| In recent years,with the increasingly sound capital markets,the deepening of the reform of state-owned enterprises and the gradual advancement of industrial restructuring,especially the supply-side reform policies of the country “capacity reduction,de-stocking,leveraging,cost reduction,and improving underdeveloped areas”.With the gradual implementation,corporate restructuring activities,including the divestiture of real estate listed companies,have become increasingly active.Among them,the case of asset stripping and restructuring of the state-owned enterprises of the Central Government can better reflect the policy orientation of the central government,have a far-reaching impact on the restructuring of state-owned enterprises and the construction of modern economic manifestations an,have become the focus of attention of the business community and academia.On the basis of reviewing previous literature,the article takes CNA Real Estate as a starting point for divesting real estate assets and uses theoretical and case studies to analyze the stripping effect and causes of central real estate companies.Second,we will elaborate on the background and process of CAREC real estate asset stripping cases and the business scope and geographic scope before and after the stripping;again,combine the five major reforms in supply side.Key tasks,the use of a combination of financial indicators and event research methods to analyze the effects of asset stripping,and analyze the reasons for this effect;finally,the results of this M&A case will be expanded to explore the path and implications of actively promoting asset stripping during the reform process.According to the case analysis,the effects of the divestiture of central real estate companies mainly include the national specialized operating policies,de-stocking policies,industrial structure transformation and upgrading and other factors that are closely related to supply-side reform,and the financial effects of mergers and acquisitions are more significant;In the meantime,while the central real estate companies are actively de-stocking through mergers and acquisitions and other means,they should actively explore ownership reforms,take the initiative to adjust the industrial structure,establish leading industries,and promote enterprises to achieve high quality and steady development. |
