Research On The Motivation And Performance Of Continuous Asset Devestitures Of GCL New Energy

In recent years,due to the impact of macroeconomic factors such as economic slowdown,many listed companies,burdened with heavy performance pressure and debt pressure,began to announce that they planned to implement asset divestiture,which set off the "asset divestiture trend" in China’s capital market.Although the implementation of divestiture can help enterprises improve their performance in a short term,there is still no unified conclusion whether it can substantially improve the performance of enterprises.Therefore,the study of continuous asset divestiture has certain practical significance and can provide reference for other companies to carry out asset divestiture.This thesis takes the continuous asset divestiture event of GCL New Energy as the research object to study the motivation and performance of asset divestiture.First of all,this article summarizes the research literature of domestic and foreign scholars on divestiture,and expounds the concepts and theoretical basis related to this study.Secondly,based on the analysis of industry background,implementation process and divestiture characteristics,this article analyses the motivation of continuous divestiture events of GCL New Energy,and found that GCL New Energy’s continuous asset divestiture is mainly to relieve debt pressure,coupled with the strategic goals for the transition to asset-light mode,and optimize the allocation of resources between the company and the market at the same time.However,whether the continuous divestiture events can promote the strategic transformation of the company or contribute to the subsequent development remains to be further proved.Therefore,this article analyzes the short-term and long-term performance of GCL New Energy continuous divestiture by using event study method and the catastrophe series appraisal method respectively.The results show that the short-term performance of GCL new energy asset divestiture is significantly improved,but the long-term effect is not obvious.In addition,this thesis puts forward the following targeted suggestions for the problems existing in the process of asset divestiture: 1.Improve the information disclosure system related to asset divestiture;2.Avoid excessive asset divestiture due to myopic behavior;3.Improve the financing structure to improve the ability to deal with risks;4.After the implementation of divestiture,a comprehensive performance evaluation index system should be established to pay attention to the sustainable development of subsequent enterprises.