Research On The Performance Of Assets Restructuring Of The Tourism Listed Companies In China

As a method of social resources reallocating, assets restructuring has been animportant component of our national securities market. The listed companies all wantto achieve the aim of the optimization of assets structure and industrial structure, so asto promote the complementary advantages of the enterprise and implement thestrategic shift. In the document of NO.41form State Council which name is theopinion of State Council about accelerate the development of tourism in2009, it hasbeen motioned that we should develop Tourism Industry into a strategic pillar industryof national economy and modern service industry with more satisfaction, and we needto promote the restructuring and reorganization of state-owned tourism enterprises,support the development of the private and small and medium-sized tourismenterprises and support merger and reorganization of cross-industry, cross-regional,cross-ownership, foster a batch of competitive large enterprise group. This documentwould push the further asset restructuring of tourism industry. At present, China’stourism industry is fiercely competitive, the scale effect is poor and the level ofoperation and management is low. If the listed tourism companies want to be biggerand stronger, they must use the method of assets restructuring. Therefore, this paperhas important theoretical and practical significance for studying the assetsreorganization of listed tourism companies, exploring its restructuring performanceand developing China’s tourism industry.Based on the theory of assets reorganization and the related researches, theauthor used domestic and foreign research results on asset restructuring, combinedwith the operating status of listed tourism company and the actual situation of theassets restructuring, then investigated quantitatively and qualitatively the events oflisted tourism companies’ assets reorganization which have been taken placedbetween2000-2012in our country. We research the short-term market performance ofthe assets reorganization by using event study method, and we research the long-termoperational performance of listed tourism company by using financial index analysis.Then we evaluate the performance of assets restructuring activities of listed tourismcompanies in China from different angles by comparing the data. Therefore, we canprovide some referential experience in management and optimization measures forlisted tourism companies in China.In this paper, we get the following conclusions: in general, the short-termmarket effect of the assets reorganization for listed tourism companies exits, but justbefore the announcement; the long-term operational performance of the assetsreorganization is not obvious, and the performance was significantly decreased in theyear of assets reorganization. It has soared one year after the reorganization andthe improvement is not obvious two years after the reorganization. But there are obvious differences in the performance of different types of reorganization. In thedifferent restructuring types of the short-term market performance, sales of assets isthe best, transfer of shares and replacement of assets take second place, mergers&acquisitions is the worst. Then in the different restructuring types of the long-termoperational performance, mergers&acquisitions and replacement of assets improveobviously in the year of assets reorganization, transfer of shares and replacement ofassets were highly valued one year after the reorganization, transfer of shares wasthe best. And thus we put forward some problems and the related suggestions aboutthe assets reorganization of listed tourism companies in China.