A Research On The Asset Reorganization Of YJ Group

The development of military industry is closely related to the foundation of national economy and the degree of industrial modernization.At the same time,the development of military industry also promotes the development of private industry in technology and materials,which has a huge impact on the modernization of the entire industrial structure of our country.With the slow evolution of the international situation,in order to enhance the national defense strength,enhance the international status,maintain the integrity of the land,and improve the voice,governments around the world vigorously develop military enterprises,optimize the capital chain through reform and reorganization,and improve the international competitiveness of military enterprises,so as to achieve the expected goals.This is an important way to realize the modernization of military industry,and also an important way to further promote the reform of China's military industrial enterprises.YJ group is one of the listed companies of Ordnance Group,which is the only research and production base of main battle tank and wheeled vehicle equipment in China.At the end of 2016,the company completed major asset restructuring.In 2013,the high-level government reaffirmed the market orientation of the reform of the military industrial system.In 2014,the reform of the military system put forward high standards for the quality of our army equipment.Further improvement of the standards requires YJ group to carry out reform and reorganization again.How can the reform meet the high standards of quality? What financial risks will this reform bring to YJ group? As all these issues are important issues that managers are concerned about,in this paper,we select YJ group for research,carry out in-depth financial analysis according to its financial statements and related materials in 2013-2018,and use factor analysis method to build a financial risk factor evaluation system to evaluate.The results show that,from the perspective of profitability,the company has realized the transformation from negative value to positive value in the year of asset restructuring.And after that,although there was a decline,it still maintained a high and stable level.From the perspective of solvency,the company's asset liability ratio has increased,but it is still in a stable and appropriate range.Although the current ratio has decreased,it is still ata relatively normal level.The company's solvency has declined,because the company's acquisition of the military products business of the controlling shareholder YJ group includes both assets and liabilities,so the ratio of assets to liabilities of the company But on the whole,the market competitiveness of the company has been improved.However,the demand for resource optimization(to improve the corporate governance structure)is not so ideal.Through the analysis of the company's inventory turnover rate and current asset turnover rate,it is found that the inventory turnover rate and current asset turnover rate only rose briefly in the year when the major asset restructuring was completed,but declined for three consecutive years after the completion of the restructuring.The strength of resource integration is not enough,The effect of "one plus one is greater than two" has not been brought into play;in terms of expanding the development of enterprise scale,the company's total assets have risen in a great leap forward style after reorganization,and the momentum in the later period has remained good,and still maintained a steady upward trend,indicating that the enterprise scale has indeed expanded to achieve the expected goal.YJ group needs to improve its resource management and coordination.