Research On Timing Reorganization Of Iron And Steel Enterprises Under Cyclic Fluctuation:Behavior Selection And Economic Consequences

As one of the basic industries of national economic development,iron and steel industry plays an important role in promoting the industrialization process and enhancing the comprehensive national strength.Since entering the 21 st century,China's demand for economic development has gradually changed from purely pursuing speed to concurrent speed and quality.The report of the Nineteenth National Congress points out that "development is the basis and key to solve all problems in our country,development must be scientific development,and the development concept of innovation,coordination,green,open and sharing must be firmly implemented".In the process of changing the concept of economic development,China's iron and steel industry has experienced cyclical fluctuations from prosperity to depression to accelerating transformation.In order to cope with such cyclical fluctuations,asset restructuring has become the mainstream way for China's iron and steel enterprises to survive and transform.The success or failure of steel enterprise assets reorganization not only affects the survival and development of enterprises and employees,but also relates to the transformation of the industry,and affects the efficiency and quality of China's economic development.Therefore,exploring the Restructuring Behavior of Chinese iron and steel enterprises in the industry cycle fluctuation,correctly evaluating the performance of their asset restructuring,and putting forward relevant suggestions for the sound and orderly development of Chinese iron and steel enterprises is still a problem worthy of further study.Most of the research on M&A and reorganization of iron and steel enterprises is based on traditional theory.Therefore,this paper intends to find a relatively innovative perspective to enrich the analysis of iron and steel enterprise reorganization.In view of the fact that the application of market timing theory in China mostly lies in the fields of corporate stock issuance,refinancing and investment.However,there is a lack of research on the specific investment behavior of the company-enterprise restructuring.This paper argues that the Restructuring Behavior of the company also has the possibility of market timing selection.PGVT Co.,Ltd.is a large-scale listed iron and steel enterprise with old stateowned holding.Its emergence and development process has a certain industry representation,and the enterprise has experienced three major asset reorganization events since 2007.In this paper,PGVT is selected as a case study,and the impact of periodic fluctuations on timing behavior can be found in a longer time dimension.Therefore,from the perspective of market timing,through case study,combined with the periodicity of China's iron and steel industry,this paper analyses the behavior and economic consequences of timing restructuring of listed iron and steel enterprises in China,and puts forward relevant suggestions.The whole article is divided into six parts:Chapter 1 is an introduction,which mainly introduces the starting point,content structure framework and innovation of this paper.Chapter 2 is a theoretical and literature review,which combs the market timing theory,the motivation of asset restructuring and the performance of domestic and foreign research results.Chapter 3 is the analysis of market timing and iron and steel industry.Starting from the periodic analysis of iron and steel industry,through manual collection and collation of data,a relatively complete and coherent summary of enterprise restructuring process and main restructuring modes under the periodic background of iron and steel industry is formed.At the same time,it proves that there exists time-selective Restructuring Behavior in the industry cycle of iron and steel enterprises.Chapter 4 is a case study of V-Ti reorganization in PGVT from the perspective of market timing.Firstly,PGVT is briefly introduced and its reorganization process is reviewed.Then,combined with the timing of policy,capital market and product market,the motivation of PGVT reorganization is summarized.At the same time,the choice of payment mode in the reorganization is analyzed from the perspective of market timing.Chapter 5 discusses the economic consequences of corporate restructuring under market timing.This paper evaluates market performance and financial performance by event study and accounting study,and further explores the impact of reorganization on Panzhihua Vanadium and Titanium Company's business decision-making and behavior from the change of main business structure,innovation input and output,and the change of relationship with external stakeholders.Chapter 6 summarizes the conclusion of this paper: although timing reorganization can improve short-term performance,it can not improve enterprise performance in the long run.It is more important to strengthen management ability than timing selection and payment method selection.On this basis,the following suggestions are put forward for enterprise restructuring in iron and steel industry: grasp the market opportunity in the cycle,formulate restructuring plan;strengthen the integration efforts,improve the integration performance;promote the normalization of market value management,and truly play the synergistic effect of capital market and real economy.