Research On The Transformation Investment Of Enterprises Under The Restrictive Industry Policy

In the process of supply-side reform,the government has introduced a series of restrictive industrial policies for industries with high pollution,high emissions and overcapacity,including mandatory elimination of backward production capacity and raising industry environmental barriers and other regulatory measures.The enterprises in the related industries are facing the pressure of transition investment,which is different from the new investment.The key constraint of the transition investment lies in the restriction of the knowledge,ability and asset specificity of the original industry.Therefore,the main problems that need to be considered include two points:on the one hand,how to adjust the investment structure of enterprises,and then promote the industrial upgrading and industrial layout adjustment;On the other hand,how to dispose the original specialized resources in order to ensure the optimization of enterprise resource allocation and the improvement of efficiency.The decision of the above two problems will directly affect the choice of the investment path and the effect of the investment transition.This paper discusses the path choice and investment performance of transition investment by case study.Chenming Paper Industry is a large state-owned enterprise in papermaking industry.Paper industry is a typical industry restricted by industrial policy,with high pollution,high emission and overcapacity.The contradiction of the industrial structure is prominent and the asset-liability ratio is high,which is the key monitored industry of"capacity reduction,de-stocking,deleveraging and improving underdeveloped areas".Under the policy background,Chenming Paper's financial performance continues to decline,the share price falls below net value,and investment transformation becomes the inevitable choice for enterprises to regain their vitality.In this paper,the investment environment and the constraints of enterprise resources and capabilities are combined to construct the research path for enterprises to carry out transition investment.Under the guidance of this method,to analyze the rationality of the transition decision of the combination of production and finance for Chenming Paper in the face of the regulation of restrictive industrial policies.Through the continuous adjustment of the industrial structure and industrial chain layout of the paper industry,the backward production capacity will be eliminated and the layout of the industrial chain will be optimized.To optimize the allocation of the resources with strong specificity through the layout of the new business form,that is,finance lease business.In the face of the higher asset-liability ration brought by the de-productivity and the layout of new industries,the enterprises gradually adjusted their financing sources through diversified financing channels.Finally,this paper analyzes and evaluates the impact of transition investment on Chenming Paper from the aspects of financial performance and market reaction,and proves the effectiveness of Chenming Paper transition path.This paper analyzes the transition of Chenming Paper and forms the decision-making path of traditional capital-intensive enterprises,which is of positive significance to the development of enterprises under the new normal.Mainly to upgrade the paper industry and improve the core competence of the enterprise,and at the same time to invest in the new industry by low-input,and to turn the constraint of asset specificity into the advantage resource for enterprise transition.This is a path worth learning from for investment transition under the constrains of the knowledge,ability and resourc.