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An Empirical Research on the Performance of Asset Restructuring of China’s Listed Companies

Author: ZhouMeiQing
Tutor: LiQing
School: Jilin University
Course: Accounting
Keywords: Asset Restructuring Performance of Asset Restructuring Restructuring Types
CLC: F271
Type: Master's thesis
Year: 2011
Downloads: 239
Quote: 0
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Abstract


On May 18, 2008, the China Securities Regulatory Commission issued“The Measures for Administration of Material Assets Reorganization of Listed Companies”, which were introduced in response to the rapid development of capital markets. Listed companies are the power source to maintain a healthy functional capital market. As a means of resource optimization, assets reorganization is a popular strategy development method of the listed companies. With China’s rapid economic development, the way of asset reorganization and transaction methods for reorganization of China’s listed companies also experienced a considerable degree of change. In particular, with the completion of reforming the shareholder structure, China’s capital market will gradually joining the global economic integration. The listed companies will have stronger motivation for assets reorganization.In recent years, asset restructuring of listed companies appeared in the form of shares act as a payment means a variety of new transactions, mergers and acquisitions of listed companies act as the allocation of resources to improve the way gradually for listed entities. As to improve corporate governance to enhance the competitiveness of the company’s asset restructuring of listed companies acts of domestic and foreign scholars have been one of the hot topics. Along with China’s stock market from scratch, the process of maturing sound, asset restructuring of listed companies are also springing up, like an endless stream. A growing number of listed companies through mergers and acquisitions to achieve the integration of its own resources to improve the company’s overall performance level and market competitiveness. At the same time, there are many listed companies in financial distress will be the reorganization of assets as a lifeline of enterprise development in order to avoid the risk of delisting, which lead to the concept of the market for short-term reorganization of assets subject of speculation. Asset restructuring of listed companies can improve behavior is to bring improved performance to be studied. Therefore, this paper intends to study the asset restructuring of Chinese listed companies’performance issues. In reference to the basic knowledge of domestic and foreign scholars, was constructed through the evaluation system of financial analysis, using principal component analysis conducted on samples consolidated corporate performance of different types of assets, reorganization of the company’s performance before and after the reorganization were compared.The results show that asset restructuring of listed companies did not make the performance would be enhanced and re-sample one year after the company showed a decline in general performance. Based on the performance of the sample’s empirical study, after analyzing the results, draw the following conclusions:(1) The overall performance of all listed companies the level of the year in the reorganization of assets declined.(2) From the four types of asset restructuring the way the performance results for the type of debt restructuring, asset restructuring were the worst, a marked decline in performance.(3) Among the types, share transfer performance of the type of asset restructuring changed significantly.(4) All of the 287 sample companies reorganization of listed companies, fewer than half of the company performance in the asset reorganization may be raised.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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