Research On The Motivation And Performance Of Multiple Asset Restructuring Of Wanjia Culture

With the continuous expansion of the capital market scale,asset restructuring,as an important way of asset operation in China,has become one of the important ways to optimize the market allocation of resources,and also the hot spot of China’s academic research.However,due to the lack of maturity of China’s securities market,the relevant operation mechanism is not perfect,so that the phenomenon of various order destruction in the securities market frequently occurs.For some no substantial business activities or operating condition of poor shell company,assets restructuring way also can help keep listing qualification,or selling shell resources profit,what is more so as their main business activities,in the assets restructuring,often exist false trading,insider operation,etc.,greatly destroyed the normal order of the securities market.The research object of this article: Zhejiang Wanjia Culture Co.,Ltd.(hereinafter referred to as "Wanjia Culture"),is also a shell company without substantive operation,but repeated speculation and restructuring.This thesis to shell company formation background,merger,acquisition and reorganization market and IPO system evolution process as the background,on the basis of the assets reorganization theory and literature,the culture of assets reorganization between 2009-2018,the study,using the literature research method,case study and event research method,analyzes the culture of the assets reorganization and the effect of assets reorganization.Through the study of the asset restructuring of Wanjia Culture between 2009 and 2018,this thesis finds that the causes of the asset reorganization of Wanjia Culture mainly include: speculation of merger and acquisition,inflated the value of the company;reduction of stakeholders to cash out,avoiding delisting,beautification of financial data;and changes in regulatory system.In the culture of the effect of assets reorganization analysis this thesis adopted based on the event research method of short-term market reaction evaluation and based on the performance evaluation method,found that the cultural assets reorganization significantly affected the cultural short-term market value,the culture has no main business,by the hot topic of cross-border acquisition,the hype at the same time,investors,you can see that the culture is through small and medium-sized investors follow suit.However,although many asset restructuring has had a certain effect in the short term,it cannot solve the problems faced by the company’s internal management at the root,which eventually led to the degradation of its business performance,the decline of revenue capacity,and the prominent shortcomings of its own operation.Wanjia Culture has carried out many asset restructuring,but the company’s management situation has not been improved,nor has it created any value,but also brought a lot of negative effects.Through the case study of Wanjia culture,this thesis also puts forward relevant suggestions from different aspects: strictly implement the delisting system;strengthen supervision to prevent reducing holdings and cash out;strengthen the goodwill impairment test;and carefully select the restructuring target;Strengthen investor education.