Circulation The Era Of China's Listed Companies In The Reorganization Of Assets Performance Analysis

The Non-tradable Shares Reform has fundamentally changed our capital market, by which the full-circulation in A-stock market is realized. After the successful implementation of the Non-tradable Shares Reform, upsurge the assets reorganization activities of the listed companies. This paper's object is to evaluate and analyze these assets reorganization activities' performance, from the view of both the short-term stock price reaction and the mid-term corporate financial performance, by the methods most scholars used in past researches.At first, this paper introduces the relative theories of corporate assets reorganization, defines the strict concept and illuminates the classical economics explanations, forming the theoretical base of this paper. Then the development process and present status of listed company's assets reorganization in our country will be analyzed, different types will be classified and typical cases in this new upsurge will be illustrated. Besides using the original assets reorganization classification and dividing the activities into four types, Merge and Acquisition, Divesture, Assets Replacement and Equity Transfer, this paper adds a new type—Directional Issuance, which emerges in multitude after the Non-tradable Shares Reform. This innovation makes the research of assets reorganization activities in full-circulation era more comprehensive and more realistic.Then, the assets reorganization activities in full-circulation era, classified as Merge and Acquisition, Divesture, Assets Replacement, Equity Transfer and Directional Issuance, are collected as our samples. The performance is empirically evaluated by Event Return method and Financial Analysis method. The empirical results of different assets reorganization types are compared and analyzed.At last, from the empirical study, the paper draws the conclusion: (1) In the Event Return study, in the study period all the assets reorganization activities got the positive response from the capital market and the average of Cumulative Abnormal Return reached 12.39%. It was commonly accepted that the assets reorganization activities would improve the corporate performance. (2)In the Financial Analysis study, it is proved that one year after the assets reorganization activities, the company's EPS,BPS,ROE and ROA were improved significantly. These activities were efficient in making the listed companies more profitable. (3) The classified study shows, in both two methods Directional Issuance had the best performance and was recognized most in the capital market. (4) Compared with the past study before the Non-tradable Shares Reform, both two methods show that the performance of the assets reorganization activities in full-circulation era was much better.