A Research On Restructuring Performance Of ST Companies

ST (Special Treatment) companies, as unique listed companies in capital market, have been always the focus of attention. Speculation about asset reorganization never ends, yet no final conclusion has been reached on whether reorganization improves the performance.To begin with, the paper summarizes and analyses the research documents concerning the reorganization performance and affecting factors. After that, it introduces some theories about reorganization and performance, qualitatively analysing influencing factors and summarizing ST system and the present situation of ST companies. It chooses 60 ST companies which were restructured between 2006 and 2008 as a sample and does sample analysis and testing, using various statistic methods such as Descriptive Statistic, Principal Component Analysis and so on. Through the empirical research, the author has drawn the conclusion that the behavior of asset reorganization does not have an essential effect on improving the performance. However, the changing of the major shareholders does obviously enhance it, while related transaction affects it in a negative way. Different modes of reorganization have different influences on the performance. The paper acquires certain innovation value in sample choosing and sourcing, research methods and contents; meanwhile, it possesses research value in some ways.