| In recent years, with the change of the business environment and mature capital mode of operation, the behavior of the listed company about divestiture gradually increases. Our scholars focused on the motivation and performance of asset stripping, classifying and generalizing the reasons of asset stripping. But the impact on the performance of the divestitures has been inconclusive. It is rare to see the asset stripping as the main object of study to conduct comprehensive study. Therefore, it is necessary to combine the actual situation of China’s capital market for asset stripping conduct more in-depth study.This paper use the method of case study to research the main business of stripping of Chqsxp in 2010 related to assets associated with assets and divest non-core business in 2012 from the industry, analyzing the factors influencing divestiture decision from the industry, the company and stripped assets. Carry on analysis on the way of stripping, the choice of the buyer and the timing of the stripping in the process of stripping the assets,and evaluating the effect of divestitures by measuring the cumulative abnormal return(CAR) and analyzing financial indicators and observing the direction of interests of major shareholders in the stripping trading.Studies have shown that asset stripping can provide opportunities to enhance the value of the company. But if the asset stripping is not based on long-term strategic development, it is not conducive to long-term performance improvement of the enterprise. To make asset stripping better create value for the enterprise, enterprises should implement strategic asset stripping actively. Enterprises should examine the change of the industrial environment and the situation of its own management from the perspective of strategy, divesting assets which do not comply the strategy of the enterprise and using the release of funds to invest in the company’s core business or a new profit growth point to optimize resource allocation and enhance the core competitiveness, not only seeing the divestiture as a method to manipulate profits. Only in this way can it really benefit the long-term performance of the company. On this basis, some suggestions have being made in order to promote the healthy development of asset stripping. |
