| At the end of the 19 th century and the beginning of the 20 th century,with the continuous development of productive forces,western countries began the M & A fever,and then diversified development has become one of the important strategic means of many enterprises.However,the adverse economic consequences of blind expansion also made enterprises begin to reflect on large-scale M & A behavior.How to carry out reasonable contraction has also become an important strategic thinking of enterprises,and then asset divestiture gradually enters the public view.China’s divestiture came from 1993 with the reform of state-owned enterprises’ joint-stock system.Due to the late development,the research enthusiasm of China’s theoretical and physical circles is far less than that of enterprise mergers and acquisitions.At present,the supply side reform has been given new requirements,and enterprises have paid more attention to how to develop with high quality.As one of the most important means of strategic contraction,divestiture can help enterprises revitalize assets,optimize asset structure and strengthen core competitiveness,which coincides with the new idea of supply side reform.Therefore,under the background of state-owned enterprise restructuring and the new development of supply side reform,it is of practical significance to study the performance of divestiture.Based on the existing theory,this paper takes Shandong Xinneng Taishan Power Generation Co.,Ltd.as the case study object,and studies the performance of its divestiture behavior under the background of strategic transformation.The specific contents are as follows: firstly,this paper expounds the research background,purpose and significance,and sorts out the relevant literature.The second is an overview of relevant theories,which analyzes its meaning and types from various angles,and explains relevant theories in detail.The third is the specific introduction of the motivation and process of Xinneng Taishan asset divestiture.Firstly,it analyzes the reasons of divestiture from the internal factors and external environment,and finds that Xinneng Taishan implements divestiture out of the reasons of reversing the company’s business performance and strategic transformation.Then it introduces the macro-economic environment,industry development and company operation before the whole event,and describes the implementation of Xinneng Taishan’s divestiture.The fourth part is the performance analysis of Xinneng Taishan asset divestiture,mainly from the market,financial and non-financial perspectives.The fifth part is the conclusion and deficiency.This paper hopes that by analyzing the divestiture behavior of state-owned enterprises in strategic transformation,it can give some enlightenment to the companies that expect to achieve strategic transformation through divestiture,and help them make better decisions. |
