Dissertation > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management

Hunan Province reorganization of listed companies empirical research on the

Author WuYanFang
Tutor HuangJianBai
School Central South University
Course Technology Economics and Management
Keywords Listed companies Asset restructuring Performance An Empirical Study
CLC F275
Type Master's thesis
Year 2004
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In China, the listed company as the main body of the securities market , asset restructuring the success of China's securities market , directly related to the ability to standardize the development . Extensive literature as the research object reorganization of listed companies in China's securities market each year as a whole , the theory of asset restructuring and reorganization performance , but there is little research performance for the provinces and local area reorganization of listed companies , there are such studies just stay in the level of their current situation overview and descriptive analysis of some typical cases , and not systematically in-depth research , particularly with regard to the evaluation of the performance of Hunan Province reorganization of listed companies is currently no person involved . In this paper, normative research and empirical research method of combining and comparative studies , a listed company in Hunan Province as the research object , an empirical test the performance of its asset restructuring activities is divided into two aspects of the market reaction and results of operations , in empirical research on the basis of trying to analyze internal factors affect the performance of asset restructuring , and its make an objective assessment and conclusions . Studies have shown that Hunan Province reorganization of listed companies active market reaction is not positive for the reorganization of assets did not cause a significant increase in shareholder wealth , and significant difference in the response of each mode ; reorganization of assets listed in Hunan Province in general the company's operating performance has a certain positive effects , including recombinant behavior with respect to profitability and return on shareholders' capital expansion capabilities and distinctive main business conditions improve the effect is more obvious ; Hunan Province, asset restructuring of listed companies did not increase with the reorganization time goes backward to become more rational , there is still a certain blindness and short-term : the different modes of restructuring activities vary considerably improved operating performance ; effect for different industries to improve the operating results of the recombination events , utilities the class most significant , contrary Business class appears more serious deterioration . And regulate the reorganization of listed companies behavior and improve the performance of reorganization of listed companies on the basis of the above analysis , policy recommendations .

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