Research on Wealth Effect of Asset Reorganization in Tourism Industry: Case Study Based on Holistic Listing of Overseas Chinese Town Group

DOI: 10.4236/jssm.2012.54041   PDF   HTML     3,981 Downloads   6,150 Views  

Abstract

This study extends previous research by examining how holistic listing affects the short-term and long-term wealth for listed company in China. Case study, event study and financial ratios analysis methods are used in the paper. We measure short-term wealth effect by the extra returns and measure long-term wealth by the five value creation indexes. The results show that holistic listing of group enterprise injects new motivation for value creation and helps shareholders to share both long-term and short-term wealth effects. Our research has implications for group enterprises that are striving to enhance corporate value through capital operation.

Share and Cite:

T. Liu, S. Yang and W. Zhang, "Research on Wealth Effect of Asset Reorganization in Tourism Industry: Case Study Based on Holistic Listing of Overseas Chinese Town Group," Journal of Service Science and Management, Vol. 5 No. 4, 2012, pp. 348-354. doi: 10.4236/jssm.2012.54041.

Conflicts of Interest

The authors declare no conflicts of interest.

References

[1] Q. Huang, “Research on Holistic listing of Enterprise Groups,” Management World, Vol. 20, No. 2, 2004, pp. 126-130.
[2] G. Jiaand W. L. Li, “Information and Ownership Structure Effects of Private Placements as a Payment Method for Purchasing Assets,” Journal of Shanxi Finance and Economics University, Vol. 32, No. 10, 2010, pp. 80-87.
[3] X. Z. Guan, “Advantages and Disadvantages of Enterprise Whole Appears on the Market under the Background of Full Circulation,” Monthly Magazine, Vol. 28, No. 9, 2009, pp. 52-53.
[4] J. M. Zhang, “Research on Theoretical Basis and Realization Way of Holistic Listing of State-Owned Company,” Economic Perspective, Vol. 50, No. 9, 2009, pp. 82-84.
[5] S. Q. Ou Yang and Z. M. Tang, “Research on Holistic Listing and Corporate Performance,” Productivity Research, Vol. 25, No. 7, 2010, pp. 215-216.
[6] H. J. Zhu, X. J. He and X. Y. Chen, “Case Study on Tunneling Caused by Private Investment in Public Equity,” Management World, Vol. 24, No. 6, 2008, pp. 136-147.
[7] K. H. Wruck, “Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings,” Journal of Financial Economics, Vol. 23, No. 1, 1989, pp. 328. doi:10.1016/0304-405X(89)90003-2
[8] S. Myers and N. Majluf, “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have?” Journal of Financial Economics, Vol. 13, No. 2, 1984, pp. 187-221. doi:10.1016/0304-405X(84)90023-0
[9] W. D. Zhang, “The Shor-Run Performance of Private Investment in Public Equity and Complete Listing,” Accounting Research, Vol. 28, No. 12, 2007, pp. 63-68.
[10] M. Hertzel and R. Smith, “Market Discounts and Shareholder Gains for Placing Equity Privately,” Journal of Finance, Vol. 48, No. 2, 1993, pp. 459-485. doi:10.1111/j.1540-6261.1993.tb04723.x
[11] S. M. Li and Y. G. Chen, “Wealth Effects of Merger and Acquisition,” Economic Research Journal, Vol. 48, No. 11, 2002, pp. 27-35.

  
comments powered by Disqus

Copyright © 2020 by authors and Scientific Research Publishing Inc.

Creative Commons License

This work and the related PDF file are licensed under a Creative Commons Attribution 4.0 International License.