Research On The Identification Of Asset Injection Quality And Its Financial Effects

The spin-off and listing caused a large number of assets related to the business of the listed company to remain in the parent company,artificially separating the industrial chain between the listed company and the major shareholders,resulting in a series of disadvantages such as the increasing number of connected transactions.The asset injection of major shareholders can better solve this disadvantage and improve the industrial chain of listed companies.However,because the majority of China's listed companies' equity is relatively concentrated,large shareholders may rely on the advantage of control to inject inferior assets or falsely increase the value of assets to obtain private benefits and adversely affect listed companies.Therefore,how to comprehensively and accurately identify the quality of assets injected by major shareholders and study the possible financial effects of asset injection by major shareholders is of great significance for the development of asset injection by major shareholders.This article takes China National Medicines Corporation's asset injection as an example,and uses a combination of theory and case research methods for comprehensive analysis.First,the theoretical overview of the relationship between injected asset correlations,connected transactions,asset evaluations,and financial effects.Then,it collected information and arranged data from the company's announcement and annual report,and introduced the basic situation of the two parties involved in the injection of China National Medicines Corporation's assets,the basic situation of the underlying assets,and the specific plan for asset injection.Then,it is the analysis of the quality of the underlying assets.Based on the theoretical analysis,the target assets are quantified by designing three indicators,and the quality of the injected assets is calculated and judged.It is concluded that China National Medicines Corporation's injected assets are high-quality assets.Then,in order to further verify whether the judgment of the quality of the injected assets is correct and whether the design of the asset quality indicators is reasonable,the event research method is used to find that the short-term and long-term markets before and after the injection of China National Medicines Corporation's assets have responded well.Expanding with development capabilities,in-depth analysis of the financial effects of asset injection on listed companies,the analysis shows that the company's debt repayment ability isenhanced,operating efficiency is accelerated,profitability is increased,and development capacity is increased;it is found after calculating the economic value added before and after China National Medicines Corporation's asset injection Before the asset injection,the value was always negative,after the injection,it became positive and increased significantly,and the shareholder value was effectively improved.Finally,draw conclusions and make recommendations.The injection of related assets should be encouraged,the quality of injected assets should be strictly monitored,and the majority of investment assets should be invested rationally.This article combines theory and cases to establish asset injection quality indicators,analyze the quality of asset injections,use event research,financial indicator methods,and economic value-added methods to comprehensively analyze the financial effects of asset injections to verify the asset quality indicators Judgment.The research conclusion shows that China National Medicines Corporation's asset injection was successful,which improved the quality of assets and produced good financial effects.The possible contribution of this paper is to build the relevant asset injection quality indicators,and to extract the general solution ideas for reference promotion based on the injection asset quality identification indicators and judgment standards.