Research On The Major Asset Restructuring Events Of Listed Companies In China

With the development of China's economy and improvement of capital market,major asset restructuring events happen more frequently.This paper focuses on the specific phenomenon of major asset restructuring.First of all,by summarizing the research results of domestic and foreign scholars and related theoretical knowledge,this paper concludes the status and shortcomings of those research.Secondly,an example of major asset restructuring carried out by Beijing Hualu Baina Film & TV Inc.from 2013 to 2014 to takeover Blue Flame Inc.is analyzed in depth,respectively study the short-term and long-term restructuring performance using event study method and financial analysis method.The above research and analysis show that the restructuring behavior delivered positive signals to investors and brought a significant price effect to Beijing Hualu Baina Film & TV Inc in the short term.Meanwhile,the restructuring behavior brought positive financial synergy and positive management synergy to Beijing Hualu Baina Film & TV Inc in the long term.Finally,this paper puts forward some rational proposals for the listed companies and investors.