| Due to its cyclical characteristics,the shipbuilding industry is an intensive industry in terms of capital,technology and human resources,which is closely related to the economic development of our country.Under the background of vigorously carrying out strategic restructuring and continuously deepening the integration and integration of resources,the consolidation of shipbuilding industry is the general trend.CSSC(South ship)and CSIC(North Ship)are the two giants of China's shipbuilding industry.With the adjustment of the national economic layout and the change of competitors,it is necessary for them to integrate resources through specialized restructuring.In this context,CSSC and CSIC are combined again 20 years after the split,and capital operations such as asset restructuring of its listed companies are also launched.Based on the consideration of the above phenomena,this paper takes CSSC and CSIC's listed companies' choice of reorganization mode as an example to study and analyze the choice of reorganization mode of Listed Companies in the context of group level reorganization.Through the review of the domestic and foreign literature on the relationship between restructuring motivation,restructuring mode,restructuring mode and expected effect,it is found that each company will choose different ways to restructure according to its own business situation and expected effect,and the subsidiaries of the group company should choose according to their own situation.Based on the theory of restructuring motivation,synergy effect and scale economy,combined with the overall strategic planning of the group and the operation status of the listed companies under the two ships,this paper analyzes the restructuring motivation of each subsidiary from the group level and the listed company level.Then use case study method,comparative analysis method and event study method,use ebit-eps model,car model and smile curve model to analyze the expected effect of the reorganization of Listed Companies in the two ship system.The results show that: three companies under CSSC and CSIC have achieved inter industry,industrial chain and professional integration through different restructuring methods.(1)under the CSSC system,China's ships reduce the associated guarantee by purchasing assets through private placement,the proportion of associated purchase in operating cost decreases from 49.85% to 32.07%,and the proportion of associated sale in operating cost decreases from 15.69% to 9.68%.The asset liability ratio decreased and the position of major shareholders increased.(2)Under CSSC system,CSSC defense sold major assets through equity transfer,which solved the problem of horizontal competition with the parent company and improved earnings per share.(3)Under the CSIC system,sinotruk absorbed and merged Qingdao rail transit,strengthened the high value-added business of sinotruk in the upstream of the industrial chain through the way of assets of non-listed companies,and the proportion of business revenue in the business sector rose.At the same time,it also carried out bankruptcy reorganization of non-performing assets,terminated the negative impact of the continuous loss of the two subsidiaries,and accelerated the integration of internal subsidiaries.It is concluded that CSSC and CSIC's listed companies should stand in the same system to consider the restructuring of listed companies,and each listed company should integrate through the modular professional platform.With the effective application of this way,the formation of modular manufacturing network will be promoted,and the integration of unlisted assets of the two ships will be better promoted.At the same time,it can set a good benchmark for the integration of capital market in the process of reorganization of large-scale central enterprises and provide reference experience. |
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