Case Study On The Performance Of Asset Reorganization Of *ST.JiChai

With the rapid development of the securities market,the transaction scale of corporate restructuring activities has continued to expand,and more and more companies hope to optimize the role of resource allocation through asset reorganization.Most of the rapidly growing companies achieve external expansion through mergers and acquisitions,and most of the troubled companies generally expect the reorganization to regain operating capacity,thus retaining their eligibility for listing.The reorganization events in the market are frequent and the reorganization results are not satisfactory.The successes and failures are not the same.As the largest restructuring completed successfully in 2016,*ST.Jichai has achieved significant results in reorganization,and it is worth being researched to quickly achieve licensing.The asset restructuring was carried out in the form of relatively rare asset replacement.It was essentially a backdoor listing of the financial industry of the Group and was also an important measure for CNPC to further deepen the reform of state-owned enterprises.This article takes the*ST.Jichai Asset Reorganization event as the research object,sorts out the background,plan and implementation process of*ST.Jichai's major asset reorganization,analyzes the purpose of reorganization,and evaluates the reorganization performance.The market reaction analyzed by the incident research method is used as the basis for short-term asset reorganization performance evaluation.It is found that during the reorganization period,the company has indeed gained value and the shareholders have obtained excess returns.The announcement of the reorganization event market reaction is better than the reorganization completion event.The ranking of the industry's comprehensive financial performance calculated by factor analysis method serves as the basis for the medium-term performance.After the reorganization,the listed companies have achieved the second industry's significant results,indicating that CNPC Capital has competitive advantages and development potential.Through comparative analysis of the financial indicators before and after the reorganization of the financial industry,it was found that after the financial industry replaced through listing,not only did the listed company regain profitability,but the financial industry also showed better financial performance than before,and the reorganization effect was better.The reorganization of the assets of*ST.Jichai took a relatively short period of time and achieved remarkable results.This shows that it is feasible to reconfigure resources within the group through asset replacement.It is an important way to achieve long-term development of listed companies at a lower cost and optimize the internal resources of the group.the way.The article concludes by summarizing the successful experience of this asset reorganization,and proposes countermeasures and suggestions for investors and CNPC Capital after listing.