Research On The Performance And Risks Of Assets Reorganization Of Listed Companies

As an important means to optimize enterprise resource distribution, asset reorganization has been used by more and more corporations, some even take it as their "life-saving straw”, using it to improve the management of listing Corporation, adjust the industrial structure, and improve the corporation’s main business ability. Those improvements will be profitable. However, we have to ask, whether listed Corporation’s asset reorganization can really improve the performance of the corporation; If it can, how long will it be, whether it will play a continuous and positive effect to the corporation’s long-term development; Are there any risks and insufficient needed to evade and places needed to complete to improve the performance of the corporation. If there are, how? To answer these questions, we must study the problems of performances and risks of asset reorganization of listed Corporation.From the methods used in this research, this paper firstly uses normative analysis and empirical analysis methods. And on the basis of the study of the system, current situation, motive of asset reorganization, this paper conducted a theoretical study of the performances and risks of asset reorganization. And then,take Yuntianhua Co.,Ltd. as an example, this paper made a deep analysis of its great asset reorganization in 2013, introduced its transaction background and purpose, reasons of reorganization, concrete transaction project. Via the contrast of various indexes before and after the reorganization, this paper revealed the impacts of this reorganization to Yuntianhua’s debt repayment, operation, ability of get a profit, and then analysis the various risk factors of this asset reorganization. And come to a conclusion with advices to standardize asset reorganization in the end.After Yuntianhua’s asset reorganization in 2013, its financial condition realized a obvious improvement, its net profit realized a rapid increase, and overall listing became true. However, the effect of asset reorganization is not continuous, corporation bore a heavy loss. Thus it can be seen that asset reorganization is not the purpose of listing Corporation, how to develop after reorganization is the key point to be considered by corporation. First of all, listed Corporation need to work at the industrial upgrading to provide a strong support for corporation’s long-term and follow-up development. Then, these corporations should make an effort to establish a more complete and standard governance mechanism, provide an institutional support and guarantee for corporation’s long-term and smooth functioning. Finally, after listed Corporation’s reorganization, corporation must make a great effort to the business process integration, manpower resource integration and corporate culture integration, only by this way can listed corporation realize an optimal resource allocation in all respects. And ultimately realize the listed Corporation’s purpose of the asset reorganization.