“…However, despite the implementation of asset reorganization or Huanshuai owners many losses into profit the listed company, shell protection to shield, but may also have negative effects of "invite wolves into the house", which have been adversity losses listed company one disaster after another, finally can only hasten their delisting or bankruptcy. Such as Magenheim and Mueller (1988) compared with the result of test of showed that after the reorganization of the company's performance has declined, Agrawal Jaffe and Mandelker (1992) found company market adjustment performance after reorganization does not rise to fall. However, despite the implementation of asset reorganization or Huanshuai owners many losses into profit the listed company, shell protection to shield, but may also have negative effects of "invite wolves into the house", which have been adversity losses listed company one disaster after another, finally can only hasten their delisting or bankruptcy.…”