Comparative Study Of The Affect On Restructuring Performance Of ST Company’s Different Restructuring Modes

As an important way to improve operational efficiency and comprehensive competitiveness of enterprise, asset restructuring is always the focus of researchers. With the continuous development of our country’s securities market, restructuring activities of the listed company are growing in intensity, no matter the number or the amount of the transaction in the restructuring has reached a considerable scale, and more and more restructuring modes are emerging. Especially since the special treatment system was released by China Securities Regulatory Commission in1998, the ST companies has become the main part of asset restructuring and the focus of capital markets. More and more ST companies are trying to integrate their resources through asset restructuring, and their purposes are to break away the financial difficulties, achieve profitability. But, the ST companies through assert restructuring can weather increase shareholder wealth or improve financial performance; the current research has no consensus yet. This thesis will start from the theoretical and empirical study about asset restructuring, investigating the affect about corporate performance of ST companies’ asset restructuring, and this thesis will comparative studies the affect about corporate performance of different restructuring modes. The research purpose is to make an objective and impartial evaluation on the performance of ST companies, and give some suggestions on improve ST companies performance and help them to choose right restructuring mode.This thesis carries on theoretical and empirical study; the author studies the affect about ST companies’ performance of different restructuring modes from two angles:Market Performance and Financial Performance. The main content is divided into five parts:the first chapter is introduction, which mainly describes the background and significance, analyzes and summaries the present situation of domestic and foreign research and introduces the main content and method of this thesis. The second and third chapters are the part of theoretical study, the main content is to introduce the theoretical basis of ST company reorganization and restructuring performance, and analyze the current status and problems of ST companies’ asset restructuring. The forth chapter is empirical research; it is also the core of the thesis. The main content of this part is to analyze market performance and financial performance of ST companies’ asset restructuring. Firstly, this part introduces the research methods and sample selection, then chooses35ST companies as sample which has done asset restructuring in2008. Finally, the author chooses Event Analysis and Financial Analysis, and does empirical analysis on market performance and financial performance of ST companies’ asset restructuring. The fifth chapter is mainly to come up with strategies and recommendations for ST companies to improve their restructuring performance. The sixth chapter is the conclusion, and mainly to summarize the research of this thesis.The conclusions of this thesis are drawn as follows:generally, asset restructuring can bring some excess returns for the shareholders of ST companies; it also can improve ST companies’ financial performance in a certain extent. From the view of classification study, different restructuring modes have different impact on market performance and financial performance of ST companies. The asset restructuring of ST companies are most lack of continuity.