Asset Stripping,Value Assessment And Benefit Delivery

Since the advent of the era of Internet + sales industry,the electricity cut entity stores,layout of logistics network,increase the initial investment and a series of measures to keep the overall industry is in decline,the performance electric business enterprise to assets restructuring methods such as case of seeking efficiency increasing year by year.In reality,shareholders through the assets transaction delivery events are occurring,transfer assets and interests are two propositions of the academic attention,in the study of the relationship between asset prices is to be put out of topic,but for the asset appraisal plays a role in contact with both the relative lack of research.The existing literature is mainly based on empirical research on the relationship between the divestiture of assets and the transfer of the interests of large shareholders.However,due to the lack of a uniform standard for "improper appreciation rate",it is very difficult to determine the benefit delivery in terms of premium value alone.This paper adopts case study method,follow the "assets and interests transport-transport means,operating assets evaluation to"a logical route,discuss about the indemnification of objective conditions in assets,assets appraisal as the indemnification.In this paper,a case study method is used to investigate the value effect of high premium m&a and the mechanism to obtain positive value effect.First,in combing divestitures,value evaluation and benefit transportation relations on the basis of research results,based on financial theory and value evaluation,the evaluation premium generated mechanism are analyzed in theory;Secondly;According to the actual operation situation of the case company,the paper seeks to find the evidence of the benefits of the divestiture.Third,combing Suning Cloud business case,the basic situation of the stripping PPTV will this case assessment of the premium compared with the same industry average assessment premium analysis,makes a research on the evaluation method to choose and use to assess the effect of the consequences.Fourth,using event study method to measure the CAR,using factor analysis method to Su Ningyun business stripping were compared before and after the financial performance,analyzing the deal to shareholders and the financial performance benefit influence support the above point of view;Finally,a case study is used to evaluate the report.In this paper,we found that,first,Suning Cloud company will sell the shares of PPTV68.08%share to the company's majority shareholder Zhang JinDong's suning culture company.This based on catering to the foreign capital enterprise investment and industrial policies,eliminating barriers to consider potential assets,not only make Suning Cloud business won the market price is higher than the intrinsic value of a financial interest,and improve the company's overall efficiency and accounting performance,excellent performance.This linked transaction asset divestiture is essentially the "support" of the company's major shareholders to the listed companies in the difficult transition.Second,when in related party transactions,the value evaluation tend to form a result oriented evaluation results,if both parties have interests overlap,and information asymmetry is almost zero,so the role of evaluation is more like a verification for the deal,rather than in the general case for trade both sides reached consensus on the market price of help,in the related transactions easy to become the largest shareholder interests by delivery of aid.