Theory Examination And Method Design Of Company's Contraction

Company's Contraction is a concept put forward compared with company's expansion which is technology and skills of capital operation contracting business scope or decreasing company's scale to recognize company's equity or asset on the basis of the strategy of company's operation and development. Technology of company's contraction includes divestiture,spin-off,equity crave-out,stock repurchase,targeted stock,voluntary liquidations and etc. Under the environment of M&A becoming more intense, the research and practice of domestic emphasizes on enterprise expansion taking M&A as the center,discussing deeply on how to enlarge company's scale in a short time,but lacking research on enterprise carrying on initiatively contraction of business or asset scale. Theory researchers don't begin to notice company's optical scale and moderate degree of multiple operation worthy of researching field and so on until these years. Enterprises begin to straighten out company's business,contract competitive field and achieve obviously. Both M&A and company's contraction are important means to reallocate economy resources of enterprise. M&A of enterprise in an action of capital expansion which is to make combination more reasonable and increase efficiency of use of economy resources to a maximum through reallocate product factors between different enterprises. While company's contraction is an action of capital contraction which is to raise efficiency of economy resources allocation through product factors breaking up and reorganizing.Company's contraction has a lot worthy of researching deeply,and also has much value in practice. We can say that company's contraction is a specified field for enterprise practice and research promoting and raise the level mutually. Company's contraction and multiple operation are combined closely. Because company engaged in multiple operation is main body carrying on contraction strategy. Adjusting and rectifying the shortage of multiple operation is main motive of company's contraction for the macro environment and micro environment having changed. The main target of company's contraction is explicit of main business which compared tocompany's multiple operation at this point. So this paper attempts to put multiple operation and explicit of main business etc and correlation research into the theory system of company's contraction. Company's contraction is different from enterprise rebuilding popular in domestic just now,it aims at general scale or main business scope of a company to reorganize. Enterprise process reorganization or enterprise rebuilding emphasize on the research that under the situation of main business unchanged,how to reform inner business process and operation pattern to raise working efficiency.The structure of the thesis is as follows. The first chapter,general discussion of a company's contraction strategy,analyzing the basic concept,origination and development of asset reorganization and concept and motive of company contraction .The second chapter,the relation ship between company's contraction strategy and M&A,analyzing misunderstanding of M&A and relation ship between company's contraction and M&A. The third chapter,strategy analysis of company's contraction,discussing company's contraction and multiple operation,and company's contraction and company's competition strategy. The fourth chapter,method divestment of company's contraction,analyzing some firms adopted at domestic and abroad,including divestiture,Spin-off,equity crave - out,stock repurchase ,targeted Stock and voluntary liquidations. The fifth part case analysis of company's contraction.