The Case Research On The Asset Restructuring Risk Management Of Listed Company A

The recombination enterprises' assets is a very important way of promote the development of the enterprise and update of industry,and it becomes a very important channel of redistribution of resources.During the key period of state-owned enterprises are deepening the revolution and the state is changing the structure of the industry,recombine of assets has a very important sense to resource optimization and promote efficiency,etc..The asset recombine of state-owned military listed company is striking.The related management organization of central government is constantly strengthen the guidance,specification and supervision of military industrial enterprises' shareholding reform,and the central government also issued a large number of management measures and regulations,such as?Guidance about advancing the military enterprise shareholding system reform???Guidance of State Commission of Science and Technology for National Defense Industry to develop National defense science and technology industrial and civil industry?etc.,all of the managements and regulations are promoting the shareholding reform of military industrial enterprises.Under this background,how does assets recombination of military industrial enterprises and capital operation promote shareholding reform of military industrial enterprises not only good but also fast on the one hand,and on the other hand,it could also avoid all kinds of risks becomes one important subject.So risk analysis and research control during the process of military industrial enterprises' shareholding reform has very important significance.This thesis contains two parts:theory and case analysis.In theoretical side,this thesis clear up the literatures of assets recombination risk management,define the conception and type of assets recombination risk management.And combining with the characteristics of this article,in accordance with the restructuring process,it division the assets recombination risk which discussed in the available literatures,including the risk of asset recombination in planning stage,implementation stage and integrative stage.Different stages have different risk fator.In planning stage,it has legal risk,market environment risk and strategic decision risk.In the implementation stage,it includes asymmetric information risk,evaluation risk,financing risk and risk of restructuring method.In the integrative stage,it includes the risks of financial integration,culture integration,human resources integration and industrial integration.To move forward a single step,this article based on the related literatures of risk management defines the frame of recapitalize risk management,that is to identify,evaluate and control the risks.In the side of cases,this thesis choose the program of A company's recapitalization as the research object.According to the risks which A company is facing during planning stage,implementation stage and integrative stage,and combine with theoretical basis to identify,evaluate and control the risks.This article use the method of expert invertigation to identify the risks.Ensure that when assets recombination,it will have legislation risks,decision making risks,military industry political risks,target enterprises'evaluation risks,payment risks,business integration risks,financial integration risks,human resources integration risk.It unit the ways of analytic hierarchy process and comprehensive fuzzy evaluation method to set up the assets reorganization risk assessment model,calculate the weight of each risk source,rank each evaluated rate,and at last after the calculation and analysis,the result of A company's assets recombination risk is low.The third step is to control the risks,formulate measures to prevent and avoid each risk.Through this case,the article summed up A listed company's experience on risk management of asset restructuring,with inspiration and reference for asset restructuring practice that domestic military enterprises are making or plan to make:Enterprise asset restructuring conforms to the enterprise long-term strategic planning;confirms a reasonable aim of asset restructuring;In the risk assessment stage with the method of AHP and fuzzy comprehensive evaluation,making the complex and multidimensional risk problem quantization and A listed company decision makers find more intuitive risk and make the risk control strategy;Deploying financial integration in advance and designing effective accounting information system and accounting model to lay a good foundation for that accounting system integration can be quickly used and coheredafter asset restructuring;Seeking more professional assistance with the moderate help of intermediaries.Meanwhile,thearticle put forward suggestions for significant problems related with planning,implementation and integration of asset restructuring ofAlisted company:Listing policy of military enterprises is not perfect,so the relevant management agencies can design questionnaire and introduce revision and interpretation timely;Listing approval process of military enterprises is too long,so the relevant ministries can jointlyintroducelisting guidance for military enterprisestostandardize the process;Industry policy barriers of military enterprisesis so high that the existing enterprises shouldbe reorganized to broaden the way out for the development of enterprises;Subjective factors of risk assessment method are too much so that database should be established for sharing the case resources;The profitability of military listed companies after integration has not improved significantly,so the management of main industry should be strengthened and the enterprise accounting index should bedeeply analyzed to find out the root cause;Solving"one shareholderdominance" phenomenon to optimize the corporate governancestructure;Stabilizing the core scientific researchers using themethod of equity incentive and promotion of non-leadership positions.