| Nowadays,with the rapid development of global technology and economy,it has brought about great progress in productivity and many changes in people’s lifestyle all over the world.Among them,the most important and significant changes are inseparable from the Internet.With the development and popularization of the Internet,information dissemination has become a matter of every minute.Communication is faster and more convenient,and life is more colorful.In the home appliance industry,the constantly accelerating network,constantly updated technology and frequently updated equipment have exacerbated the fierce competition in the industry.As a leading enterprise in electronic equipment manufacturing,TCL also faces many problems,such as increasingly fierce industry competition,increasing cross-border cooperation,low profitability of most industries,slow Internet transformation and so on.Under the dual pressure of the industry environment and the enterprise’s own development dilemma,the strategic transformation of TCL group is imminent.In order to adapt to the general trend of industry development,TCL Group resolutely embarked on the road of transformation,stripped off the loss making business sector,developed upstream and formed a vertically integrated industrial chain.Taking TCL group as a case study,this thesis mainly studies why TCL wants to divest assets,why TCL wants to divest assets at this time,and what impact asset divestiture has on TCL.The study found that in the process of strategic transformation,TCL urgently needed a lot of capital investment due to diversified development and many and miscellaneous main businesses,resulting in a large number of financing,resulting in a high degree of financing constraints;Moreover,the market for the home appliance industry has reached saturation,and the performance of home appliances can not bring higher profits.In order to focus on the semiconductor business and make more use of resources in the semiconductor business,asset divestiture has been implemented.After the asset divestiture,not only the resource allocation is optimized,but also the long-term development strategy of the enterprise is implemented.Secondly,after the asset divestiture,the enterprise can better cultivate its main business.Finally,the asset divestiture also changes the positioning of the enterprise,thus improving the valuation level.Through the research,firstly,enterprises should recognize the importance of contraction strategy and do not blindly adhere to strategic expansion.Asset stripping is also one of the means for enterprises to develop and grow.Secondly,enterprises can take the initiative to implement asset divestiture according to the changes of external environment,their own resource capacity and business operation;Instead of being forced to divest assets when some businesses are in full loss.Finally,after the divestiture,the enterprise still needs to pay attention to the integration arrangement of remaining assets to ensure that the enterprise can not only complete the divestiture goal,but also operate more steadily.This thesis puts forward the following suggestions.Firstly,the enterprise should have a long-term vision,be able to keenly detect the trend of the market,actively layout the business field and focus on the strategic direction of the enterprise.Secondly,the implementation of asset divestiture should be carried out steadily,and it is best to carry out vertical expansion to avoid capital pressure and industry barriers in the early stage of divestiture. |
