Research On The Performance Of ~*ST Gas Asset Replacement

The global economic crisis occurred in 2008,and China has also been affected accordingly.In response to this crisis,our government has taken a series of measures to help economic recovery.However,the excessive stimulation in a short period of time has also led to the backlog of inventory and oversupply of products in many industries.Therefore,there are a large number of enterprises that rely on blood transfusion from the government and banks to survive.Because these companies have a large volume,many employees,bear huge social responsibilities,and are deeply bound with banks and the government,once there is an operation crisis or even bankruptcy,it is easy to cause social risks and shake the stability of the society.Based on this background,this paper analyzes how to make this kind of enterprises get rid of their business difficulties and create value for the society again by means of asset replacement.This paper takes ~*ST gas,an enterprise in the coal industry,as the research object.After describing the motivation of the company’s asset replacement,the specific process of asset replacement and the process of asset replacement,this paper establishes a performance evaluation system for this case to compare and analyze the financial performance and management performance of the company after asset replacement.It is found that ~*ST gas promotes the improvement of enterprise financial performance and management performance through asset replacement.Based on the vertical integration theory,synergy theory and resource-based theory,this paper analyzes and summarizes three paths that asset replacement affects enterprise performance: asset replacement-changing main business-enterprise performance,asset replacement-coordinated development of operation and management-enterprise performance,asset replacement-technical resource integration-enterprise performance.Through the analysis of these three paths,it is found that after the asset replacement of ~*ST gas,various financial indicators have been improved to a certain extent.In addition to the operating capacity,other capacities are also in the middle and upper reaches of the same industry.This shows that the measure of asset replacement can not only enable enterprises to resume production and operation and improve profitability,but also conducive to their long-term sustainable development.Finally,through the above impact path analysis of ~*ST gas,this paper obtains relevant enlightenment: first,enterprises change their main business through asset replacement,integrate upstream and downstream industrial chains,and realize vertical integrated operation,which can bring business synergy to enterprises and improve their financial performance.Second,through asset replacement,enterprises adjust their management structure and optimize and restructure their management,which can strengthen the management ability of enterprises,bring management synergy to enterprises and improve management performance.Third,when the enterprise completes the asset replacement,it can integrate the talent and technical resources,strengthen the exchange between R & D personnel,increase the investment in scientific research,constantly optimize innovative technology and realize innovative synergy,so as to enable the enterprise to develop continuously.Based on the vertical integration theory,synergy theory and resource-based theory,this paper explores three influence paths of asset replacement on enterprise performance in the form of cases,which fills the gap of asset replacement related theoretical research to a certain extent.Provide reference for other enterprises,especially companies in the coal industry.The relevant enlightenment of the article also provides some reference for other similar enterprises in the same industry.