Research On Financial Effect Of Asset Replacement Of The Listed Company

Asset replacement is the exchange of assets of another company with the assets of the enterprise itself,including the form of integrate asset replacement,partial asset replacement and other forms.After the asset replacement,the asset structure of the listed company will be adjusted and the business condition of the listed company tends to improve rapidly.In recent years,the asset replacement business is growing in more and more listed companies.It is becoming an effective way for unlisted companies to obtain financing channels and listed companies to improve business performance.In 2016,CNPC injected 75.5 billion yuan of financial assets into CNPCCCI.(Formerly*ST Jichai)through asset replacement to make the listed company turn a profit.and then,Jinan diesel engine company limited changed from an internal combustion engine manufacturer into a comprehensive financial services company.It has become the largest merger and acquisition case in the history of A shares,which attracted wide attention f’rom the industry.In order to study the financial impact of asset replacement services on listed companies and help listed companies to use the asset replacement business rationally and minimize the financial risk and optimize the business,the paper makes use of case analysis,literature review,event research and other research methods,Combined with existing research in the field of enterprise merger and reorganization,taking the integrate asset replacement business of CNPCCCL’s as an example,this paper briefly introduces the general situation of the case.Through the event research method and the financial index analysis,the paper makes a reasonable assessment of the impact of the assets exchange of listed companies on the stock price and the financial ability of the company.Through the changes in the share price and financial indicators of’ listed companies,the paper finds that the domestic market is relatively recognized for the asset restructuring business at present.After the occurrence of the business,the stock price of listed companies usually has a period of increase,which leads to a higher excess return.But the paper also finds that the promotion of assets placed is not obvious in the business of asset replacement.The absence of financial integration in the later period makes the asset replacement become a short-term business for the improvement of the company’s own financial ability,and it is difficult to f’undamentally improve the quality and efficiency of business activities.If listed companies want to obtain more positive in the business of asset replacement financial effect,they must correct reorganization motives,treat the asset replacement business in a more rational way and increase subsequent financial integration.Then they can optimize resource allocation and make more rational use of all kinds of resources.