Analysis On The Motivation And Influence Of ENN’s Asset Replacement

In the context of building a beautiful China,my country advocates a low-carbon economic system and a clean and efficient energy system.At the same time,with the emphasis on promoting the market-oriented reform of competitive links in the energy industry in the 14 th Five-Year Plan,the competition in the natural gas industry has become increasingly fierce.Under the strong traction of the national "dual carbon" strategic goal and corresponding macro policies,natural gas,as an important low-carbon energy supporting the realization of carbon peaks,has good market competitiveness and sustained strong growth potential.As a special restructuring method,asset replacement has the advantages of less difficulty in coordination,rapid and obvious effect in improving the development quality of listed companies,and can quickly adjust enterprises in the context of the natural gas industry entering a growth opportunity period and a development window period.It is a wise choice for listed companies to seize market opportunities and improve the competitiveness of the industry in terms of business layout and improvement of corporate operating conditions.How to make the asset replacement bring long-term positive response to the listed company has important theoretical and practical significance.This article takes the asset replacement behavior of ENN as the case study object,comprehensively uses multiple methods such as literature research method,case study method,comparative study method and event study method,and organize relevant theoretical achievements on the basis of combing asset replacement process,analysis of the asset replacement of the motivation and influence.First,discuss the research background and significance of asset replacement,review and summarize relevant literature results,determine the research ideas and methods of this thesis,and build a writing framework.secondly,clarify the definition,characteristics and preconditions of asset replacement,and summarize relevant theories An overview,laying the theoretical foundation of this article.thirdly,it introduces the background of asset replacement,the operation of the buyer and the buyer,the basic situation of the target of the replacement and the target of the replacement,and sorts out its asset replacement plan and subsequent integration measures,to understand the specific content of this case.then,to analyze the motivation and impact of this asset replacement.The motives can be attributed to five points from the macro to the micro,namely,the “X+1+X” market system under the national oil reform is about to be formed,the policy calls for the return of high-quality assets to A shares,the overseas investment is affected by the fluctuation of international oil prices,the company’s profits,and the direction of development strategies.Adjustment in the field of clean energy and building a natural gas upstream and downstream integration platform.For its impact,this thesis comprehensively uses the longitudinal comparative analysis method before and after the replacement,the horizontal comparison method with comparable companies and the event research method to evaluate from the perspectives of financial performance,market performance,business transformation and long-term development.This article summarizes and refines this asset replacement,and draws relevant enlightenment,which can provide reference and reference for other listed companies planning asset replacement transactions and scholars who study the behavior of enterprise asset replacement.The research conclusions of this article are as follows: first,policy reform and corporate strategic transformation promote the asset replacement of ENN;second,follow-up integration measures promote the synergy effect of asset replacement;third,the injection of downstream natural gas business makes financial Performance and market value have improved;fourth,ENN has formed a natural gas ecosystem through asset replacement to enjoy reform dividends.On the basis of refining and sublimating the conclusions,this thesis puts forward five inspirations that may be extended to general enterprises,that is,the injection of high-quality assets is the key to enhancing the value of enterprises after asset replacement,and the layout of the whole industry chain can effectively improve the resources after replacement.The efficiency of allocation,and the rationality and fairness of asset evaluation are the guarantee for the smooth progress of asset replacement.Enterprises should be alert to the risk of asset integration after the transaction is completed.Finally,strict supervision systems ensure that asset replacement is carried out in an orderly manner.