A Case Study On The Divestiture Of F Automobile Enterprise

The development of the automobile industry has a relatively important strategic position in the entire national economic system,and to a certain extent represents the level and competitiveness of China’s industrial manufacturing.The development of the automobile industry has changed from a simple scale expansion to the pursuit of more quality development.Under the dual pressures of internal transformation and external development,asset reorganization has become a development method often adopted by auto companies.Long-term high-quality development.Among them,as a shrinking strategy,divestiture has an irreplaceable role in optimizing resource allocation and improving business performance as opposed to expansion strategies such as mergers and acquisitions.However,in the domestic academia,the theoretical system and case studies of mergers and acquisitions have become more and more perfect.On the contrary,the related theoretical research of asset divestiture is not so rich.It can be seen that asset divestiture has not received enough attention from the academic community.Therefore,it is necessary to research and analyze the theory,motivation,method and performance of asset divestiture,which can help us to better narrow the gap between theory and reality.And through case studies,it is conducive to enriching relevant industry companies and listed companies’ case materials related to asset divestiture.This article takes as the research object the case of the transfer of B car equity by F auto company,a listed company in the commercial vehicle industry,starting with the concept of asset divestiture and general motivations,taking reconciliation theory,efficiency theory,resource optimization theory as the research object.The theoretical basis of this article explores the basic situation and motivations of the case corporate asset divestiture event,and analyzes the financial index changes before and after the asset divestiture and the comparison of the same industry to interpret the impact of the asset divestiture on the financial performance of the company.It also uses event research.Method,from the determination of the event date to the calculation result of the cumulative excess return,the market performance of the asset divestiture is evaluated.Finally,based on the above analysis,it is concluded that in the context of huge changes in the automotive industry,it is the right time for companies to carry out asset divestitures.It is very necessary that the divestiture has a significant impact on the short-term performance of the company,and the company must pay attention to the operation and management of the divestiture and the integration of remaining resources,and make qualitative improvements based on the long-term development of the company,rather than simple pursuits the short-term effect of asset divestiture.