The Research Of Asset-restructuring Performance Of China's Listed Companies

Asset restructuring,as one of the most effective ways to optimize allocation of resources,expand business scale and adjust structure,has been the attractive subject for scholars in the capital market research.Academics and entrepreneurs focus on whether the asset restructuring can improve the performance of company or not and how long the influence sustains.So research on recapitalization performance of listed company has a very important practical significance.Firstly,the study of the theoretical literature on recapitalization performance were analyzed and summarized.Secondly,the relevant concepts of asset reorganization are defined,and the theoretical basis of asset restructuring is introduced.Thirdly,analyzes the present situation of major assets reorganization of Listed Companies in China,and points out the existing problems.Fourthly,related concepts about the reorganization of assets are introduced as well as the theoretical basis of reorganization.There are mainly two methods on performance of asset restructuring,one is named Stock event study and another is accounting event study.Finally,I select the application of accounting event study as the standard to establish performance evaluation system of listed companies.Fifthly,One hundred and three listed Companies are selected as the research samples which major asset restructuring completed in 2014,I analyzed and compare the performance in four years,the year before the reorganization of assets to two consecutive years after reorganization of assets.Sixth,aim at the case of major asset restructuring is analyzed in detail.Finally,draws final conclusions based on the research and proposes corresponding suggestions on improving the performance of major asset restructuring.