Research On The Motivation And Effect Of TPV’s Assets Reorganization

Driven by national policy support and benign market competition at home and abroad,Chinese manufacturing industry develops rapidly and electronic information technology keeps innovating.Under this background,the LCD panel market tends to mature.Some enterprises in this market hope to realize transformation and upgrading by means of asset reorganization.At the same time,in order to improve the overall situation of enterprises and realize the turnaround of losses into profits,enterprises that encounter delisting risk warning will also choose to implement asset reorganization,so as to meet the conditions of "taking off the star and taking off the hat".In addition,China’s new delisting rules officially appeared in the capital market in 2020.The introduction of the new delisting rules not only accelerated the efficient delisting of enterprises that do not meet relevant requirements,but also greatly improved the efficiency of resource allocation in the capital market,giving full play to the market’s function of survival of the fittest.Combined with the financial indicators involved in the new and old regulations of delisting,this paper studies the effect of asset reorganization of enterprises in financial distress,provides a beneficial expansion for the improvement of the theoretical system,is conducive to the enterprises identified by*ST more structured and systematic understanding of asset reorganization,and improves the scientific decision-making of such enterprises.The paper takes TPV Technology as the case study object.Firstly,domestic and foreign research literature on delisting risk warning and definition,mode,motivation and effect of asset reorganization are reviewed,and relevant theoretical basis is expounded.Secondly,it briefly introduces the general situation of enterprises on both sides of asset reorganization and the history of risk warning of delisting of TPV Technology.Thirdly,the motivation and process of TPV’s asset reorganization under the warning of delisting risk are analyzed and summarized from four perspectives,namely,the case enterprise is in deep financial distress,low economic benefits,limited development of main business and negative market reaction.Finally,based on the data of Eastwealth,Reis database and the annual financial report of the enterprise,and considering the fact that TPV was delisted,the financial performance evaluation system was constructed by factor analysis method,and the changes of the financial performance of the enterprise before and after asset reorganization were tested by the combination of vertical and horizontal comparison.In addition,this paper studies the economic benefits and resource allocation of enterprises based on the synergistic effect theory,then compares the transformation and upgrading of enterprises’ main industries and their R&D and innovation capabilities before and after asset reorganization,and uses event research method to accurately measure the market situation and market share changes before and after asset reorganization of enterprises.Based on the above analysis of the motivation and effect of TPV’s asset reorganization,the conclusion can be drawn that,after TPV’s successful implementation of the asset reorganization,in addition to the need to pay special attention to improving the capability of R&D and innovation,the enterprise as a whole has reached the ideal effect which is consistent with the motivation of asset reorganization.Specifically speaking:First,through a comprehensive analysis of the financial performance of the enterprise itself and similar enterprises in the same industry,it can be seen that the financial performance of TPV Technology has been significantly improved.While getting rid of the financial dilemma,TPV Technology has met the relevant conditions for the cancellation of the delisting risk warning treatment,and finally jumped into the leading position in the industry.Second,the economic benefits of enterprises have been steadily improved and the allocation of management resources has been optimized.Third,from the LCD panel industry strategic entry into the intelligent display manufacturing industry,to promote the transformation and upgrading of the core business.Fourth,the market trend is developing and its overseas market share has expanded significantly.It can be seen that after the implementation of asset reorganization,TPV Technology gradually develops into a positive situation,essentially avoiding the predicament of being warned of the risk of delisting again,and stepping on the right track of sustainable development under the strict requirements of the new delisting regulations.