literature review of enterprise reorganization motivation, and activities---acquisition and divestiture are summarized firstly. And the motive of the enterprise restructuring of the synergy and non-synergistic effect is listed one by one. Through the database in GTA CSMAR data, a statistics is conducted on the acquisition and divestiture activities conducted by Chinese listed companies from2008to2013. Three common research methods are compared, and event study is further selected to calculate the CAR of the enterprises. Moreover, SPSS19.0statistical software is adopted in a significance testing of the CAR value. A conclusion is reached:The motive pursuit of the enterprise reorganization in our country pursues the synergy effect,Both acquisition and divestiture can increase corporate wealth as a whole. Although there are individual failures, the influence of these factors are eliminated based on the research on large sample. Thus, we will be able to objectively view the rules of the performance brought by acquisition and divestiture to enterprises.The innovation of this paper lies in the fact that our country enterprise restructuring performance of empirical results to validate our country enterprise restructuring is to produce synergistic effect represents the expansion of market share for motivation, or to produce non synergistic effect as the representative of the enterprise, the construction of the Empire for the motivation.lt is hoped that the research in this paper can supplement the previous theories, and provide Chinese enterprises with certain reference in their future acquisition and divestiture activities. |
PDF Full Text Request