Earticle

초록

영어

Under the domestic and international market increasingly competitive circumstances, how to improve the management efficiency, restructuring of the industrial chain, improve the core competitive ability of enterprises is the issue of China’s enterprises must face. The objective of this study is to hope that through the empirical performance of China’s listing Corporation asset market analysis, in-depth study of divestiture announcement effect on stock price, to help people fully understand the important role of divestiture in the process of enterprise development. To provide some references for formulating relevant policies to restructure decision for the company, government and regulatory departments. This paper uses divestiture announcement between 2005 and 2013 as sample data, according to the selection standards, selected 324 divestiture announcement for the final study sample, makes an empirical analysis of the market performance of assets stripping and its influencing factors. The analysis results show: 1. More and more investors are optimistic about the asset stripping, asset divestiture announcement to increase shareholder wealth. But in the process of assets transaction there may exist the phenomenon of information disclosure and insider trading in advance. In addition, different stripping assets under the market performance is different. Under the way of equity stripping assets announcement effect is better than the physical assets way. 2. The greater the proportion of the first big shareholder holds, the impact of asset divestiture market performance is small. A listed company on ownership concentration is higher, the big shareholders often use information asymmetry infringe upon the interests of small shareholders, and the strategic decisions such as enterprise assets are greatly influenced by the large shareholders, lead to divest decision may not be voluntary. According to the theory of corporate governance, ownership concentration lower enterprise strategic decision is based on the principle of the enterprise value maximization, thus when ownership concentration is low enterprise assets announcement, the market will give positive response.

목차

Abstract
 1. Introduction
 2. Research Hypothesis and Data Selection
  2.1 Research Hypothesis
  2.2 Data from the Sample Selection
 3. The Empirical Analysis
 4. The Results of the Empirical Analysis
  4.1. The Dependent Variable CAR Analysis Results
  4.2 The Results of Regression Analysis
 5. Conclusions and Suggestions
  5.1 Conclusions
  5.2 Relevant Suggestions
 ACKNOWLEDGEMENTS
 References

키워드

저자

• LiHua Cui [ College of Economics and Management, Yanbian University, Yanji, China ]
• HuiJun Jin [ College of Economics and Management, Yanbian University, Yanji, China ]
• HyeJeong Kim [ Department of School of Business Administration, Kyonggi University, Seoul, Korea ]
• De Li [ Department of Computer Science, Yanbian University, Yanji, China ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  International Journal of u- and e- Service, Science and Technology

• 간기

  격월간

• pISSN

  2005-4246

• 수록기간

  2008~2016

• 십진분류

  KDC 505 DDC 605