Research On The Performance Of ZHSF Asset Reorganization Based On The Performance Prism Method

As the pillar of national economic development,the reform of the military industry is constantly deepening.Asset reorganization is the main way for state-owned enterprises to deepen reform to optimize resource allocation,improve governance structure and enhance enterprise competitiveness.ZHSF belongs to Aviation Industry Corporation of China(AVIC)and has the attribute of military industry enterprise.Under the background of deepening reform,in 2017,AVIC injected the core military assets of its wholly-owned subsidiary,SAC,into the holding listed subsidiary,AVIC Panthers,completed the asset restructuring and realized the securitization of core military assets.However,what is the long-term performance of the enterprise after restructuring and whether the restructuring is effective?It is an important practical question that enterprise stakeholders care about and need to answer.What method to adopt and how to effectively evaluate the performance of asset restructuring are also worth studying in the research field.This paper takes these as research purpose to carry out related research.This paper takes ZHSF company asset reorganization in 2017 as the research object.Firstly,through literature review,the relevant concepts and theoretical basis of asset reorganization are clarified,and the performance evaluation methods and evaluation indicators of asset reorganization are sorted out.Secondly,it introduces and analyzes the background,process,related parties and motivation of asset reorganization of ZHSF.Key based on the stakeholder perspective of performance prism method,the design of the shareholders,creditors,employees,government,customers five Angle is the basis of index system,combining with the characteristics of military enterprise,especially increased the number of staff trained in security and confidentiality,military industry growth rate of government subsidies,war industry enterprise growth rate of government incentives,growth rate of national defense expenditure,the economic driving effect of military industrial enterprise and other indicators to establish a new evaluation index system;Based on ZHSF company from 2014 to 2019 earnings and public announcement data,from the perspective of financial performance and non-financial performance,its performance before and after the asset reorganization is the longitudinal comparison,again with the performance of the asset reorganization of military industrial enterprises in the same industry in a horizontal comparison,the ZHSF objective evaluation on the long-term performance of companies,research the influencing factors of asset restructuring performance,put forward improving Suggestions.The results show that,from the perspective of shareholders,creditors,employees,government and customers,the performance of asset restructuring of ZHSF Company has improved significantly,the enterprise competitiveness has been enhanced,the profitability has been improved,the long-term overall performance of the enterprise has shown an upward trend compared with before the restructuring,and the situation of repeatedly facing delisting warning has been improved.However,the performance of corporate organizational ability from the perspective of shareholders,creditor’s satisfaction and corporate organizational strategy from the perspective of creditors and government need to be improved.