Research On The Effect Of Local State-owned Assets Relieving Private Enterprises In The Way Of Acquisition

In recent years,with the accelerated implementation of mixed ownership reform of state-owned enterprises and the development bottleneck faced by private enterprises,the case of local state-owned assets relieving private enterprises in the way of acquisition has become more and more common.In such acquisition cases,state-owned capital can obtain control of listed companies at a lower cost and complete their own industrial adjustments.At the same time,private enterprises will most likely alleviate or even get rid of their own development difficulties and achieve industrial transformation and upgrading.In this regard,this article takes Jiangxi Copper's acquisition of Humon Share as an example to study the effect of local state-owned assets relieving private enterprises in the way of acquisition,in order to provide enlightenment and reference for the practice of local state-owned assets relieving private enterprises in the way of acquisition.Based on the actual situation of Humon Share being acquired,this paper starts with the acquisition cause,and then analyzes the short-term market performance,financial performance and corporate competitiveness of Humon Share after the acquisition to draw the conclusion of the relief effect of the acquisition.From the perspective of the acquirer Jiangxi Copper,on the one hand,this acquisition can optimize the industrial layout and adjust the structure of state-owned assets,on the other hand,it responds to the " Azalea Action " and expands the number of listed companies in the province.From the perspective of the acquired Humon Share,the acquisition will to a certain extent alleviate the problems of high debts,implosion of equity pledge,and insufficient mineral resources,so as to improve the status quo of business operations.After analysis,this article believes that Jiangxi Copper's acquisition of Humon Share has achieved a better relief effect.First of all,from the perspective of short-term market performance,Humon Share showed significant abnormal returns during the event window period(-10,10),and the accumulated abnormal returns were obvious.The capital market responded positively to the acquisition.From the perspective of financial performance,after being acquired by Jiangxi Copper,Humon Share's solvency,growth capacity,cash flow and economic value added have been significantly improved.Although the operating capacity has not changed significantly and the profitability has been slightly weakened,overall financial performance has been improved to a certain extent.Finally,from the perspective of corporate competitiveness,Humon Share's corporate competitiveness ranking among listed companies in the same industry has gradually declined from sixth in the two years before the acquisition to ninth in the year when it was acquired.In the third quarter of the second year,it was promoted to seventh place.The acquisition by Jiangxi Copper significantly improved the comprehensive strength of Humon Share.In the complex and changeable international environment,the survival and development of private enterprises will face greater challenges.Learning from the case of this article,those private enterprises that have debt defects but possess valuable technical resources can consider introducing local state-owned assets to become the target enterprises of local state-owned assets' acquisition,in order to get rid of the current difficulties and achieve their own long-term development.Finally,this article also proposes the criteria for private enterprises to screen state-owned buyers from multiple angles,so as to provide references for practitioners who need to find stateowned buyers.