Research On The Path And Effect Of Major Asset Restructuring Of Listed Companies

Due to the development of the market and the increasing improvement of science and technology management level,the competition between companies is increasing.In order to continuously obtain a high return on investment and maintain competitive advantage,more and more enterprises begin to use M & A to expand business scale through integration and development among enterprises,so as to adapt to the current economic development situation.Although the major asset restructuring of listed companies has many advantages,it also faces various restructuring risks.This also promotes the academic circles to pay more and more attention to how to realize the healthy and sustainable development of enterprises through effective capital M & A and reorganization.In October 2019,Lansheng began to plan a major asset restructuring,which took 12 months to obtain the approval of the CSRC and enter a new field of convention and exhibition business.This paper selects the listed company Lansheng shares as the research subject,studies the major asset replacement case with Donghao Lansheng group,and focuses on the analysis of its restructuring path and effect.Firstly,this paper expounds the research background and significance,and combs the relevant literature at home and abroad;Secondly,it introduces the relevant basic theories of major asset restructuring,which lays a theoretical foundation for this study;Then,it introduces and analyzes the development status of major asset restructuring of domestic listed companies and the basic situation of major asset restructuring of Lansheng shares,including the general situation of Lansheng shares,the general situation of placed assets and placed assets,and the implementation process of restructuring.This paper compares and analyzes the changes of the company’s financial data and financial indicators before and after the reorganization of Lansheng shares,and uses the way of event research to clarify whether this major asset reorganization event has brought new capital appreciation to the company.The innovation of this paper is to comprehensively analyze the tax planning,profit and loss arrangement in the transition period,performance commitment and restructuring effect involved in the major asset restructuring of Lansheng shares,and put forward relevant suggestions,which has a certain enlightenment on the path selection of major asset restructuring of listed companies.At the same time,for the financial effect of major asset restructuring,the financial index evaluation method and comparative analysis method are used to make a more comprehensive analysis.Through the analysis of this paper,it is concluded that the merits of the path design of the major asset reorganization of Lansheng shares lie in reducing the tax burden through reasonable trading methods,timely scheme adjustment and accelerating the review progress.The shortcomings lie in the lack of persuasion of the performance commitment scheme of the assets,and the suspicion of "buying high and selling low" in asset replacement.In spite of the influence of COVID-19,the effect of restructuring has also improved the short-term financial performance of Lan Sheng from some angles.Finally,according to the conclusion of the case analysis of Lansheng’s major asset restructuring,the case enlightenment is obtained,which provides reference and reference for the restructuring of other similar companies.