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资产置换是一种见效快的重组方式，优质资产的注入对于主营业务帮助非常大。一方面优质资产的注入加大了对原有主营业务的投资力度，增强了盈利能力；另一方面优质资产的注入有可能产生新的利润增长点来代替以前的亏损，从而使公司整体经营情况好转。主营业务增长是盈利能力提高的主要动力，在实际操作中节约现金支出。资产置换多属于关联交易，不等价交换使上市公司的资产实现“增值”，为上市公司带来较好的收益，但剥离出的不良资产并没有消失，对不良资产的处理仍是个棘手的问题。

Asset replacement is a quick restructuring , high-quality assets into a very big help for the main business . On the one hand injection of quality assets has increased its investment in the original core business , enhance profitability ; hand injection of quality assets could generate new profit growth point instead of the previous losses , so that the company's overall business the situation improved . Main business growth is the key driver of improved profitability , cash savings in actual operation expenses. Replacement of assets are mostly related party transactions, unequal exchange assets of listed companies to achieve the "value added " for the listed companies to bring better returns , but stripping out non-performing assets has not disappeared, the handling of non-performing assets is still a thorny problem .

股权转让重组效果欠佳。在五项指标都没有显著提高，这主要是因为股权转让对公司的影响是间接的，股权转让本身只反映其股权结构的变化。新股东的出现可能引入新的思维观念、产品结构、管理方式发展上市公司，但这取决于新股东对上市公司参股、控股程度，即使取得了实际的控股权，也需要时间来调整企业的经营思路。当然上市公司自身的资本结构不合理和主营业务发展不利也是造成业绩不理想的直接原因。

Equity transfer restructuring ineffective. In the five indicators have not improved significantly , mainly because of the impact on the company equity transfer is indirect, equity transfer itself only reflect changes in its ownership structure . The emergence of new shareholders may introduce a new concept of thinking , product structure, the development of listed companies management approach , but it depends on the new shareholders of listed company shares, holding degrees , even made a real holding power, also need time to adjust the business ideas . Of course listed company's own capital structure is irrational and the main business also contributed to the development of adverse direct cause of unsatisfactory performance .

资产剥离重组的效果也较差，首先参与这种重组的上市公司多数业绩不太好。在出售资产或股权后，并没有很好的利用现金收入，有的企业完成剥离重组后，马上进行收购或投资等其他形式的扩张重组，并没有从深层次挖掘企业自身存在的矛盾和经营上的问题，使得重组绩效只是昙花一现。

Divestiture reorganization also poor , first reorganization of listed companies involved in the majority of this performance is not very good . After the sale of assets or equity , and not a good use of cash income , and some companies to complete divestiture restructuring , immediately after the acquisition of or investment in other forms of expansion of the restructuring , and did not dig deeper contradictions of their own existence and operation, problems , making restructuring performance short-lived.

Mergers and acquisitions and equity investments are not performing well mainly due to restructuring in substance equity investment equity investments , investment income depends on the level of investments and the potential of the business , accounting for investment income is generally at the end of the first half of 2001 most equity investment company with other companies with a new company jointly set up by the way , due to time constraints , the new enterprise will take some time to run properly . Therefore, the effect of restructuring can not be short-term apparent. Mergers and acquisitions restructuring expenses greater , more upfront investment , because the purpose and manner of acquisition of the diversity , some economies of scale in order to achieve the ma