Which Kind Of Restructuring Matter Is More Likely To Get Through

In October 24,2014,the China Securities Regulatory Commission(CSRC)announced the <administrative measures for major asset restructuring of listed companies> and the < "decision" on amending the measures on the administration of the takeover of the listed company>,the revised management approach of this major asset restructuring is undoubtedly that regulators are in the direction of "de-administration" with further efforts.This approach is conducive to promote the degree of the marketization in mergers and acquisitions,while allowing greater autonomy.For so many years,theoretical analysis of research on mergers and acquisitions are mostly focused on motivation,performance and related supervision system of mergers and acquisitions,However,the empirical study on the supervision of M&A is still a blank.Base on the purchases of assets through issuing shares reviewed by the committee for M&A and restructuring in 2014 and 2015,collecting data disclosed in the restructuring report submitted by the application,comparing the applicant who pass or not to study the behavior of Committee for M&A and Restructuring.Then we use logistics regression model to study which kind of restructuring matter is more likely to get through and whether the reviewing standards varies with the policy changes.This study found that the committee for M&A and restructuring focused more on the impact of earning ability before;after the implementation of the new policy,they tend to stand in a long-term perspective to consider this matter,hoping listed companies can optimize its business structure,improve its development strategy and refine business patterns,achieving effective integration of resources,and encourage market bodies' free acts more.The constant is that the sharp expansion of assets has always been viewed as a negative sign.