An Empirical Study On The Effect Of Asset Reorganization On Listed Companies Performance In China

Asset reorganization is an important means for enterprises to adjust resource collocating. With the acceleration of globe economy becoming a whole body, the competition between enterprises is becoming more vehement. In order to improve strength, enterprises must adjust the resource collocating and structure not in reason. So, in the last years, the cases of asset reorganization in China increased. Especially in securities market, the amount of companies carrying through asset reorganization became more and more, the reorganization frequence became faster and faster. And asset reorganization is becoming more important. The asset reorganization of listed companies have become an very important topic in domestic science field.This study was based on analysis of the study field and method on asset reorganization from domestic and abroad, and choosed six aspects of asset reorganization which is very important, and was focused on by domestic people, but had not been studied in quantity method. This study saw about the effect of asset reorganization on listed company performance from these six aspects. They are reorganization industry correlation, reorganization company's ownership structure, reorganization company's property ownership, reorganization company's work performance, the time of reorganization announce and reorganization company's capitalization size. The valid 149 stylebooks was from the listed company in Shanghai and Shenzhen securities markets which announced asset reorganization in 2000. And in this study, we used the stock average yield of the listed company within the period which from 30 dealing days before reorganization announce day to 10 dealing days after it as watch objects to carry through grouping partnership test according to whether the stylebooks according with the grouping criterion. The results of study is listed as following: ① The positive effect of asset reorganization of industry correlation on listed companies performance was better than those of industry not correlation.② The positive effect of asset reorganization on the performance of listed companies whose owner's shares are decentralization was better than those whose owner's shares are centralization.③ The property ownership of listed companies has no effect on their performance after reorganization announce.④ The positive effect of asset reorganization on performance of listed companies whose work performance is worse was better than those whose work performance is better.⑤ Announce reorganization in first half year have more positive effect on performance of listed companies than those announce reorganization in second half year.⑥ The positive effect of asset reorganization on performance of listed companies whose capitalization size is small was better than those whose capitalization size is great.This study analysis these results and gave the reasons which linked with the actuality of domestic securities and listed companies. At last, we put forward some suggests for listed companies to improve the performance of asset reorganization in China.