The Performance Analysis In QinLing Cement Asset Restructuring

Capital market is increasingly perfect.It is an important prerequisite for asset restructuring.In order to regulate the activities of asset restructuring,the Commission issued relevant management methods,making the rules of asset reorganization clear,leading the asset reorganization to a new stage.In China,the asset reorganization is hot,because it is linked to the performance of enterprises,and then attracted the pursuit of enterprises,but also attracted the attention of regulators.Therefore,the theoretical circle studies the performance of asset restructuring which is of great significance.This paper chooses the Qinling cement asset reorganization event as the case analysis.Qinling Cement has experienced three reorganizations since its listing,and for the first time,through the related transactions with the controlling shareholder and the sale of shares to the actual controller to save the shell,the reporting reorganization can not improve the business performance in essence.The second time through the introduction of the reorganization to start bankruptcy reorganization and debt restructuring,trying to achieve economies of scale,because of legal and regulatory reasons,asset reorganizations lose the feasibility.The third time abandoned the cement industry and turn to the comprehensive utilization of waste resources completely,through the introduction of reorganization to achieve strategic transformation.The article focuses on the analysis of Qinling Cement's third asset reorganization.After the failure of the previous reorganization,investors have lost confidence in the reorganization of Qinling Cement.However,the comparison of the data before and after the reorganization shows that the reorganization can improve the efficiency and effectiveness of operations,the performance has been significantly improved.This paper is a case study article,based on the study of the relevant literature,using different methods to compare the performance before and after the assets reorganization.The first part is the introduction,elaborates the different views of the relevant literature,introduces the research ideas and the paper framework.The second part is the theory,summarizes the concept and type of asset reorganization,the measurement of performance,and introduces the analysis method of asset reorganization performance and the theoretical basis of reorganization performance.The third part is the case introduction,introduces the history,production and operation status of Qinling cement,and analyzes the main accounting data to understand the financial background of Qinling Cement,understand the motivation of reorganization and brief introduction of the reorganization event.The fourth part is the performance analysis of asset restructuring,which is the core content of this paper.This paper analyzes the market performance of asset reorganization by comparing the abnormal returns before and after the reorganization.Analyze the financial performance of assets reorganization by comparing the financial indicators before and after the reorganization and calculating the Economic Added Value before and after the reorganization.Through the calculation of the above data to analyze the reasons for the performance changes,the reason for the better performance is that the original business is transferred,the strategic transformation is carried out and the high quality assets are taken into the company.The fifth part is the conclusion and suggestion.Through the analysis of the case of Qinling Cement,it is found that the market reflects the flatness of the reorganization,but the reorganization does bring about the improvement of the financial performance.Asset restructuring brings the same industry competition and crates new risks,make recommendations on companies that are reorganizing or about to reorganize.It is hoped that the research of this paper will have some reference value to the practice of asset reorganization in China.