Research On The Performance Of Sichuan Listed Company's Assets Reorganization

Important means of optimal allocation of resources as the market the main economic activity, asset restructuring can effectively adjust their industrial structure, expansion or contraction in corporate assets and to optimize and improve the internal management mechanism of enterprises, in order to achieve rapid growth in production and management of and promote the healthy and stable development of the securities market and the capital of the national economy. So recapitalization in particular asset restructuring of listed companies by continuing to focus on economic management departments and related business administration, in particular the study of the relationship between business performance and asset restructuring, has become a hot issue capital securities market.Sichuan Province as a regional center in western economic development in the country's economic development strategy is positioned as a national leader in the western development strategy to support the Western Silk Road economic belt and shoulder to drive the regional economy in the Upper Yangtze and radiation western development responsibility. Its number of listed companies in Sichuan Province and the country has become the industry leading enterprises, these enterprises has greatly promoted the sustained economic development of Sichuan Province. In particular, in recent years, Sichuan Province, the company listed assets restructuring activities frequently, Sichuan Province and the country's capital market had a tremendous impact, but also brought us a series of questions and thinking, whether such assets reorganization of listed companies can be significantly improve the performance of enterprises do? If you can, then the enhancing of performance factors, what is it? Thus the actual situation of this paper asset restructuring of listed companies in Sichuan Province, the first use of event analysis and DEA for short-term and Business Performance of listed companies in Sichuan asset restructuring evaluation analysis and multiple regression methods to influence asset restructuring performance improvement factor empirical and discussion, so as asset restructuring of listed companies, shareholders and investors determine the value of corporate restructuring, and securities regulatory authorities and market supervision to provide decision-making advice. The empirical results show that:(1) using the event analysis of short-term performance of listed companies in Sichuan Province were evaluated and the analysis showed that in the 20 days before the announcement after the window period, asset restructuring of listed companies will help improve short-term corporate performance, but different restructuring has different effects on short-term performance of listed companies.(2) using the DEA model for Business Performance of listed companies in Sichuan Province were evaluated and analyzed. The results showed that different restructuring have different effects on Business Performance of listed companies; listed companies whether related transactions occurred in the asset restructuring process, Business Performance of listed companies have different effects.(3) using multiple regression model FACTORS RELATED asset restructuring performance of listed companies empirical analysis the results showed no significant positive impact on the relationship between corporate reorganization largest shareholder stake and Corporate Restructuring Performance; the second largest shareholder to have a significant positive impact on the relationship between the ratio of the tenth largest shareholders and proportion of the largest shareholder asset restructuring than with corporate performance; and asset restructuring of listed companies in Sichuan Province as the a major feature, related transactions of asset restructuring business performance did not show a significant positive impact on the relationship.Conclusion Based on the above, this article from the perspective of market players to participate in the external environment and market aspects and put forward the corresponding policy recommendations: to rely on resources in Sichuan enhance economic efficiency; industrial restructuring in accordance with the long-term goal of regional development in Sichuan Province; out of the blind recombinant the development of thinking; the rapid reorganization of assets into the company's productivity and the driving force for development; support of financial institutions; to establish and improve relevant supporting measures; to promote the reform of state-owned enterprises; to reduce government intervention, use laws of the market to promote the development of asset restructuring; differentiated treatment reorganization of listed companies; improve the legal security system, to strengthen the reorganization of listed companies supervision and management.