Analysis On The Performance Of CYPC Asset Restructuring

Asset restructuring as an important way to improve the competitiveness of enterprises and adjust the business structure,is becoming more and more widely applied to various fields.From a macro perspective,asset restructuring can become the country to adjust the industrial structure and optimize the allocation of resources,although China's economy is developing by leaps and bounds,but the development process will inevitably be accompanied by problems arising from the listed companies through asset restructuring can not only adjust the way.Their own organizational resources can optimize the industry's asset structure and resource allocation,in the public and private perspective are all useful.From a micro perspective,the national economy is composed thousands of individuals,individual business performance to promote the progress of macroeconomic.Asset restructuring has become one of the most important and commonly used means to improve the overall quality and profitability of enterprises,helping a lot of listed companies to overcome their financial difficulties.There are also some listed companies to maintain a good performance on the basis of the introduction of strategic reorganization of assets through investors,their main business will become stronger and bigger.In this paper,China Yangtze Power Co.,Ltd.(hereinafter called “CYPC” or “the Company”)in 2009 a major asset restructuring event as a case,the first theoretical overview of the problem.What is the concept of asset restructuring,the performance implications of the definition of the content of the performance of asset restructuring,asset restructuring used in this paper performance analysis methods,as well as the theoretical basis of asset restructuring performance.Then the case process performance analysis.CYPC overview and the introduction of the background of asset restructuring,followed by CYPC restructuring of the motivation of the assets analysis,and the asset restructuring of the program implementation process.Then the market performance and financial performance of CYPC asset restructuring are analyzed.Finally,we draw the conclusion and experience.What are the beneficial effects of asset restructuring on listed companies,and what are the growth of enterprises after the restructuring? At the same time,it puts forward the problems that the enterprises should pay attention to in the asset restructuring,what should be seized by the listed companies in order to complete the asset restructuring successfully and ensure the better market reaction and financial benefit after the asset restructuring.Based on the above ideas,this paper is divided into five parts.The first part,the introduction.This paper summarizes the research background and significance of this paper.After reviewing the existing research,I got the research ideas and methods,and finally introduces the basic framework of this paper.The second part is the theoretical summary of the performance of asset restructuring of listed companies.The concept,analysis method and the theoretical basis of asset restructuring performance of listed companies are summarized.The third part is the case introduction and performance of CYPC asset restructuring.This paper analyzes the background,motivation,scheme and implementation process of CYPC asset restructuring and expounds the influence of the performance.The fourth part,the CYPC asset restructuring of the market performance and financial performance analysis.This paper analyzes the market situation,the management effect and the financial situation before and after the CYPC asset restructuring.The fifth part is the conclusion and experience of CYPC asset restructuring case study.Through the study of this case,this part draws the beneficial effects of CYPC asset restructuring,and points out the problems that the enterprises should pay attention to when restructuring the asset.In this paper,the event study method and the financial index method are used to study CYPC asset restructuring.Event study method refers to the detailed description and analysis of the CYPC asset restructuring case,study when the asset restructuring occurs,whether the stock price fluctuations,with this information can be aware of fluctuations in stock prices and the case is related to the incident.This paper mainly introduces the background,motivation,process and methods of asset restructuring of CYPC.The case analysis mainly combines theory with practice.Through the analysis of the change of operation and market performance after the restructuring of the Company's assets,using the economic value-added method,the cumulative abnormal return method,Tobin's Q method of the asset restructuring of the market performance analysis.Financial index method is based on pre-set income,profit,return on investment and other financial indicators,an enterprise's performance evaluation,evaluation of the various financial indicators to assess the extent of the method.The research on the asset restructuring of listed companies to form a scientific understanding of the past and present listed companies' asset restructuring motivation,methods and performance of the results of in-depth analysis,according to the theory,research conditions and practical needs for the CYPC asset restructuring motivation,manner and performance of the research.Through the combination of the above two research methods,this paper uses financial indicators and non-financial indicators of the combination of the company's performance of the asset restructuring were evaluated.Through the analysis of the nature of the phenomenon,to explore the rules of asset restructuring can follow,has a certain practical significance.On the basis of a large number of domestic and foreign literatures,this paper analyzes the operation of listed companies in theory and discusses the reaction of listed companies in the market after the restructuring of listed companies.In this paper,the theoretical basis and corporate practice,the case for the CYPC asset restructuring that the motivation of the asset restructuring,methods and asset restructuring process and results,and finally come to asset restructuring case conclusions and experience.