| In China’s socialist market economic system,state-owned enterprises have always been the backbone of social development.However,due to the rapid changes of China’s market economic environment,state-owned enterprises are also constantly experiencing fierce market competition.How to develop and grow in the increasingly severe market competition,enhance the economic benefits of the company and ensure the preservation and appreciation of state-owned assets has become the main business goal of state-owned enterprises.As one of the important means of enterprise resource integration,market expansion and accelerated development,the scale and quantity of asset restructuring are increasing with the maturity and vigorous development of China’s capital market.Although asset restructuring is favored by many state-owned enterprises in China,we still need to look at asset restructuring from the perspective of dialectical development.Whether the impact of asset restructuring on enterprise performance is as large as expected,whether it is enough to promote the long-term development of the enterprise,and whether the owner’s equity can be protected to the greatest extent,this series of uncertainties show that the impact of asset restructuring on enterprise performance needs to be further explored.Therefore,the research on the business performance before and after asset restructuring is of great and far-reaching significance both in theory and practice.Through the research and evaluation of the enterprise’s operating performance,we can make a more intuitive judgment on the effectiveness of the enterprise’s asset restructuring activities.At the same time,the evaluation results of the enterprise’s operating performance after the reorganization can provide the direction for the development of the asset restructuring enterprise itself and provide guidance and reference for the asset restructuring schemes of other enterprises.Based on the research conclusions of domestic and foreign scholars on asset restructuring,this paper takes the major asset restructuring of FAW liberation as the research object,analyzes the short-term performance of FAW liberation by using the event research method,analyzes the long-term performance of financial indicators and EVA economic added value before and after FAW liberation and reorganization,and analyzes and expounds the non-financial indicators of FAW liberation,and comes to the conclusion that asset restructuring can improve profitability The conclusion of improving their own performance in terms of operating capacity.Firstly,it introduces the basic situation of FAW liberation and FAW car,the historical background,purpose and motivation of the company’s asset restructuring,as well as the specific scheme of the company’s asset restructuring.Then,from the perspective of short-term performance analysis and long-term performance analysis,this paper analyzes and introduces the negative impact on the company before and after the asset restructuring of FAW liberation.Among them,the short-term performance analysis method mainly uses the event research method to explain the favorable or unfavorable effects of major asset restructuring on the company’s short-term performance by counting the fluctuation of stock price in the window period;The long-term performance analysis is carried out from the financial point of view and non-financial point of view respectively.The financial point of view analysis includes financial index analysis and EVA economic added value analysis.The financial index analysis is mainly carried out from four aspects: profit index,debt repayment index,operation index and development ability index,and then analyzed by using the economic added value index after excluding objective factors.From the non-financial point of view,it is analyzed from three aspects: brand value,innovation ability and market share.Finally,through the comprehensive analysis of the short-term performance and medium and long-term performance of FAW Jiefang before and after the asset restructuring,the main impact of the major asset restructuring on the formation of FAW Jiefang company is obtained,including: the asset restructuring will not improve the company’s short-term performance,and will reduce the solvency of FAW Jiefang;However,it will increase the profitability of FAW liberation,enhance its business strength and increase its market share.Through the performance analysis of FAW Jiefang’s asset restructuring,we hope to point out the direction for the development of FAW Jiefang enterprises and provide reference for other companies planning asset restructuring. |
