| With the increasing uncertainty of the business environment and the increasingly obvious downward trend of the macro-economy,more and more enterprises that had previously pursued diversification began to seek to transform to specialization in order to achieve healthy and sustainable development.Asset divestiture is the main means for many companies to achieve strategic transformation.According to statistics,from 2013 to 2019,there were 7,653 cases of asset divestiture of Listed Companies in China,with a cumulative transaction amount of 257.6billion yuan.However,in practice,due to the late start of domestic asset divestiture and the incomplete understanding of asset divestiture,many enterprises can not produce positive results after the implementation of asset divestiture,but there are many negative market phenomena of using asset divestiture for earnings management and benefit transfer.At the same time,in the theoretical circle,scholars mostly use the method of empirical analysis for the research of asset divestiture,and the research direction mainly focuses on the analysis of motivation and shortterm financial performance,and pay less attention to specific cases and non-financial performance.Therefore,combined with specific cases,a more in-depth and targeted study of asset divestiture transactions still has a certain value.Using the method of case study,this paper takes the asset divestiture transaction implemented by TCL Technology at the end of 2018 as the research object,and explores from the following five aspects:(1)What is the motivation for the case company to implement asset divestiture?(2)Is the timing of the asset divestiture appropriate for the case company?(3)What are the characteristics of the implementation of the transaction plan of the case company?(4)What strategic layout has the case company made after the asset divestiture?(5)What are the economic consequences of the case company’s divestiture? By analyzing the above problems,we will further explore the asset divestiture transaction of TCL Technology and put forward some targeted suggestions.Through the research,it is concluded that: First,the motivation of the case company to implement asset divestiture is very complex,mainly including the motivation of strategic transformation,the motivation of performance improvement,the motivation of financing demand and the motivation of valuation improvement.Secondly,the timing of the asset divestiture of the case company is a little later,and it can choose to transform 1 to 2 years in advance and focus on the development of the semiconductor business.However,the design of the transaction plan and the subsequent strategic layout of the case company helped it successfully realize the strategic transformation at the least cost.Finally,the market performance,financial performance and non-financial performance of the case company’s asset divestiture have relatively positive performance.According to the above conclusions,this paper puts forward the following four targeted suggestions for different stages of asset divestiture:(1)In the whole process of asset divestiture,enterprises need to comprehensively and deeply understand the connotation and importance of asset divestiture.(2)Before asset divestiture,the enterprise shall comprehensively evaluate the external macro environment and enterprise development strategy,and take the initiative to implement asset divestiture.(3)In the process of asset divestiture,enterprises need to formulate effective and perfect transaction plans in combination with the strategic intention of asset divestiture and their own resource endowment.(4)After asset divestiture,enterprises need to pay attention to the implementation of continuous and effective strategic adjustment after asset divestiture,promote the realization of divestiture objectives and form a reasonable strategic layout. |
