Our Country Enterprise Contractility Capital Operation Method Choice And Comparative Study

With the constant development of economy, China’s socialist market economysystem transformation have results, China’s enterprises in the capital operation wayalso present in diversification, enterprise mergers and expansion of the traditionalcapital operation is gradually change, enterprise begin to realize the importance ofcapital operation of contraction, and the deepening of the theory research in ourcountry, the enterprise contraction has become a lot of enterprise capital operation isan important part, to the enterprise optimize the allocation of resources and improveenterprise’s main business and core technology, have a very significant role.Expansion and contraction is like a coin of the two sides, to the enterprise’shealthy growth and long-term development, has the irreplaceable role, to our countryenterprise contractile capital operation research, while start later, but in the referenceand the western developed countries achievements in theory and practice experiencebasis, In combination with the special conditions, summarized a set of suitable forChina’s enterprise contractile capital operation conclusion, plus our country economyand the rapid development of science and technology, enterprise also is to change thetraditional ideas, the attempt to use divestitures, enterprise division, split on themarket, such as the share buyback way to reduce enterprise burden, get rid ofenterprise operation crisis and financial woes.This paper mainly selection of Angle is our country enterprise contractile capitaloperation of all kinds of comparison and analysis of the various applicable to, with afocus on various contraction produce all kinds of reasons and the way the similaritiesand differences between the way to carry on the summary, and details his respectivelyapplicable conditions.First of all, through to the enterprise contractile capital operation related researchand literature at home and abroad and summarized and concluded, understand trendsof research at home and abroad. In this article, based on the research, this paperstudies the direction key and clear.Secondly, in the analysis and summary enterprise contractile capital operation ofall kinds of theoretical basis after, focuses on enterprise contractile capital operationconcept and content, and briefly analyzes the correlation of the United States andChina’s contractile capital operation the generation and development process. This paper theory base to choose the transaction costs theory, the boundary of firm theory,enterprise life cycle theory, enterprise core competence theory four theory.Again, through the comparison and analysis of the enterprise contractile capitaloperation five common way (asset stripping, enterprise division, spin-off listeddirectional shares, share repurchase) definition and motivation. In addition, the fiveways of similarities and differences are analyzed and compared. At the same time, toeach of the way to the detailed discussion and described.Finally, through choosing four have specific aim of case study in recent years, asthis paper the empirical study of sections, each corresponding to a case of a kind ofenterprise contractile capital operation, from the case background information andimplementation process, we can be applicable to the conditions make comparison andanalysis, for China’s other enterprise implementation of contraction activities providevery good reference. It is pointed out that China’s enterprise contractile capitaloperation on the current situation and existing problems, and puts forward thecorresponding strategies and suggestions.