The Research On Assets Restruturing Performance And Market’s Reaction Of Chinese Listed ST Companies

With the acceleration of the process of global economic integration, theincreasingly fierce competition among enterprises, and enhance marketcompetitiveness. It is necessary to adjust the unreasonable allocation of resources andcorporate structure, in such market requirements. Combined with the securitiesmarket for the concept of "asset restructuring speculation never stopped, which attracta large number of investors.But this also lead to a lot of non-standard behavior ofstock market.Especially China Securities Regulatory Commission issued a specialprocessing system of listed companies since the ST system in1989. ST listedcompanies has become the subject of asset restructuring. Because the ST system forlisted companies brought tremendous pressure,unless efforts to improve thecompany’s operating situation the listed company will lose a valuable listingeligibility.Compared with the general corporate. ST listed companies on thereorganization of assets have more pressing needs. But whether it can increase ST’sactual wealth through asset restructuring and improve the the ST company’s financialsituation is still unknown.This study is basis of the question of ST company’s Asset restructuring to analyses. It analyses the performance of ST companies from the two aspects of thetheoretical and empirical performance study. It chooses28corporations from STcompanies which restructured in2010as a sample to analys. Then propose targetedpolicy recommendations base on the conclusions.This study shows that:①The use of financial analysis analysis of the samplecompanies reorganization classification analysis, the different recombinantfinancialperformance, there is a great difference.②The use of event analysis to analyze thedistribution of sample cumulative abnormal gains (CAR) in the event the studyperiod, reflecting the reorganization of assets for shareholders extraordinary earnings.It indicating that the reorganization of assets exist before been publicly disclosedinformationleaks.