Special Treatment Of The Empirical Research On Corporate Restructuring

The listed company will be Special Treatment after the business performance gliding continuously or other important issues appeared in Chinese security market, it is a measure which announces the investment risk according to the security market.Corporate restructuring is to reset and allocate ownership, asset, debt and operation, and to adjust the ways they are assembled. It is used to optimize allocation of resource. The Special Treatment corporations (hereinafter ST corporation for short) in difficulties restructures frequently. It is significative to investigate restructuring performance of ST corporations, find the partner's behavior, test the effective of the policy, find the problems and take measures, this investigation will be propitious to realize market-oriented and material restructuring for ST corporations.This paper firstly states the conception, sorts of financial distress and corporation restructuring, then sums up empirical study of market performance and operating performance of restructuring, including researches on financial distress.The third chapter introduce the vicissitudes of the Special Treatment institution, and give a descriptive statistic of the ST corporations.The forth chapter makes an integrating analysis about the asset-restructuring performance of listed company by event study analysis, comprehensive financial analysis based on factor analysis.The fifth chapter makes a positive research about four modes of restructuring performance, ownership transfer, purchase and mergers, intergral and divestiture assets and equity sale. The last chapter table proposals about how to realize market-oriented restructuring.The conclusions from this thesis is:1.Cumulative average abnormal return(CAR for short)of ST corporations is significantly positive after restructuring in a short time. CAR ascends and then falls; If financial indicator method is used, the results show that the performance of ST corporations is improved evidently in the year restructuring happens. However performance begins to decline in the long run. Further more different ways of restructuring make distinct difference in the performance, and the CAR is significantly positive for the ownership transfer mode.2.At the special present condition the ST corporations who carry out the restructuring actions dissimilate their objective and distort their behavior. This is the essential reason that causes the bad performance.3.The suggestion is that we should amend the correlative law, rules and regulations, correct the illogical institution, improve the standard of cancel the ST caution, regulate the behavior of the restructuring corporations, So the restructuring action of ST corporation can develop well.The innovation of the thesis lies in: makes an integrating analysis about the restructuring performance of the ST corporation by Event study analysis and comprehensive financial analysis based on factor analysis. Further more classify and contrast the performance of different ways of restructuring. Appraise the restructuring result of ST Corporation from a lot of angles.