Research On The Divestiture Behavior And Its Effect Under The Supply-side Reform

In the macro environment of accelerating energy transformation and continuous economic downturn,the demand for coal continues to decline,and the total consumption and coal prices also show a downward trend.China’s coal industry has entered the middle of winter,coal production capacity is seriously excess,the price has dropped sharply,the whole industry is in the red.In order to promote the healthy and orderly development of the coal industry,the government has taken the supply-side reform as the main direction and policy focus of macroeconomic management in recent years,and focused on the five tasks of overcapacity reduction,destocking,deleveraging,cost reduction and strengthening weak links,focusing on optimizing the allocation of resources and improving the industrial structure.Under the background of supply-side reform,the coal industry has entered a stage of eliminating backward capacity,reducing production cost and reducing debt risk.Coal enterprises hope to achieve the purpose of enhancing their performance and improving their operating conditions through asset stripping.Then,through the divestiture,whether the enterprise can achieve the expected goal has become a topic of our concern.On the basis of sorting out related researches on types of asset divestiture,divestiture motivation and performance evaluation methods of asset divestiture,this paper adopts the case study method to study the four asset-divestiture behaviors of target enterprises to explore the divestiture motivation and types of enterprises.The performance evaluation index system based on the three tasks of destocking,deleveraging and cost reduction in the "three deleveraging,one reduction and one supplement" of the supply-side reform and the obtained capital market data are used to analyze and study the corporate performance of the target enterprises when they divest assets under the background of the supply-side reform.The research results show that the asset-stripping behavior implemented according to the supply-side reform policy can not only achieve the effect of destocking,deleveraging and cost reduction,but also improve the profitability of enterprises,increase shareholder wealth and enhance enterprise value.The research results of this paper can provide some reference value for the enterprises in the coal industry that have the demand of asset stripping.