The Research On Asset Replacement Performance Of China Railway Erju Co.,Ltd.

At present,China's economic development has entered a new normal,and the reform of economic system has entered the stage of storming fortificatio.The CPC Central Committee has proposed to comprehensively deepen the reform of state-owned enterprises and promote the optimization and restructuring of state-owned capital.The equipment manufacturing industry has always been a symbol of the rise of a country's strategic industries,and is the foundation and core competitiveness of a country's manufacturing industry.The State Council issued the "Made in China 2025" strategic policy to upgrade the development of high-end manufacturing to the national strategic level.In order to comply with the requirements of the development of the times and realize the optimal allocation of resources,China Railway Erju Co.,Ltd.and its indirect controlling shareholder China Railway Group Limited have carried out asset swaps.The China Railway Erju Co.,Ltd.has placed four wholly-owned subsidiaries,namely China Railway Shanhaiguan Bridge Group Co.,Ltd.,China Railway Baoji Bridge Group Co.,Ltd.,China Railway Science and Industry Group Co.,Ltd.and China Railway Engineering Equipment Co.,Ltd.,and completed the transition from civil engineering construction to professional equipment manufacturing.The smooth implementation of this asset replacement is not only important for China Railway Erju Co.,Ltd.and China Railway Group Limited,but also provides experience for the development of China's equipment manufacturing companies.It is a classic case of state-owned enterprise reform and asset-replacement asset restructuring over the years.This paper chooses the case of asset replacement of China Railway Erju Co.,Ltd.as the research object.Firstly,it combs the domestic and foreign literature from two aspects of asset replacement performance and evaluation method.Then it introduces the related concepts of asset replacement and asset replacement performance,as well as the theory and method of asset replacement performance evaluation.Then,this paper introduces in detail the asset replacement schemes of China Railway Erju Co.,Ltd.and China Railway Group Limited from three aspects:the motivation.the subject matter and the process of asset replacement.This paper uses the method of financial indicators and efficiency coefficient to analyze the financial indicators and comprehensive performance before and after the replacement of assets in the China Railway Erju Co.,Ltd.,and then uses the method of event study to analyze the market performance before and after the replacement of assets in the China Railway Erju Co.,Ltd.,and concludes that the asset replacement promotes the long-term development of the China Railway Erju Co.,Ltd..Finally,this paper puts forward corresponding suggestions for the integration risks existing after the replacement of China Railway Erju Co.,Ltd..Through the analysis,this paper holds that the asset replacement of the China Railway Erju Co.,Ltd.conforms to the era development,meets the strategic original intention of the reform of both sides' needs,and achieves the goal of optimizing the asset structure,it is a very successful asset replacement.However,there are some problems in the company integration after replacement,and the company's capital and inventory management capabilities need to be improved.The integration of executives is faced with challenges.This paper suggests that the company should pay more attention to the integration of replacement companies,strengthening capital budget management,improving accounts receivable management,implementing centralized information-based order management model,optimizing executive incentive and training system,so as to accelerate the pace of integration and realize the leap-forward development of the company.