Study On The Performance Of Asset Reorganization Of Xinjiang Tianye

In modern economic society,the behavior of asset reorganization is common.Many enterprises expect to expand their scale,improve their core competitiveness and reach the strategic goal of vertical integration or horizontal integration through asset reorganization.It is well-known that chlor-alkali chemical industry is the basic industry of our country,which is closely related to the daily life of the people and severely influence the strategy layout of the country.As a traditional asset-heavy enterprise,the early stage of research and development investment is large,transformation and upgrading difficulties have become a major restraining factor of the industry.Under the pressure of the current macroeconomic downturn,many chemical industries are in the dilemma of transformation and upgrading,as well as lack of funds.The management is actively looking for effective ways to change this situation.As an important way for enterprises to achieve industrial upgrading and improve profitability in a short period of time,reorganization behavior is bound to attract the attention of the capital market,and the effect brought by reorganization behavior is extremely important for management.This paper takes the reorganization behavior of Xinjiang Tianye as the object of study to explore the effect by reorganization and the duration of the effect.Before the reorganization,Xinjiang Tianye was the shareholder of Tianwei Chemical,both of which were jointly controlled by Tianye group.After the implementation of the reorganization,Tianwei Chemical became a wholly-owned subsidiary of Xinjiang Tianye.Both sides of the reorganization belong to the chemical industry,the purpose of the reorganization is to reduce the competition between the enterprise management,to achieve industrial upgrading,to create an integrated PVC industry.The author analyzed the situation of PVC,water-saving material industry and the current situation of Xinjiang Tianye industry.Studied the correlation between the two sides in the industry from the external factors of national policy and macro economy.Besides,The author analyzed the motivation of the reorganization and made a comprehensive analysis of the performance before and after the reorganization by using two methods.As the restructuring performance,this article study the performance prism method and EVA evaluation method of restructuring behavior from the perspective of qualitative and quantitative.Although the performance prism method evaluating multiple dimensions from five angles,compared with the traditional evaluation method is more comprehensive.It is not very widely used in the enterprise performance evaluation.The reason why the performance prism method was applied narrowly is that some of its key indicator is qualitative and difficult to measure.Compared with the performance prism method,the data source of EVA evaluation method is the financial data of enterprises,which is facilitates for the researchers to obtain the data.This paper fully considers the advantages and disadvantages of the above methods and adopts two methods to evaluate the restructuring performance of XinJiang TianYe.Through the study,it was found that the reorganization solved the financial difficulties of XinJiang TianYe in a short period,but the impact was temporary.The incentive effect was not obvious after the reorganization in long-term.It had no lasting influence on the development of XinJiang TianYe.Therefore,enterprises should make long-term planning,pay attention to the coordination of internal resources.It is crucial for enterprise to strengthen management and fully release the role of reorganization.In this paper,two methods are selected for the research,which breaks through the onesidedness of the traditional research and plays a role of mutual verification.It make the result are closer to the real performance,which can provide some references for the corporate restructuring behavior.Due to the limited research level of the author,I may lack of consideration of indicators.I hopes that I can do better in the future.