The Case Study On Surplus Management Of The Assets Reorganization Of Shenyang Machine Tool Company

The implementation of ST system of our country can make a warning to the enterprises that run the losses and remind the investors to strengthen the risk prevention in the investment of such enterprises.As a result,this companies are often more concerned by regulatory authorities and make investors more cautious about their investments.Therefore,ST-enterprises are also subject to greater pressure.The assets reorganization can help these enterprises to improve the operating conditions,adjust the business structure,optimize the allocation of resources and be more beneficial to the long-term and stable development of the enterprise.However,in the process of asset reorganization of the enterprise,there is often the problem of surplus management.Many enterprises only use the assets reorganization as a means of the surplus management to control the surplus level of the enterprise through the way of the asset stripping,so as to achieve the purpose of avoiding the return of the city.Such surplus management may mislead the investors to make the wrong investment decision and may disturb the order of the securities market,which is not conducive to the healthy development of the securities market.Based on the resource allocation theory,principal-agent theory,information asymmetry theory and relevant policies of asset reorganization,this paper selects--Shenyang Machine Tool Company,a typical enterprise in machine tool industry of China,as the research object,and makes a detailed analysis of its motivation,process and effect of asset reorganization.It also selects financial indicators such as return on net assets,turnover rate of total assets,asset-liability ratio and growth rate of net assets to analyze its short-term effects in the four aspects of profitability,solvency,operation ability and growth after asset reorganization,and then analyzes its long-term effects after asset reorganization.Research shows that the asset reorganization of Shenyang Machine Tool Company has successfully helped it improve its operation in the short term,but from the perspective of the company's long-term development,it has not had a positive impact and is suspected of earnings management.At the same time,this paper also found that in the process of assets reorganization by Shenyang Machine Tool Company,there are problems of untimely and insufficient information disclosure.Based on this,this paper puts forward some suggestions on strengthening the supervision of information disclosure of listed companies in asset reorganization,perfecting relevant policies and standardizing government behavior in asset restructuring.