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Divestitures in the reorganization of assets The share of total remained at 15 percent, the highest proportion in 1999 , reaching 29.2% , this is due to the statistical data for the year does not include equity investment recombination events , more important reason from the beginning of 1997 , China experienced the climax of the reorganization of assets , a couple of years later , the effects of the reorganization of assets does not show up, especially by the government-led restructuring, corporate mergers and acquisitions for correcting errors and removing non-performing assets to consider , adopt divestitures way of further restructuring , resulting in a 1999 high proportion of divestiture .

Replacement of assets is our unique pattern of reorganization of listed companies , over the years, the proportion of asset replacement models remain at 8 %, and asset replacement for the rapid improvement of the quality of corporate assets , improve corporate profitability has a significant effect. Replacement of assets should be required for each other , and are equivalent ( according to the provisions replace cash transactions may not exceed 20% of total assets ) , which is the necessary condition for replacement of assets . Due to constraints such asset replacement recombination occurs less asset replacement of non-performing assets of the company and the parent company or a backdoor high quality assets tend to be exchanged , therefore, this reorganization involves a large number of related party transactions , easy to damage the country shareholders and in the interests of small investors by China Securities Regulatory Commission restrictions.

For solvency , the overall level was 0.682 before the reorganization , restructuring of 0.644 , 0.038 lower . Replacement of assets to improve the solvency of the most obvious way , after the reorganization to improve solvency increased from 0.609 to 0.676 , 0.067 improved ; followed by the transfer of shares, after the reorganization solvency of 0.612 up to 0.634 original , improved 0.022 ; the effect is relatively poor mergers and acquisitions, equity investments , decreased by 0.024 and 0.038 ; still higher than the overall level , the effect is the worst divestitures, restructuring reduced solvency 0.072 .

Asset management , restructuring of the company's overall level of good asset management capacity from 0.31 before restructuring increased to 0.33 , increased by 0.02 . Or replacement of assets in which the effect of the most obvious ways from 0.241 before restructuring increased to reorganization of the 0.282 , 0.041 improved ; asset-stripping effect of reorganization Secondly, increased 0.022 , higher than the overall level ; equity investment and portfolio effects of restructuring is also better than before the reorganization asset management capabilities improve .017 ; worst effect is that mergers and acquisitions, asset management capabilities after the reorganization fell 0.014 , lower than the overall level .

For the main business distinct situation , the overall average has increased from 0.503 before restructuring increased to 0.541 after the reorganization , increased 0.038 . Including divestitures, equity investments , asset replacement effects are better ways , divestitures , asset replacement itself is to improve the ability of the main business reorganization , restructuring largely achieved it