| With the improvement of the maturity of China’s capital market,the number,frequency and variety of divestment methods of enterprises are on the rise,and the voluntary of enterprises to implement divestment is also gradually increasing.Nowadays,asset divestiture and M＆A have become an important means of asset reorganization of listed companies in China.Enterprises also need a complete set of guidance theory for reference.However,domestic scholars still need to continue to deepen and improve the research on divestiture,so it is necessary to combine the development situation of all walks of life and the actual situation of a single enterprise to conduct a more in-depth study on the decision and behavior of enterprise divestiture.So,based on the assets as the research direction,choose Wolong electric drive,in 2016-2017,the implementation of the three assets object as a case study,hope to make managers realize the assets the contractility the importance of the capital operation mode,so as to promote the enterprise more rational view of the assets,And to provide guidance for companies in the motor industry to divest assets.Firstly,this paper adopts literature research method to study the definition,motivation and impact of asset divestiture on performance from the theoretical level.Then,based on case analysis,it reviews and analyzes the asset divestiture event of Wolong electric drive,and excavates the real motivation of asset divestiture in Wolong electric drive.Finally,the impact of asset divestiture on the economic consequences of Wolong electric drive is studied from the perspectives of financial performance,non-financial performance and market performance.In the comparative analysis of financial performance,this paper uses the accounting research method,longitudinal analysis from four aspects of profitability,debt repayment,operation and growth capacity,and horizontal comparative analysis with the motor industry,but also the use of quarterly data on wolong electric drive three times of asset divestiture to the financial performance of the points of impact to dissect,and tobin Q value is selected to analyze the enterprise value;In the comparative analysis of non-financial performance,the analysis Angle selected in this paper is: main business structure,main business competitiveness,market share and innovation ability;In the comparative analysis of market performance,this paper adopts the event study method to explore its market performance from the perspective of CAR.Finally,it is concluded that asset divestiture can optimize the resource allocation of Wolong electric drive and improve short-term operating performance;Asset divestiture helps Wolong electric drive focus on the main business,to create a new industry competitive advantage;Divestiture can improve the non-financial performance of Wolong electric Drive,and provide guarantee for the long-term healthy development;Wolong electric drive asset stripping of the timing of the choice of "come earlier than coincidence".In general,Wolong electric drive has successfully achieved its strategic goal of "further improving the profitability of the company’s assets and focusing on the motor and drive control industry" through the gradual implementation of strategic asset divestiture.On this basis,this paper also carries on some enlightening reflections to other listed companies in the motor industry that are planning or are in the process of divestiture: attaching importance to the first announcement,strengthening the disclosure of related information between strategy and divestiture;The timing of asset stripping should "think twice before you act";Asset divestiture later stage "heavy main business,bright direction". |
