Empirical Research On The Restructuring Performance Of Listing Corporation

Municipalities directly under the central government in our country has a particular identity, tianjin is one of the emerging municipalities directly under the central government, with the center of tianjin economic circle has developed rapidly, in China’s economic development plays a very important role, with the match in the position in the Bohai economic circle strategy of tianjin, tianjin as a strategy of the economic circle of the center, continuously expand outward radiate its characteristic industry circle, according to the performance of listed companies of tianjin, this paper carried on the thorough analysis, statistics a tianjin 38 listed companies through restructuring mergers and acquisitions activity for self-improvement of the company, in the case of this kind of phenomenon prevalent analysis the cause of this phenomenon and put forward related Suggestions. Main contents are:(1) the restructuring of listed company merger and acquisition of related literature and its theoretical knowledge;(2) describe the pattern features of restructuring, analyze problems occurring in the process of restructuring of listed companies in tianjin;(3) through statistical and mathematical model on the existing problems and the result of in-depth analysis;(4) analysis of the mathematical model and statistical data to the tianjin listed companies relevant improvement Suggestions are put forward.The main conclusions of this paper are as follows:(1) from the perspective of the long-term development of tianjin economic and restructuring mergers and acquisitions activity is conducive to economic development increase GDPIn all listed companies, the vast majority of listed companies through the reorganization merger and acquisition activity have enlarged their production scale and increased profits at various stages in the industry of ascension space, so for a long time, corporate restructuring to strengthen the market liquidity, make goods and capital in the capital market in China has made full circulation, promoting China’s rapid economic development, make tianjin create GDP compared with the prior to the next level.(2) from the aspects of the short-term economic development point of view, the benefit gap between the listed company to further increaseFrom short-term effect, however, create economic benefits between companies is different, is good at using a variety of restructuring mode of combining the company has obtained the proud in the capital market, and choose model a single corporate restructuring is thin margins, such as a result of the polarization of enterprises is even more powerful, powerful enterprise backward enterprise is more and more difficult to catch up with the steps of large forces.(3) the combination of the restructuring mode will influence the benefit of corporate restructuring and diversificationAsset replacement, divestitures, equity transfer, acquisition is the most common enterprise restructuring of listed companies in four ways, the first two use frequency is higher in restructuring activities, in recent years the third use of the number of gradually decline, and the number of use frequency restructuring acquisition mode has obvious rise, mutual transformation between different combinations of these patterns and directly affect the performance of corporate restructuring, the degree of marketization of corporate restructuring is also essential to consider the macro factors.(4) of the listed companies of tianjin on the choice of restructuring mode also needs to be more rigorousRestructuring activities in the short term can improve the company’s profits and benefits, but the drawback is unable to satisfy the interests of shareholders, two-thirds of the industrial structure in the listed companies of tianjin is type mechanical equipment manufacturing enterprises and medical pharmaceutical type of enterprise, they account for about half of the listed company of tianjin type, has a unshakable status, plays a decisive role, on the choice of these enterprises in the restructuring mode to treat science.Second, this paper puts forward Suggestions as follows:(1) the government policy support, actively encourage corporate restructuringWalk without the support of the government of the mass line, based on the statistics and the corresponding mathematical model is confirmed in the long run, restructuring is conducive to improve corporate performance of listed companies, promote the tianjin and even the sound and rapid development of national economy, the governments at all levels should improve the relevant legal system, improve the capital market management system, and provide a good environment for the activities of the guidance.(2) the largest extent, reduce the government direct intervention in the restructuringGovernment should face up to their role in the restructuring of listed companies, plays a leading management role, rather than direct control of the role, to avoid excessive intervention, make short legs phenomenon in a part of corporate restructuring, is not conducive to the long-term development of listed companies, the government should adhere to the market-oriented principle makes reasonable allocation of social resources, to make to make full use of resources, strengthen the guidance on the macro environment.(3) breakthrough the limitation of regional and industrial structure, to achieve cross-regional, across the industry restructuringCorporate restructuring activities due to geographical restrictions, most of the region has a strong regional protection color, increase the difficulty of the overseas enterprise to enter the local market, and based on the principle of market-oriented, from the perspective of the overall situation, reasonable allocate scarce resources, to actively promote activities, stimulate activity in restructuring of listed companies.(4) detailed guidance, reflects the differentiation strategy restructuring mergers and acquisitions activityRelated departments of the listed company corporate restructuring activities are classified guidance strategy, tianjin company restructuring and corporate restructuring in scale does not match the number of phenomenon, using the backdoor listing of the company restructuring mode for upgrading the company’s image, improve the quality and the quality of the listed companies in tianjin.(5) the detailed information in the financial statements, perfect the internal auditRestructuring of listed company merger and acquisition(m&a) activities are composed of multiple links, easy to cause the capital fund stock price fluctuation in the bond market, impact the stability of the stock price, in the process of corporate restructuring and rigorous scientific decision must, on the basis of obey the laws and regulations of the government, firmly carried out the plan, the impact on the scope of sensitive information and in mind, it is strictly prohibited in violation of the provisions of laws of insider trading, colluding to influence the behavior of the securities market.