Research On Asset Restructuring Performance Of ST Companies

In the past several years, owing to asset restructuring is not only the core of corporation’s capital operations but also the focus of security market’s theory, the worldwide scholars have studied it widely and deeply. Since first wave of restructuring in the late90’s, asset restructuring in China has reached a considerable level including both the number of restructure and the amount of the transaction, the means of restructuring are emerging differently and the pattern of restructuring is also enriched, although the establishment of China’s securities market is not a long history. However, the problem is that whether asset restructuring events can improve the ST listing companies’operating performance or bring the excess proceeds to shareholders of the ST listing companies. This paper is a study of theoretical and empirical research based on these problems, in order to achieve an objective and impartial evaluation of the performance of asset reorganization, and then puts forward the optimization strategy based on the empirical research results.This paper will analysis the performance of asset reorganization both by the theoretical and empirical study. The first part of this paper firstly explains research background and significance, then summarizes the scholars’research achievements of national and international form two aspects:the market performance and financial performance, and design research programs according to the existing research results, at the same time puts forward the innovation and deficiencies in this paper. The second part consists of the second, third and fourth chapters. Firstly it introduces the asset restructuring and related performance theory; then it designs the empirical research on the performance of asset restructuring on the whole, including research methods, analysis, calculation steps, as well as the data sources and sample selection; Finally, it selects some companies as a sample according to certain standards, using the event analysis and financial analysis to study its performance in two ways:the total sample classification samples, and drawing a conclusion. The third part is the fifth chapter, it analyzes the existing problem about the restructuring performance of ST companies according to the research results above, and then puts forward the strategy and advice.