债务重组上市公司重组绩效与证券市场监管

Restructuring Performance of Debt Restructuring Listed Companies and Securities Market Regulation

本文利用2006年债务重组准则实施前后两年进行债务重组的上市公司相关数据研究债务重组上市公司重组绩效与证券市场监管关系问题。结果表明,2006年发生债务重组收益公司重组后会计业绩显著提高,股票回报率与市场总体无显著差异,2007年发生债务重组收益公司重组后会计业绩无显著变化,股票回报率显著高于市场总体,说明证券市场监管政策的扭曲导致资源的严重错配。

We use the relevant data of the debt restructuring listed companies which occurred two years before and after the implementation of the 2006 Debt Restructuring Standards to study the relationship of debt restructuring listed companies＇ restructuring performance and securities market regulation. We find that the accounting profit of 2006 debt restructuring listed company sig- nificantly improved after restructuring, while the accounting profit of 2007 debt restructuring listed company did not have significant change. The stock return has no significant difference between 2006 debt restructuring company and market. The stock returns of 2007 debt restructuring listed company are significantly higher than the market＇ s. The distortion of policy for securities market regulation causes resources to be distributed incorrectly.