The Research Of The Asset Restructuring Performance Of A-Share Listed Companies

The public enterprises take assets restructuring as an important method to manage the capitalization in our market at present. But the different assets restructuring methods make different impact on the stockholder wealth and business performance of the public enterprises. Combined with the domestic and foreign research, this paper takes the public enterprises which have assets restructuring in the year 2010 as example, and using the event method and comprehensive financial index analysis of different assets restructuring modes influence the listing corporation shareholders' wealth and the future operating performance.After empirical research we find two main conclusions. The first is that in short time, the asset restructuring can increase the company's shareholder wealth, but in the long run, the listing corporation stock does not have excess return. Specifically, the debt restructuring can obviously increase the stockholder wealth, and is sustainable in a short time. Second are asset stripping, asset replacement and mergers and acquisitions, the three methods' increase effect of stockholders wealth decline fast. The last is the transfer for the listing corporation for the increase effect of shareholders wealth. The second conclusion is that the listing companies which have asset restructuring that increases the performance of the companies at the year, but in the long run, the performance is not increased significantly. To be specific, the mergers don't have influence on the performance in long or short run. The transfer of listing corporations' shareholders doesn't have significant effect on the performance in the short run, but the effect is obvious in the long run. The divestiture can enhance the listing Corporation short-term and long-term business performance; short-term effect of replacement of assets, debt restructuring is obvious, For the long term operating performance to enhance the effect is limited.Based on our analysis, we believe that the shareholder transfer is an important means of capital operation to mixed ownership reform. And we suggest that the government can have differential examination and approval means to different asset restructuring modes, and to improve efficiency and standardize information disclosure, to crack down on insider trading. Finally we suggest that the listing corporations can use the asset restructuring to manage the market value should base on systematic thinking and overall planning objectives as a fundamental and pay attention to long-term returns for the investors.