Major Asset Restructuring Of Listed Companies Issued Shares To Buy The Asset Pricing Research

China's major assets restructuring began in1993. After two decades development, the number and the scale of major assets restructuring has increased a lot. In2009, about57listed companies were approved by the China Securities Regulatory Commission to go through the procedure. The number of the assets purchase and the scale is accounted for87.71%and74.79%; the average size was about2billion. Thus, the assets purchase has become the dominant and new way of major assets restructuring.In the assets purchase part, the asset pricing is the core. It relates to the pricing mechanism, the fairness and the interest allocation in pricing, which are the key success factors to major assets restructuring. Therefore, this paper has great research significance in insuring the restructuring procedure, keeping the interest allocation fair, and making the capital market more efficient.Based on the above viewpoints, this paper focuses on the asset pricing, which researches on the mechanism, the influencing factors and the rationality of pricing. The major research and innovation are as follows:(1) The mechanism is divided into four stagesAccording to the price/value-changed process (assets book value, asset assessment value, transaction price, initial stock price, final stock price), the major asset reorganization is divided into four stages, including:asset evaluation, transaction pricing, stock pricing and issue pricing. For each stage, pricing date, pricing method and evaluation indexes are discussed in detail.(2) Added three new influencing factors to empirical studyPast research focuses on the reorganization, assessment method and related party transactions effecting on the transaction price. In this paper, three new influencing factors of pricing are added into empirical study, including: restructuring move, listed companies and state-owned holding. By the non-parametric tests and regression analysis, the conclusion comes that listed companies and state-owned holding is significantly negatively correlated to the transaction price.(3) Correcting the stock price rate in rationalityStill the stock price rate is used to decide the rationality of pricing in the major asset reorganization. At the same time, this paper corrects the rate in two ways, which can enhance the credibility of stock price rate.First, select the short-term and the long-term stock price rate, and that only when two indicators are positive, the pricing is reasonable.Second, changes in stock price of major assets reorganization are mainly from the effect of assets reorganization and stock market.the stock price rate form the effect of assets reorganization is equal to the stock price rate minus the stock price rate from the effect of stock market in the same period.