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1、AbstractDivestitureisakindofcontractingcapitaloperationmethodofcompanies,whichiswidelyusedinindustrialrestructuringandoptimizingresourceallocation,etc.Onthecapitalmarketindevelopedcountries,divestitureisfrequentlyusedincorporaterestructures.Byempiricalresearchonthemarketperformanceofdivestitur
2、eamongChina’slistedcompanies,thispaperwasaimtotesttheempiricalconclusionthatwhetherthedivestiturecanimprovethemarketperformanceoflistedcompanies,inordertohelppeoplefullyunderstanditsimportanceduringthedevelopmentofacompanyandnoticeproblemsexistingintheoperatingprocessofdivestiture,andtoprovide
3、experienceandreferenceduringtherestructuringdecision.Onthewhole,thispaperwasdividedintotwoparts.Thefirstpartwasaboutbasictheory,generalizingtherelevantresearchresultsonthemarketperformanceofdivestiturehomeandabroad.Atthesametime,itstateddivestiturerelatedtheoriesofmotivation,allwhichhadestabli
4、shedafoundationforempiricalresearchlater.Thesecondpartwasempiricalresearch,alsothemajorbody.Beforetheempiricalresearch,thispaperintroducedthesituationofChina’slistedcompanies,whichgaveadetaileddescriptiononoverviewofChina’slistedcompanies,timedistribution,industrialdistribution,andrelevanttran
5、sactions,etc.besides,italsodescribedbrieflyonthemotivationofdivestitures.Duringtheempiricalresearch,thispapertook58listedcompanies,whichlistedandpostanannouncementondivestitureinShanghaiStockExchangeorShenzhenStockExchangefrom2005to2010assamples.Firstly,itadoptedeventstudymethodtoanalyzethemar
6、ketperformanceofdivestitureamongChina’slistedcompanies,andthenusedmulti-factorlineregressionmethodtotakeamorecloselyanalysisonitAccordingtoempiricalresearch,severalmajorconclusionscouldbedrawnasfollows:amongChina’slistedcompanies,boththenumberandscaleofdivestituresarekeepingincreasing,andtheye
7、ar-endeffectexists.Divestitureannouncementscanbringsignificantpositiveabnormalreturns.Thatmeansamajorityofinvestorsareoptimisticaboutthedivestitures,anddivestitureannouncementscanincreaseshareholderswealth.However,duringthetransactionpr
