The Research On The Effect Of Asset Restructuring Of Wanshun Stock Co.,Ltd

GEM since October30,2009officially listed on the shenzhen stock exchange, the average PE ratio is about50times, much higher than all the A-share market PE ratio as well as small and medium-sized plate of PE ratio. The first half of2014, in terms of operating conditions alone, over ninety companies were profitable, but its profitability and earnings growth rate are significantly lower than last year.Higher PE ratio and the higher growth stress, forcing many companies listed on GEM have chosen asset restructuring.However, not all asset restructuring can bring advantages to the company, there are a lot of the company’s asset restructuring was a failure.Because of the construction of a modern corporate system is not standardized, to give full play to the functions of the assets reorganization, must also be constantly explored and summarized. Therefore, how to improve the asset restructuring of listed companies performance,asset restructuring to make real play is worthy of study.Through our GEM asset restructuring has been carried effect of listed companies, can help the company "in the history of the public will see", to improve the effectiveness of future asset restructuring will certainly help.Based on the WanShun company assets restructuring as a case, using the financial method from the profit ability, operation ability, solvency, developing capability and cash ability five aspects of the WanShun company to evaluate the effect of before and after reorganization.This article is divided into five parts.The first chapter is the introduction part, the paper introducesthe research background, purpose and significance, research status, research ideas and methods, and topics of sources.The second chapter introduces the general situation of the WanShun company asset restructuring, this paper expounds the basic situation of participate in assets reorganization of the company, the assets reorganization of the motivation, approach and strategy, and asset restructuring process.The third chapter mainly discusses the present situation of the WanShun company after the assets reorganization, analyses the advantages and existing problems after the restructuring.The fourth chapter uses financial analysis, to build the WanShun company effect analysis before and after the restructuring of financial index evaluation system, and from the financial indicators, the structure of the business and production scale of the three dimensions are compared to the effect of before and after the assets reorganization.The fifth chapter according to the analysis found the problems existing in the company, and puts some countermeasures for developing the WanShun company after the assets reorganization.The analysis revealed that, after the reorganization of assets, although the WanShuncompany brings business scope to extend the industrial chain, products and services to optimize the structure and other advantages, but brought risk management capacity and scale, the company suppliers and customers is relatively concentrated, corporate profitability easily affected by the tax rebate policy, exchange rate changes.