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The Correlation Analysis between Asset Stripping Motivation and Performance of the Listed Companies in China

Author: JiHong
Tutor: YuanLi
School: Beijing University of Chemical Technology
Course: Business management
Keywords: Divestitures Event study methodology Market Performance Over - yield
CLC: F832.51
Type: Master's thesis
Year: 2008
Downloads: 163
Quote: 0
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Abstract


Asset stripping is one of the important ways of corporate restructuring . Western countries in the practice of a market economy in the long-term in-depth study of the application of corporate divestitures , systematic asset stripping theory . However , fewer divestitures of domestic research literature , and most of them describes how the state-owned enterprises to divest non-operating assets , the lack of empirical research divestitures . This perspective from divestitures action due to the 2005-2006 China 's listed companies from 1888 divestitures event -based , industry-wide sample summary summarized , select a peel is the most active of the machinery, equipment, and instrumentation industry , a total of 320 from the stripping incident as the object of study screening of samples , according to certain standards , and end up with 68 valid samples . Scholars of stripping motivation conclusions based on combined with the the sample stripping announcement information disclosure , the samples classified into four categories of motivation , and put forward the corresponding four hypotheses . As the evaluation of the effect of cumulative excess yield indicators , event study conducted empirical studies examine divestitures behavior of corporate performance impact and timely choose the asset stripping operation of assets to provide some suggestions for the enterprise . Through empirical research , the paper argues that : peel motivation does cause a different reaction in the market . Specifically : (1 ) optimize assets , improve asset liquidity motives divestitures will bring short-term market performance improved significantly . (2) strategic adjustment , clear main business is moving due to asset stripping the rapid increase of the market performance in the short term , but the modest performance improvement . ( 3) the profits of the sale of assets for motivation divestiture can not be very obvious to improve short - term market performance . ( 4 ) in order to reduce the debt burden , to change the financial condition of divestitures motivation no increase in short-term market performance . According to the above conclusions , the domestic enterprises , the following recommendations : (1) enterprises and investors should have a correct understanding of asset stripping . (2) The corporate divestitures decisions should be combined with their own specific circumstances . Finally, the author in the paper at the end made ??the necessary limitations of this study and further research directions .

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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