Chinese Building Material Industry Listed Companies Assets Restructuring Empirical Analysis

Assets restructuring is a strategic choice and means by which enterprises carry out their strategy expansion or shrinkage. Today, with the ceaseless wave of big mergers and acquisitions globally, the effective alignment and utilization of assets begin to play a decisive role in the existing and development of an enterprise.After China's membership of WTO, the international building-material giants have entered China market with their financial advantage, strong research strength and effective transnational merger skills. The ever more intense abroad and domestic competition are challenging China building material companies.In the disputing and baffling situation, China building material enterprises, especially listed companies are also involved in a series of assets restructuring activities, Concentrating various high quality resources, constructing core compete power and optimizing the structure of equities, assets and main business by the means of merger and acquisition, capital divestiture, asset permute and spin-offs. They try to build a reasonable resources system effectively for company advantages so as to create a building-material giant in China capital market. In this paper, an empirical analysis is made to China building material listed companies on the motivation, manner, characteristic, result and market reaction of assets restructuring based on China building material enterprises restructuring examples in the recent years. Modern company strategy management theory and M&A theory are adopted as guide. And classified analysis method, window analysis method and regression analysis method are used to examine cumulative abnormal return and draw conclusion on the type, achievement and market reaction of assets restructuring, which is hopefully to be useful for decision of China building material listed companies.