| With the constant changes in the external environment of the enterprise and the problems of diversification of the company itself arise,asset divestiture has gradually become a necessary strategic choice for listed companies.Asset divestiture is a double-edged sword.Some enterprises have optimized the industrial structure through asset divestiture and promoted the development of the main business;some asset divestiture has caused adverse reactions in the market,which is not conducive to the long-term development of the company.By analyzing and evaluating the business performance of different periods of the enterprise,it can be seen that asset divestiture plays a positive or negative role in the business performance of the enterprise.In addition,the impact of asset divestiture on business performance of the company,the current research can not draw a unified conclusion,and if only one company is analyzed,you can observe the effect of asset divestiture from a separate perspective of the enterprise,and then come to the specific The conclusion.In addition,each enterprise has its own characteristics,and the conclusions of the empirical analysis will be affected.The analysis of asset divestiture combined with the individual enterprise's own situation can effectively avoid this effect,so as to better reflect the real effect of asset divestiture.HENGSHUI LAOBAIGAN LIQUOR CO.,LTD.is a traditional state-owned liquor company.It has a long history of brewing,and its business is mainly based on various types of liquor sales,as well as some farming,planting and food-related industries.Its three asset divestitures in 2009-2014 are related to its non-main business related assets,especially in 2011 and 2014,which are the divestiture of its agriculturalbranches,and then fully invested in the main business of liquor.Through the research on the relevant literature,it is very rare to find that such state-owned enterprises have stripped off non-main business related assets for three consecutive times.This paper analyzes the divestiture of the LAOBAIGAN's core business and optimizes the product structure,and analyzes the impact of its divestiture on business performance.The paper mainly uses the combination of theoretical research and case analysis method.Firstly,it sorts out the related literatures on asset divestiture and business performance,and expounds the related theories.It has carried out three asset divestitures in LAOBAIGAN in 2009,2011 and 2014.A more comprehensive analysis.The author analyzes the motivation of the three assets divestiture of LAOBAIGAN in combination with the strategic direction of the case company,and compares and analyzes the changes of various financial indicators before and after the divestiture of LAOBAIGAN.The EVA index was used to evaluate the increase and decrease of the business performance before and after the divestiture of LAOBAIGAN.Finally,by calculating the stock price change,excess progressive return rate and Tobin Q value before and after the three asset stripping events,the market performance of its asset divestiture was further analyzed,and the research conclusion was drawn.In terms of data extraction,due to the short interval between the three strips,this paper mainly uses the company's semi-annual report as the research object.From the results,LAOBAIGAN was more successful in stripping two pigs in2014,which made the indicators of LAOBAIGAN increase significantly,especially in the short term;in 2009,the relevant assets of Jingan Branch were stripped off.Generally,the business performance is obviously improved in the short term,and the long-term impact can be neglected.In 2011,the effect of divesting urban people's companies was poor.After the divestiture of the company,the company's operating performance increased slightly in the short term,but in the long run,even There has been a decline.In summary,the implementation of asset divestiture can enhance the short-term value of the company,but the role of the long-term value of the enterprise is not certain. |
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