The Study On The Performance Of Asset Reorganization About Chinese ST Companies

The reorganization of assets is the core of the enterprise capital operation,is the important way to improve business efficiency and competitiveness and achieve the social location of resources.Reorganization of company's asset,as a measure of enterprise resource re-allocation,has always been valuable attention in China's securities market even national economy.At present,asset restructuring of the company, whether the frequency and the amount of the transaction,has already reached a considerable scale.In 1998 and 2001,the China Securities Regulatory Commission has promulgated and implemented the Note of special treatment of the stock during the abnormal situation of the listed companies and "Operative measures of suspension and termination of listing shares of loss-marking listed companies",which make a large number of ST,PT companies was terminated to market by relative office.It is foreseeable that turnaround and keep marketing will be the important target for the ST companies,based on the background that with the development of China's securities market,more ST companies will be terminated for it's poor operating conditions.The reorganization of company's become ST companies first choice to realize the goal for the advantage of improving the quality of the company's assets and enhancing the profitability of the business.We can not help asking whether the reorganization of assets really improve the performance of the ST companies? The performance of the reorganization of ST Company's assets really improved? To answer these questions,we have to study the performance of the reorganization of ST company assets.In this article,studying the performance of the reorganization of ST Company's asset as the main theme with section.This article first introduces the research background,from the development of the reorganization of ST company's asset and status of the condition to put forward the question,the content and the significance in this article;followed by expatiation of the concept,the type of reorganization of asset; analysis of the effect and motivation of asset reorganization,and completely introduce the special treatment;and on the basis of theory to choose nine Index from company debt,asset management and profitability etc,in the use of factor analysis to build a comprehensive enterprise performance F indicators as the replacement of corporate performance,and make a introduction of statistics and description of the classification samples and T test methods,and then collected reorganization of ST Company's assets financial data which all happened in 2005,from the perspective of the operating performance to analyze and test the performance before and after the reorganization of the ST companies assets,with SPSS13 software for the overall sample and sub-samples to carry out factor analysis and statistical description analysis and the T test,finally, this paper summarizes the whole course of studying,draws significance from the analysis of this study rocks,and points out the direction for further research.