The Study On The Relationship Between Restructuring Mode And Restructuring Performance

Under the background of late market development,low industry concentration and increasingly fierce competition in China,asset restructuring is the preferred way for a company to expand rapidly.In recent years,the annual number of cases of asset restructuring has exceeded 10,000,with the annual scale reaching 5 trillion yuan.The market of asset restructuring is very active.Asset restructuring can help companies integrate resources,expand scale,promote structural transformation,and improve competitiveness,but it is also used as a tool for profit transmission of high transfer and huge arbitrage.Material assets reorganization is more special because of its complexity and complexity of transaction amount,influence degree and operation,and arbitrage,tunneling and other behaviors occur from time to time.Asset restructuring has always been the focus of theoretical and practical circles.There are many factors influencing the performance of asset restructuring,among which the restructuring mode is a very important one.However,there are still controversies about the influence of reorganization mode on reorganization performance in existing researches.This paper believes that in addition to the different years and sample data,it is more likely that various characteristics of asset reorganization have a moderating effect on the relationship between reorganization mode and reorganization performance.Therefore,this paper takes reorganization mode as the entry point,studies the influence of reorganization mode on reorganization performance,and then further studies the moderating effect of performance commitment compensation agreement,property right nature and relative scale of reorganization on the relationship between reorganization mode and reorganization performance.In this paper,companies that have completed major asset restructuring from 2011 to 2015 are selected as samples to conduct a comprehensive study on short-term financial performance,long-term financial performance and market performance after asset restructuring by using financial index method and event study method.This paper is mainly divided into six parts: the first chapter is the introduction,introducing the research background and significance,sorting out domestic and foreign literature,and explaining the innovation and shortcomings of the research;The second chapter is the conceptual arrangement and theoretical basis,which makes a clear definition of the important concepts involved in this paper and sorts out the important theories related to reorganization.Chapter three is theoretical analysis and hypothesis derivation.Chapter four is variable selection and model design.Chapter five is the result and analysis of the empirical model.The sixth chapter is summary and suggestion.It is found that compared with the diversification reorganization,the diversification reorganization has a more positive impact on the short-term financial performance and market performance of the asset reorganization,but there is no significant difference between the two in the long run.The performance commitment compensation agreement can improve the short-term financial performance of the inter-bank restructuring,but not significantly improve the long-term financial performance,but also reduce the market performance of the inter-bank restructuring;The restructuring of state-owned enterprises will reduce the short-term financial performance of diversified restructuring,and has no significant impact on long-term financial performance and market performance.The relative scale of restructuring will further reduce the short-term financial performance and market performance of the industry restructuring,but not significantly improve the long-term financial performance.Finally,according to the research results,Suggestions are put forward from regulators,government departments,companies,individual investors and other aspects.