A Study On The Performance Of Asset Restructuring Of Chinese Manufacturing A Shares Listing Corporation

After the financial crisis in the United States,the whole world is facing an unprecedented economic slowdown.At this time,in order to maintain a certain economic growth rate,stabilize the domestic economy,developed countries began a new round of industrial structure adjustment for manufacturing,a pivotal industry to the domestic economy.But for developing countries,the manufacturing industry is the lifeblood of the industry,whose contribution rate of domestic economic growth is more important.At this point,the global manufacturing industry is facing a profound strategic restructuring.However,in China,in view of the slow asset restructuring of the manufacturing industry,and the development of China’s capital market is still not mature,coupled with many problems exposed in the development process,so it is urgent to study the asset restructuring of China’s manufacturing industry.Under this background,this paper locate the research in the manufacturing industry in China,and select the 52 manufacturing A shares in Shanghai and Shenzhen in 2010 as the research sample,and according to the relevant data,using the event analysis method and principal component analysis method to study the market performance and financial performance of the A shares of the listing Corporation,then to determine the value of the reorganization of the listing Corporation.At the same time,84 Sample Firms will be divided into four categories according to the merger and acquisition,equity transfer,asset stripping,asset replacement of the four kinds of restructuring mode,and the performance of sample restructuring in each asset restructuring mode is studied,and the market performance and financial performance of the enterprises in the four models are compared and analyzed.Finally,obtaining the optimal model of asset restructuring of China’s manufacturing industry,which can provide an useful reference value for the asset restructuring of the A shares in the manufacturing industry of our country.Through empirical analysis,this paper finally draws:in general,the market performance of restructuring about China’s manufacturing A shares of the listing Corporation only has short-term impact,but lack of long-term positive effect.Andrestructuring can improve the company’s financial performance to a certain extent,but need to experience a brief adjustment period.And the market performance of the four restructuring mode,except equity transfer,are only short-term,lack of long-term positive effect.For a certain period of the integration and coordination after asset restructuring,the four restructuring mode can all have a positive impact on financial performance,but the equity transfer mode has strongest and best positive effect.So to China’s manufacturing A shares listing Corporation,equity transfer is the optimal choice.