Asset Restructuring,Transaction Structure Design And Settlement Of Horizontal Competition

The widespread existence of horizontal competition in listed companies has hindered the development of capital markets,resulting in the inefficiency of enterprises and the damage of minority shareholders' rights.Eliminating horizontal competition has achieved consensus among academics and practitioners.In the past,scholars have discussed many aspects of the harm of horizontal competition,but there are few studies on how to solve horizontal competition and mainly focus on the overall listing.The existing more than 200 listed companies that have not yet eliminated horizontal competition are mainly state-owned enterprises.Due to various reasons such as asset quality,approval authority,and shareholding structure,a large number of state-owned listed companies are not suitable or can be listed on the whole.Existing research has revealed the problem that it is not targeted,and the scope of application is limited.In the past practice of horizontal competition,asset restructuring has been widely used due to its flexible operation and thorough function,but the academic community lacks attention.As an important part of asset restructuring,the transaction structure directly determines whether the reorganization target can be achieved.The significance of solving horizontal competition is self-evident,but there are few related studies.With the complexity of the competition among listed companies,pure asset divestiture and asset injection will be difficult to solve the problem completely,the transaction structure will become more and more complicated,and the design of the transaction structure will become more and more difficult.This paper summarizes the research results of horizontal competition,asset restructuring and transaction structure,compares the advantages and disadvantages of four kinds of horizontal competition solutions and their application,and summarizes the limitations of the overall listing in solving the problem of horizontal competition among state-owned listed companies.Characteristics and models of asset restructuring for the purpose of eliminating horizontal competition.On this basis,this paper sorts out the causes and consequences of the case company Tiantan biological assets restructuring,conducts an in-depth analysis of the transaction structure of asset restructuring,and verifies the analysis with financial and nonfinancial data.Finally,this paper sublimates and refines the transaction structure design of this asset reorganization,and provides reference for the follow-up stateowned enterprises to solve horizontal competition.This paper finds that the ways to completely resolve horizontal competition include overall listing and asset restructuring.However,due to the three aspects of asset quality,approval authority and shareholding structure,it is difficult to solve the problem of horizontal competition of state-owned listed companies through the overall listing.Asset reorganization is relatively more flexible,and it is a way to focus on and research while optimizing the allocation of resources,promoting synergies,and promoting reform of state-owned enterprises while completely solving competition in the same industry.As an important part of asset restructuring,the transaction structure plays a key role in asset restructuring.Reasonable design of the transaction structure can ensure the smooth implementation of asset restructuring and the smooth realization of the restructuring strategy.Through the asset reorganization,Tiantan Bio has completely solved the problem of horizontal competition,optimized the resource allocation of the whole group,and has many bright spots in the transaction structure design of asset reorganization,which promoted the smooth implementation of the reorganization,ensured the timely settlement of the problem of horizontal competition,and also laid a solid foundation for the follow-up integration.With the advancement of state-owned enterprise reform,solving the horizontal competition and improving the efficiency of state-owned enterprises will inevitably receive more attention and attention.This paper affirms the role of asset restructuring in solving horizontal competition and improving resource allocation efficiency.It summarizes the merits of Tiantan biological assets restructuring transaction structure.While enriching theoretical research,it provides a reference for follow-up state-owned enterprises to resolve horizontal competition through asset restructuring.