Research On The Motivation And Financial Effect Of Hengshun Vinegar Industry’s Asset Stripping

With the development of China’s economy,the divestiture activities of listed companies are becoming more and more active,and the divestiture of assets in China has been more and more applied and developed by the original state-owned enterprises.Asset divestiture does not mean the failure of business operation.Asset divestiture can optimize the allocation of enterprise resources,adjust the company’s development strategy,achieve rapid financing,and improve the efficiency of enterprise management.But how does the divestiture create value? What factors promote the divestiture and affect the divestiture behavior of the enterprise? What economic consequences can the divestiture behavior bring to the enterprise? Studying these problems can enrich the existing research on asset divestiture and provide more reference for the practice of asset divestiture.Based on the refocusing theory,signaling theory,resource optimization theory and financing theory,this paper analyzes the value creation path of asset divestiture and summarizes the theoretical analysis framework of asset divestiture.On this basis,this paper chooses three closely related events as the research object: Hengshun vinegar’s sale of Chenxi real estate in 2012,the separation of Hengshun real estate and the divestiture of Parkson mall in 2015.In the part of case introduction,this paper starts with the basic situation of Hengshun vinegar industry,analyzes its strategic changes and introduces the process of asset divestiture.In the part of case analysis,this paper first analyzes the motivation of enterprise divestiture from two aspects of industry and company,then studies the timing,mode and transaction object selection in the implementation process of enterprise divestiture,and finally analyzes the economic consequences of asset divestiture by using event study and financial index study.Based on the above analysis,this paper draws the following conclusions: corporate strategy is an important basis for deciding whether to divest assets and making divestiture plans;divestiture can significantly improve the short-term performance of enterprises,and to some extent affect the long-term performance of enterprises.This paper suggests that enterprises should collect relevant information timely and fully,make detailed divestiture objectives and weigh their priorities,and pay attention to resource integration after divestiture.Based on the theory and case study,this paper analyzes the motivation of asset divestiture,the factors affecting the implementation of asset divestiture and the economic consequences of asset divestiture,and draws conclusions and suggestions.The research of this paper is helpful for enterprises to understand the behavior of divestiture and its influencing factors,and promote the realization of divestiture value.