| In the market economy environment with increasingly fierce international competition,obtaining greater market share and higher income has become the common goal of major companies.In view of the inherent disadvantages of the grain industry,such as low rate of return,high natural risks and long production cycle,most grain and oil enterprises have adopted M&A and other methods to adjust the industrial structure and gradually turn to a diversified mode of operation.However,the blind pursuit of diversified development may cause many problems for enterprises.In view of this situation,some companies choose to carry out contractive development strategy,that is,through asset divestiture,adjust the company’s strategy and improve the financial situation,so as to enhance the comprehensive strength of the enterprise.This paper comprehensively combs the related research on the concept,mode and effect of asset divestiture at home and abroad,introduces the basic situation of Jinjian rice industry under the guidance of refocusing theory,strategic management theory,resource allocation theory,information transmission theory and efficiency theory,and takes the asset divestiture behavior of Jinjian rice industry in 2018 as the research starting point,This paper expounds the process of divestiture and analyzes the causes of divestiture from the industry and the company,analyzes the financial and market effects of the divestiture of Jinjian rice industry by using the methods of financial indicators,economic value added and event research,and finds that under the background of national policy support,it can improve the innovation of core products and increase the main business income by reducing enterprise costs and promoting the maximization of resource efficiency,Under the multi-path effect of enhancing the bargaining power of upstream and downstream,enhancing the competitiveness of main businesses,expanding sales channels and improving the integration of industrial chains,the short-term profitability and growth ability have been significantly improved,and the solvency,operation and management efficiency and economic value added have been improved.Although the market reaction was negative in the early stage of asset divestiture,with the issuance of corporate profit signals,Its long-term share price shows a phased upward trend,and the system risk decreases significantly and tends to be stable.In general,the divestiture of Jinjian rice has achieved many positive results.Combined with its successful experience,the following experience and enlightenment are put forward:1.Formulate long-term corporate development strategy,select strategic policies according to internal factors and seize macro opportunities to adjust strategic objectives;2.Pay attention to the layout and scheme selection in the early stage of divestiture,accurately grasp the best opportunity and reasonably select the divestiture scheme and the transferee;3.Strengthen the reorganization and integration of enterprises after divestiture,return to core business,pay attention to resource allocation and actively transmit signals to enhance investor information.It is hoped that it can play a certain reference role for the companies in divestiture and preparing for divestiture. |
