Empirical Research On Asset Restructuring Performance Of Chinese St Listed Companies

In order to strengthen the supervision of listed companies, in April2012, the Shanghai Stock Exchange issued "a program that perfect the delisting system of the Shanghai Stock Exchange listed company," and the Shenzhen Stock Exchange issued "a program that improve and perfect delisting system of listed companies on Shenzhen Stock Exchange main board, small and medium-sized corporate board "(hereinafter referred to as the "the delisting program"). The delisting of the new regulation is the fourth time improve and reform China’s listed companies delisting system revision since1998, when China Securities Regulatory Commission promulgated the "Special treatment of the abnormal situation of listed companies ". It can be seen, along with China’s securities market continues to mature and the constant improvement of the delisting mechanism, the ST companies delisting phenomenon is very common.In China’s securities market, on one hand, the public offering of listed is audit system, a mighty force in single; on the other hand, listed companies are difficult to withdraw from the stock market, so the ST shares became restructuring value "shell." In this environment, the ST security card uncap drama always comes unexpected.And because the ST share’price is low, many excellent enterprises also decide to "backdoor listing" through mergers and acquisitions ST companies. Asset restructuring can rapidly improve the quality of company’s book assets and optimize all the financial indexes, therefore, asset restructuring becomes ST listed companies’magic weapons to protect shell. According to statistics, in less than one month since the Shanghai and Shenzhen Stock Exchanges ended commenting on delisting system program of main board, there are*ST Industrial,*ST Jinding,*ST Qingqi, ST Polaroid etc. more than20ST companies published asset restructuring announcement, or even*ST Portugal, which have already failed of restructuring for three times, still trying to conduct the fourth restructuring. This shows that assets restructuring is the trick ST listed companies to prevent delisting, ST companies usually keep their "shell" through assets restructuring.In addition, in recent years, investors concern that ST listed companies’ investment value is increasing and ST listed companies usually attempt to change the status quo through some restructuring matters.In China’s capital market, because of its specificity, the ST company has been the object of attention of the market, the hype surrounding the restructuring of ST companies come and go, whether the restructuring is a theme of speculation, or really improves the company real economic gains? These are the need for further research to solve the problem.Intends to resolve the above problems, the paper conducts depth theoretical analysis and research to ST Restructuring Performance from the theoretical and empirical aspects. Define the purpose and the significance of this study, the paper first elaborated the basis theory for the empirical part and recommendations section, then select financial indicators analysis method to conduct empirical research of the overall restructuring performance of ST companies and various constraints impact on the restructuring performance, and finally some suggestions for empirical conclusions.The empirical results show that some restructurings don’t achieve the desired effect, oppositely there is also a negative effect on the operating performance of the ST Company. But in the aspects of factors, the biggest shareholder changes significantly improve the performance, the behavior of ST companies which conduct related transactions restructuring is not conducive to enhance the performance of ST companies, different ways of restructuring lead to varied performance.Assets swap restructuring improve the performance of ST companies most significantly; M&A restructuring performance on ST resource integration is not successful, has the characteristics of strong short-term effects; Equity transfer restructuring have positive effect on company performance improvement; Asset stripping restructuring can’t maintain restructuring improvement.This paper is divided into six parts:Part Ⅰ:Introduction, including research background, significance, methods, ideas and framework arrangements. Part Ⅱ: literature review, a literature review of the related asset restructuring theory and empirical findings. Part Ⅲ:ST Company restructuring related theory, this part introduces two aspects:one is review of ST system changes and the causes of ST, characteristics, and restructuring actions result analysis. The other is defining the performance the connotation and performance of the theory, and performance constraints concise exposition. Part Ⅳ:An Empirical Study overall design, including specific research hypothesis, the study sample and data sources, the performance evaluation index system and research methods instructions. Part Ⅴ:Restructuring performance empirical analysis on ST companies, including descriptive statistical analysis of the overall sample, the performance empirical analysis of the overall sample, restructuring performance analysis of influencing factors. Part VI:Conclusion, including empirical findings and the relevant recommendations.The features and creations of this paper as follows:the author limits the scope of the study to ST companies. Meanwhile,the paper tries to evaluate ST companies performance from several angles by using integrated application of Descriptive Statistic, Factor Analysis,Variance Analysis,in oder to avoid using factor analysis alone insufficient, so that the results obtained more persuasive.