The Research On The Performance Of Assets Injection Restructuring Of Listed Companies In China

The development of Assets Injection Restructuring is based on the reform of the Shareholder Structure of listed companies and the establishment of the relevant matching systems.Whether assets injection will become value injection or not is a much concerned problem in the fields of management and economics, etc. On the basis of referring to the literatures about Assets Restructuring and Assets Restructuring Performance research, this paper defines Assets Injecting Restructuring and makes classification of it. Analyses have been made about some theories and influencing factors related to the performance of Assets Injection Restructuring. By using Event Study, this paper justifies that the Accumulated Average Abnormal Return (CAR) for Assets Injection Restructuring is 22.42% and the performance of Assets Injection Restructuring of listed companies in China receives a significant achievement.Among all the industries, nine with real estate included, receive a more significant achievement than other industries. The performance of Assets Injection Restructuring of high relevance degree between injected assets and main business of listed company is significantly higher than irrelevant Assets Injection Restructuring.This study finds that the CAR of Assets Injection Restructuring between Shanghai Exchange and Shenzhen Exchange is nearly equal, and this explains the performance of Assets Injection Restructuring of listed companies has little relation with their stock exchanges.This study also analyses the performance of Assets Injection Restructuring by category, and finds Equity Injection, Non-publically Issuing Shares Paying, Assets Exchange, and Main Business Overall Listing Assets Injecting Restructuring reach better performance than other Assets Injecting Restructuring modes. In the end, some constructive suggestions on the problems found during the research are put forward.