Hunan Province reorganization of listed companies empirical research on the
|Central South University
|Technology Economics and Management
|Listed companies Asset restructuring Performance An Empirical Study
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 .