Research On The Asset Restructuring Performance Of A Company In The Cement Industry

Under the background of China's economic growth slowdown,industrial restructuring and economic development mode transformation,the problem of excess capacity of traditional manufacturing industry is becoming increasingly serious.At the same time,the state encourages relevant industries to replace bankruptcy liquidation by merger and acquisition reorganization,which accelerates the pace of asset reorganization.Therefore,it is of great practical significance to study the performance of asset restructuring of companies in industries with excess capacity.This paper chooses cement industry as object,a typical industry in in industries with excess capacity,and selects A company as research object,then analyzes the performance problems and causes of asset reorganization in this case,and propose suggestions.Firstly,this paper summarizes the literature on the performance of asset reorganization and its influencing factors,then puts forward the theoretical basis of this paper.Then,this paper summarizes the case company before and after asset reorganization from the aspects of operation,assets and liabilities,and analyzes the internal and external motivation and process of asset reorganization,from the aspects of macro policy background,industry status and company situation.After that,this paper evaluates the performance of company A from the perspective of event research,financial indicators and non-financial indicators,based on the performance evaluation system,to find out the following problems of the performance of asset restructuring:the leverage rate increases and beyond the warning line,the profit gap with industry expands,the company fails to realize synergism,the capacity utilization rate reduces.And then,the paper further finds out several reasons based on theories:government intervention in asset restructuring,the company's preference for debt financing,the change of debt maturity structure decision,increase of specific investment,increasing competition in industries with excess capacity.Finally,this paper puts forward countermeasures:ameliorate the capital structure from increment and stock,reduce investment in e-commerce sales platform,re-build company's logistics system,optimize management system,speed up the construction of collaborative disposal production line.