| Since ST(Special Treatment) system was carried out by China Securities Regulatory Commission in 1998, ST listed companies have been an essential part in the activity of assets reorganization in our security market. Assets reorganization of enterprises is generally to improve the efficiency and competency by reorganizing the production factor in an individual enterprise or among enterprises. However, it is difficult for ST companies that try to avoid delisting to get this goal. With essential reorganization becoming mainstream, it is necessary to be answered whether asserts reorganization promotes the competency of ST companies and has a positive effect on the financial condition of ST companies.Both theoretical and demonstrative method is used in this thesis. Based on the theories of assets reorganization, this thesis firstly analyzes the phasic characteristics and motives of ST listed companies, and then, deliberates the financial effect of assets reorganization on ST listed companies by using examples, finally, takes the ST companies that carried on assets reorganization in 2001 as samples to make an demonstrative study. It is expected in this thesis to make an objective and impartial evaluation on the financial effect of ST listed companies' assets reorganization. |
