Research On The Performance Of Related Assets Reorganization Of HNTY Company

In recent years,the state has issued a number of policy documents on the reform of military industrial enterprises,and promoted the reform of the mixed ownership system of the national defense science and technology industry and the in-depth development of military-civilian integration.As the main form of mixed reform,asset restructuring is conducive to military enterprises to improve their governance structure,and it is also an important way to enhance competitiveness.In 2011,China Ordnance Equipment Group injected HNTY,a high-quality asset held by its Changan Automobile Group Co.,Ltd.,into ST Qingqi,which is under the same armor group.After three years,it completed the internal integration of the group in May 2014.Sub-related party assets reorganization,HNTY basically realizes the overall listing of Changan Automobile's auto parts,but what is its performance after the overall listing? This is an important issue for management.This paper takes HNTY as the research object and combines the industry specificity of military enterprises.Firstly,by reading the literature of asset restructuring and combing it,it summarizes the related theories of asset restructuring motivation,restructuring performance evaluation index and evaluation method.Provide theoretical support;Secondly,analyze the HNTY asset reorganization background,reorganization process and major changes before and after reorganization,and clarify the motivation of HNTY related party asset reorganization;then,use event research method to evaluate and analyze the short-term performance of reorganization,and The factor analysis method is used to establish the performance evaluation model of military enterprise asset restructuring from the five dimensions of profitability,solvency,operational capability,development capability,and military-civilian integration capability,and evaluate and analyze the long-term financial performance of HNTY asset restructuring.According to the analysis conclusions,it provides relevant suggestions for the improvement of HNTY restructuring performance,in order to play a certain reference role for the internal integration period of military enterprises at the present stage.Through research,it is found that the performance of HNTY's asset restructuring in the short term,due to the adverse effects of related party transactions,has not been recognized by the market,and has not brought significant wealth increase to shareholders,and has not achieved the enhancement of corporate value;Within the company,the comprehensive performance of the company has not been significantly improved,but its profitability has increased,achieving the goal of turning losses into profits.