A Study Of Enterprise Asset Restructuring Value Creation

Asset reorganization is an important way to enhance corporate value, worldwide, there have been five large-scale asset restructuring waves, in every wave, there are considerable numbers of companies have made in a short time to elevate the value of their own. China’s pharmaceutical industry is a strategic industry in the national economy, with the development of China’s medical system reform and the promotion of pharmaceutical manufacturing industry, asset restructuring activities in China’s pharmaceutical manufacturing industry have occurred one after another, and the large-scale asset restructuring events have occurred. In this background, it is very significant to study the asset restructuring value creation empirically both from the aspects on perfecting the theory or guiding the actual work.Firstly, aiming at establishing the theoretical foundation for the study in the ensuing chapters, this article makes a literal review about the research achievements of asset restructuring value creation, and it generalizes and summarizes the evaluation method and the factors of asset restructuring value creation In the current study, furthermore, it describes and analysis the theory of asset restructuring value creation in detail,Secondly, this paper introduces the characteristics of China’s pharmaceutical industry and the driving factors and characteristics of China’s pharmaceutical industry enterprise’s asset restructuring value creation, in addition, it analysis the procedure and proposes seven factors of China’s pharmaceutical industry enterprise’s asset restructuring value creation based on the current theory.Thirdly, this paper designs the empirical study based on the theoretical study and proposes seven hypothesis of factors on China’s pharmaceutical industry enterprise’s asset restructuring value creation, it selects seven explanatory variables and one interpreted variable at the same time, In addition, it builds mathematical model, introduces data sources and selects statistical sample for further empirical test and analysis.Fourthly, an empirical study is taken on the factors of China’s pharmaceutical industry enterprise’s asset restructuring value creation by using STATA12.0to test the data, the results shows that proportion of tradable shares, asset restructuring’s size and R&D intensity are related to asset restructuring value creation positively and ownership concentration is related to asset restructuring value creation negatively.Finally, we get final conclusions of the study based on the empirical study’s results and propose appropriate policy recommendations at the same time, it also points out the limitations of this study and the developing trend in the future. We hope this study could provide references and intellectual support for China’s pharmaceutical industry enterprise’s asset restructuring value creation and help China’s pharmaceutical industry enterprise’s asset restructuring.