Performance Study Of Asset Restructuring Of St Listed Companies

With the constant improvement of capital market development, capital operation and means of increasing diversity. But with more and more problems came, and asset restructuring, as the core of capital market activities, has been the focus of theory and businessmen. The further restructuring of china's capital market is also increasingly active in recent years. In particular the stock market for "asset restructuring" the concept of speculation has never been interrupted, and attracted a large number of speculators. Also led to many irregularities in the securities market behavior. Therefore, asset restructuring is to improve china's securities market regulatory system, a major issue. At present,china's stock market listed companies in a series of assets restructuring activities, whether the number or amount of the transaction in the restructuring have reached a considerable scale, in the capital market becoming more and more important, listed companies is emerging in the form of asset restructuring. In particular, in 1998 china Securities Regulatory Commission issued a special treatment system for listed companies since the ST system, special treatment assets restructuring of listed companies has become the main, they try to find the living space through the restructuring. However, whether through reorganization of assets to increase the real wealth of the shareholders ST if ST can improve the company's financial position, is still a question.This paper issues a study to explore the reorganization of assets motives of re-performance of the assets for the ST company's-related, aimed at an objective and impartial evaluation of ST re-performance of the company's assets, and to improve the performance of ST acts regulate the reorganization of assets and to provide some suggestions. This article first study the characteristics of the reorganization, the existing problems and the causes of three of our country in particular asset restructuring of listed companies described the current situation. Further using the incident angle from the market performance and financial performance analysis the special treatment of 28 listed companies in 2007, asset restructuring of listed companies. By empirical research to validate the performance of our current reorganization of ST listed companies deal with the problems and causes. That recombination events have been a sufficient response to the capital market, but a serious insider trading; short-term financial performance has improved, but sustained; "approval system" is causing a major reorganization of the reasons for low efficiency. Accroding to the final results of the analysis, I have three policy recommendations for the related departments are improve the delisting system, clear legal acts and norms the government reorganization of listed companies related transactions.