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

No element is more influential than M&A (Merge & Acqusition) in efficiency and innovation of securities market. However, the discussion on whether the performance of M&A is good or not has never stopped all over the world. China has become one of the major M&A market in the world,so the study on M&A performance has a great practical significance. This thesis defines the types and forms of M&A , provides a historical review on M&A practice at home and abroad, summarizes the M&A theories in western countries, then does empirical study on the performance of listed companies of M&A in China.Period between 2000 and 2002 is the development stage of M&A of listed companies accompanied. By the promulgation and implementation of< Administrative Measures On Acquisition Of Listed Companies> ,which touch off a new round of progress and fulfillment for M&A of listed companies.On the ground of representative samples of the Momentous Asset Restructuring (MAR) in 2002, this thesis probes into the performance of M&A of Chinese listed companies in the new era.When it comes to the effects of M&A, two approaches are habitually adopted by home and overseas scholars: one is financial index method which takes advantage of financial data. The other is event study based on stock price. This thesis summarizes empirical analysis of the two measures at home and abroad in detail.Based on the studies, this thesis firstly uses financial index method and principal components to analyze the long-run performance of 37 listed companies which undergo momentous asset restructuring in 2002. The conclusion as follows: To a certain extent, MAR improve their long-run performance successfully. With further analyze, we find that the restructuring of cross-industries and ST companies yield marked improvement, however, the industry relevant restructuring make the performance deteriorate, and the restructuring dominated by private enterprises are better than that dominated by state-owned firms.At the same time, it analyzes the changes of operating performance before and after MAR as well as the market responses before and after the initial announcing day for the same sample through event-study methodology. The conclusion as follows: MAR improve their performance significantly, which maintain a consistent to the financial index method . With further analyze, we find that the restructuring of cross-industries and related parties improve their performance significantly, but the restructuring of ST companies do not as well, which is different from the conclusion of financial index method.