A Study On The Performance Of Assets Reorganization Of A-Share Listed Companies In China

Asset reorganization is an important way for listed companies to optimize their ownership structure,improve their operating conditions,enhance their own value and achieve sustainable development.It is also a long-term topic of market economy research.In recent years,with the continuous development of China’s market economy and the continuous improvement of the market system,listed companies have used asset restructuring to optimize the allocation of resources and expand their own scale.Therefore,the in-depth study on the performance of listed companies’ asset reorganization has become the concern of many scholars focus.This article from the theoretical and empirical aspects of listed companies to implement the performance of asset restructuring research and analysis.On the theoretical side,the article first summarizes the research results at home and abroad,summarizes the research ideas of this paper,then summarizes the current situation of the reorganization of listed companies in China,and analyzes the necessity of this research;Finally,And the factors that affect the performance of the reorganization of a simple analysis.This paper selects the sample companies occurred M&A form the 2010 China’s A-share listed companies,and the author evaluates the performance of listed companies form 2009 to 2015,mainly from the profitability,solvency,operational capacity,development ability,cash flow analysis and cost,using the factor analysis method.In order to research the changes of the performance of the sample companies before and after the reorganization,the sample companies were divided into different groups according to different classification criteria.This study found that the reorganization can improve the performance of listed companies in general.The short-term performance of the state-owned relative holding enterprises is better than that of the private counterparts,but the long-term performance of the former is not as good as that of the latter.The performance of the asset restructuring of listed companies with the main business changes is better than the enterprises unchanged in the main business.Finally,according to the conclusion of this paper and the actual situation of asset reorganization of listed companies in China,the author put forward the following Suggestions,included paying attention to the resource integration after asset reorganization,strengthening the supervision mechanism,improving the service quality,clarifying the role of government in asset reorganization,broadening private capital market access guidelines,focusing on the long-term interests of asset restructuring,eliminating the restructuring obstacles about cross-industry and cross-regional.