| In recent years,with the increasing uncertainty of the external environment and the problems of diversified development of the enterprise itself,the capital operation mode has been gradually improved,and more listed companies have chosen to divest the asset-type contraction capital operation mode for the purpose of short-term response to the company.Difficulties in current development,avoiding ST or even delisting and choosing to divest non-performing assets;or divesting unrelated non-core businesses from a long-term strategic perspective to focus on core business;or both.Due to the particularity of the company,the divestiture of assets will have different effects.This article chooses AVIC Real Estate not only because of the particularity of its industry but also because of its third asset divestiture,the main strategic transformation.At present,there are many opinions and opinions on the research on asset divestiture,but the main focus is the motivation and performance of asset divestiture,and most of them are based on short-term development and lack long-term strategic vision.This is also China.Listed companies currently use asset divestiture,which is not reasonable for the operation mode of contracted capital.Therefore,this paper selects three asset divestiture events of AVIC Real Estate to analyze the long-term performance impact of AVIC's real estate divestiture.This paper uses literature research method,case analysis method and quantitative analysis method to analyze the three assets divestiture of AVIC Real Estate(renamed AVIA Shanda in 2018)in 2011,2014 and 2016,and analyze the methods and characteristics of the three asset divestiture.And analyze the reasons for the threeassets divestiture of AVIC Real Estate based on the strategic perspective and its own specific motivational perspective,and then analyze the financial performance brought by asset divestiture from the aspects of debt repayment,profit,growth and operation.and then analyze the impact of non-financial performance,this paper mainly considers from two angles,on the one hand,through the analysis of the divestiture of assets before and after the divestiture of AVIC real estate assets and the industry,on the other hand,from the divestiture of assets to relevant stakeholders The impact of the impact analysis on the impact of the analysis;finally analyze the stock price trend and excess cumulative return rate(CAR)before and after the divestiture of AVIC real estate assets.Through a comprehensive analysis of AVIC Real Estate,this paper concludes that although the two asset divestitures in 2011 and 2014 have made China Aviation Real Estate achieve good development results in a short period of time,the effect is not sustainable;and the strategic divestiture of assets in 2016 is compared.In the case of two asset divestitures,the effect is more pronounced and lasting.Therefore,it can be concluded that asset divestiture can help enterprises solve current financial problems and enhance the value of the company to a certain extent,but only the long-term asset divestiture can help the long-term performance improvement of enterprises,so enterprises should be based on their internal Development situation,external macro environment and strategic choices,timely and proactive asset divestiture,and the funds recovered for the development of core business or the search for new investment opportunities,and strive to maximize the allocation of resources;the only way to truly Enterprises create value,create value for shareholders,and then enhance the company's long-term development ability and core competitiveness,rather than just divesting assets as a means to solve the shortage of financial crisis or manipulate profits,the only way to really improve the company's long-term performance.I hope that through the research on the three assets divestiture of AVIC Real Estate,this paper gives some useful reference to the divestiture behavior of listed companies,so that enterprises can correctly select and use the means of asset divestiture. |
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