| As one of the ways of capital operation,asset divestiture plays an increasingly important role in capital structure adjustment and resource allocation.Asset divestiture is different from mergers and acquisitions.The former belongs to contractionary reorganization activities,while the latter belongs to expansionary reorganization activities.The austerity strategy originated in western countries and developed gradually in the 20 th century.With the acceleration of China’s reform and opening up,in order to achieve economies of scale,many enterprises in China have begun to choose M&A as a way of diversification,but neglected the work of resource integration after M&A,resulting in rising costs,increasing debt burden and declining operational efficiency after M&A.In this context,more and more enterprises choose the strategic contraction mode of asset diversion in order to restrain excessive diversification and achieve business return,so as to achieve the effect of adjusting corporate strategy,improving financial situation and operating efficiency.With the rapid development of economy and the continuous improvement of corporate governance structure,the scale and frequency of asset divestiture in China are gradually expanding.However,it has not been treated warmly by the theoretical and practical circles as mergers and acquisitions,but as a by-product of mergers and acquisitions.At present,the existing research mainly chooses the enterprises with the purpose of turning losses into profits and transferring non-performing assets as the object,and uses the method of combining theory with empirical research to analyze the motivation and performance of divestiture in depth.However,scholars at home and abroad have not reached a consensus on the results of the study of divestiture performance.However,there are few existing scholars who use the combination of theory and case analysis in the research process.Based on this,this paper draws on the research results of existing scholars and chooses Guanfu Holdings Co.,Ltd.for the purpose of transforming its main business.It combines theory with case study.Firstly,it makes use of its public data and information from 2013 to 2018 to deeply analyze the background,types and motivation of asset divestiture in 2015.Secondly,it makes use of Accounts Receivable Week.Conversion rate,operating profit rate,net cash ratio and other indicators,as well as from the company’s stock price changes and core competitiveness to measure the performance of asset divestiture,and then comprehensive evaluation of the asset divestiture of Guanfu shares,and draw the following conclusions:(1)Guanfu shares through asset divestiture to enhance the efficiency of enterprise asset management;(2)Guanfu shares through assets.Peeling adjusts the industrial structure and improves the core competitiveness of enterprises;(3)Guanfu shares optimize the capital structure through asset peeling;(4)Guanfu shares improve the company’s performance and value through asset peeling.However,Guanfu shares still need to actively deal with the unfavorable factors of increasing operating costs caused by business expansion after the transformation and improve the business integration ability after the divestiture of assets.Finally,through reasonable analysis and summary,this paper provides research suggestions for enterprises planning and preparing to implement asset divestiture to achieve business transformation goals:(1)enterprises should have crisis awareness,avoid blind expansion in prosperity;(2)treat asset divestiture rationally,accurately grasp the timing and mode of asset divestiture;(3)attach importance to pre-work and practical use.Business integration after divestiture to improve core business competitiveness. |
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