A Research On The Asset Reorganization Performance Of Avicopter Plc

Defense industry developed or not depends on the foundation of national economy and industrial modernization degree,it not only profoundly impacts on construction of national defense security,but also drives the development of technology and materials of the civilian industry,which affects the upgrading of industrial structure.Nowadays,the international situation is changing rapidly,many countries all over the world are trying to by the way of assets reorganization to adjust the industrial structure of the defense industry in order to safeguard national security and enhance national competition.Asset reorganization is the core content of capital operation,which can allocate the resource structure and adjust industrial structure of the company.It is an important mean to promote the industry's competition and resource allocation as well as military enterprise reform depth development at the present stage in China.Avicopter Plc(600038)is the listed company of China aviation industry corporation,which is the core of the aviation industry pillar industry and the large backbone enterprises.In 2012,Aviation Industry Corporation of China,Ltd.put the related helicopter assets which owned by helicopter plates into Avicopter Plc.By this reorganization,Avicopter Plc owned the all assets of helicopter except the armed helicopter,basically achieved the helicopter business sector overall listing.What about the performance of this restructuring? Have the problems such as reach the anticipated target of the enterprise? These questions are that managers care about.Therefore,this article selects Avicopter Plc as the research object.First of all,by reviewing the related literature,the paper has been clear about the evaluation method,evaluation indexes and the specific theory framework.Then,The paper analyze the military industry listed companies and Avicopter Plc cases made clear of the restructuring reason.Finally,according to its annual report and related announcement,the paper respectively establish performance evaluation system of assets reorganization in order to calculate assets restructuring performance score and through the factor analysis method to make a asset restructuring performance analysis,According to its restructuring motivation through the descriptive statistics to evaluate the assets restructuring performance.The results show that,the asset reorganization performance in terms of asset reorganization motivation of Avicopter Plc,Ltd.,both in optimal allocation of resources or the ability to resist risk has not been well promoted,but in terms of enterprise competitiveness has been enhanced.What's more,the synthetical score of the asset reorganization performance,only in a short-term performance has improved,but the performance in the long term did not improve but obvious decline instead.