| With the rapid development of market economy,asset restructuring has the function of optimizing resource allocation and upgrading of enterprises.In recent years,it has developed rapidly in China.With the gradual strengthening of the relationship between China’s economy and the world economy,China’s economic growth has entered a new normal,and the capital market has also been developing rapidly.Similar structural adjustment policies such as state-owned enterprise reform and mixed ownership have been introduced constantly.With the aggravating changes of environment and policies,the growing level of economy and science and technology,the competition among enterprises has been strengthened.As an important internal asset management method,asset restructuring can optimize the allocation of resources for internal assets to improve economic efficiency and market competitiveness,which plays an important role in enterprises.Looking at the results of many cases of asset restructuring at home and abroad,there are failures and successes.Whether asset restructuring can really bring value promotion for enterprises and other issues have always been of great concern to our people,especially investors.Based on the fundamental theory of the effect of assets reorganization,this paper selects the case of joy city in the reorganization of COFCO real estate in 2018,adopts the method of Standard Research and case study,and searches and consults the relevant literature,the full text around COFCO real estate assets reorganization effect launches the analysis.In the foreword part,the research background and significance of this paper are expounded,and the influencing factors of the main effect of domestic and foreign assets reorganization and the results of the post-reorganization effect are sorted out according to the literature data,in the part of related concepts and theoretical basis,the definition of the concept of asset restructuring is elaborated.In the aspect of theoretical interpretation,it mainly includes the theories of synergy effect,economic motivation,information signal and so on,for the following papers to do a good job of the corresponding theoretical matting.In the case introduction part,choose COFCO REAL ESTATE RESTRUCTURING H share market Joy City Property case as the research object,explain COFCO real estate’s basic situation,restore the process of restructuring,understand its restructuring motivation.For this case,the author chooses the methods of financial analysis and event study to analyze the financial performance,trial production effect,development strategy effect and A +H stock effect,the paper concludes that(1)the reorganization of COFCO’s real estate assets has significantly improved the financial effect of the enterprise;(2)The scale of COFCO’s real estate has expanded after the reorganization;(3)the reorganization has realized the enterprise’s superiority complementarity.(4)cofco reorganizes the Joy City Transaction Pricing to have the overestimation risk.Finally,on the basis of the above analysis,we get the enlightenment:(1)asset restructuring is COFCO real estate to continue to develop the inevitable trend,Post reorganization integration should be strengthened;(2)enterprises should pay attention to information standardization and disclosure in asset reorganization;(3)enterprises should pay attention to industry development trend and prevent risks.The analysis of this case is expected to provide reference for enterprises how to improve the effect of asset restructuring,and to provide some reference for the reform and development of enterprises in China. |
PDF Full Text Request