An Empirical Research On Performance Of Restructuring Of Listed Company In Chongqing

As the western economic center city,Chongqing in the role of the western development strategy is to become the upper Yangtze river economic center,to better give play to the role of economic center city strategic support, external development and radiation impetus function. Most of the listed companies’main business is in line with the region industry development direction Some of them has become the industry leader in Chongqing and even the national. In this paper, i empirical researching on performance of restructuring of listed company in Chongqing.In order to examine whether after the restructuring of listed companies in chongqing has brought obvious business synergies and fundamentals to improve. Based on the empirical results to analysis of reasons put forward related suggestions. In this paper, the main content includes:(1) restructuring related theories and literature review, review and reference;(2) the description of the status of the restructuring of listed companies in chongqing as well as the existing problems;(3) using the data envelopment model and event analysis to analyze the long-term and short-term performance of listed companies respectively;(4) the performance of restructuring of listed companies in chongqing research conclusions and policy recommendations.A. The conclusions of this paper:a.Restructuring is conducive to long-term improve the performance of listed companies in Chongqing.In this paper, from theoretical and empirical research it is concluded that the restructuring activities can make the operating performance of listed companies to obtain long-term growth. The government should focus on restructuring of listed companies related sound the legal system, provide good environment support for the restructuring of listed companies.b.Different restructuring status make varies of short-term performanceAs the acquisition of the company reorganization of listed companies in Chongqing does not generate stable excess returns to shareholders wealth increased, the capital market reaction to buy a company restructuring is not strong; Target produce obvious performance to create shareholder wealth increased significantly, the capital market reaction to buy-out firms restructuring activities more strongly.c. Marketization and industry characteristics will affect the performance of restructuringListed companies as a buy-out firms, short-term cannot increase shareholder wealth. However, Listed companies as the target company in Chongqing, short-term can significantly increase shareholder wealthd. Restructuring will also affect the restructuring performance of listed companies in ChongqingBuy-out firms mostly adopts the "equity transfer" and "acquisition", these will make restructuring costs and affect its performance. Most of the target company use"assets" and "asset replacement" to restructuring, which makes the original did not appear to be related to development of main business of listed companies of idle assets or profitability of assets, non-operating assets out of poor, so as to realize assets restructuring of listed companies, improve the efficiency of the assets of the company.B. Policy suggestions:a. The government should introduce positive policies to encourage company restructuring activitiesThe government should focus on restructuring of listed companies related legal system, provide excellent environment support for the restructuring. b. To make efforts to reduce the relevant government departments in unnecessary intervention in restructuring of listed companiesThe government in the process of the reorganization of listed companies, should know their own role correctly and avoid too much unnecessary intervention. The government also should focus on strengthening the macro-control of restructuring of listed companies.c. Break the regional and industry restrictions, and vigorously promote cross-regional, cross-industry restructuringIn restructuring activities to break the industry of local protectionism, on the basis of market mechanism, vigorously promote cross-regional, cross-industry restructuring. Especially for high-quality assets scarce place and the company of the industry, if the local government and the industry can not inject high quality assets, it should be actively promote cross-regional and cross-industry restructuring activities.d. Strengthen classified guidance, implement differentiation M&A strategyQuality is the cornerstone of the development of the capital market of listed companies, aiming at Chongqing districts state holding listed company asset scale and the overall size does not match the situation of state-owned assets, relevant departments by comprehensive utilization of shell resource, implement classification strategy, increase of merger, acquisition and reorganization, and area of state holding listed companies improve quality.e. To strengthen the information disclosure, beware of insider tradingIn the process of advancing the merger, acquisition and reorganization, relevant departments should be scientific decision-making, strictly abide by the "securities law", formulate strict and effective confidentiality system, and restrict distribution scope of relevant sensitive information.