Recapitalization exams for various people, what does asset restructuring mean

Establish a new company and re-invest in the shares.

Replace with a new shareholder, Famous Doctor, and re-invest in shares.

Establish a new company and re-invest in the shares.

Change to the name of the new shareholder and re-enter the shares.

Convergence Studio.

Asset restructuring refers to the process of recombining, adjusting and allocating the distribution of enterprise assets between the owners and controllers of enterprise assets and economic entities outside the enterprise, or the process of reconfiguring the rights set on enterprise assets.

Enterprise restructuring is the process of reconfiguring the capital, assets, labor, technology, management and other elements of the enterprise, building a new production and operation model, and enabling the enterprise to maintain its competitive advantage in the midst of changes. Corporate restructuring runs through every stage of corporate development. Enterprise restructuring is the process of reorganization, rectification, and integration of enterprises with property rights and other debts, assets, and management structures, so as to improve the operation and management of enterprises as a whole and strategically, strengthen the competitiveness of enterprises in the market, and promote enterprise innovation.

There are three main types of reorganization, the first is merger, which refers to the combination of two or more enterprises, and all the original enterprises do not exist in the form of legal entities, but establish a new company. The second is a merger, which is when two or more businesses are grouped together in which one of them retains its original name while the other business ceases to exist as a legal entity. The third is acquisition, which refers to the economic behavior of a company to obtain a certain degree of control over other companies through property rights transactions in order to achieve certain economic goals.

Hello, asset restructuring refers to the reorganization of the enterprise into a listed company when the assets and liabilities of the original enterprise are reasonably divided and adjusted, and the assets and organizations of the enterprise are recombined and set up through merger and division. Asset reorganization in the narrow sense only refers to the division and reorganization of the assets and liabilities of an enterprise, while asset reorganization in a broad sense also includes the establishment and reorganization of enterprise institutions and personnel, and the adjustment of business institutions and management systems. At present, the asset restructuring generally refers to the asset restructuring in a broad sense.

Asset restructuring is divided into internal restructuring and external restructuring.

Internal restructuring refers to the readjustment and allocation of an enterprise (or asset owner) based on the principle of optimizing the combination of its internal assets, with a view to giving full play to the partial and overall benefits of existing assets, so as to bring maximum economic benefits to the operator or owner. In this process of reorganization, only the internal management mechanism and asset allocation of the enterprise change, and the ownership of the assets is not transferred, which belongs to the internal operation and management of the enterprise, so there is no legal relationship of rights and obligations with others.

External restructuring enables enterprises or enterprises to strip off non-performing assets and allocate excellent assets through the purchase and sale of assets (acquisition, merger), swap and other forms, so that the benefits of existing assets can be fully exerted, so as to obtain the greatest economic benefits. In this form of asset restructuring, the enterprise buys or sells part of the assets, or the enterprise loses the qualification of an independent entity, in fact, it is only the transfer of the ownership of the assets between different legal subjects, so the legal essence of this form of asset transfer is the purchase and sale of assets.

Business restructuring refers to the act of dividing the business of the reorganized enterprise to determine which part of the business will enter the business of the listed company. It is the basis for the restructuring of enterprises and the premise for their restructuring. During the reorganization, the focus was on dividing operating and non-operating businesses, profit-making and non-profit-making businesses, and main business and non-main business, and then the operating business and profit-making business were incorporated into the business of the listed company, and the non-operating business and non-profit-making business were divested.

Business restructuring should adhere to the following principles:

1. The principle of scale efficiency: consider the industry that can achieve greater sales revenue in the industrial structure, and take becoming bigger and stronger as the main strategic adjustment goal to achieve scale efficiency.

2. Principle of profitability: In order to have good profitability after the reorganization, it is necessary to sort out the existing business, according to the recent financial data, using the two indicators of market competitiveness and profitability of the Boston matrix model, and sorting out the star business, cash cow business, question mark business and thin dog business. Depending on the purpose of the business reorganization, different treatment options are selected for different types of business.

3. Pay attention to the principle of operability: the scale of the enterprises involved in the restructuring is not large.

First, the profitability is different, the complexity of the equity structure is different, so in order to ensure the operability of the plan, the restructuring is generally designed according to the principle of easy first and then difficult, focusing on operability.

4. The principle of complete industrial chain: the business that is in the dominant position of raw materials and main products in the industrial chain is classified as the priority selection scope.

5. The principle of sustainable development: for the business involved in the restructuring, we should pay attention to its sustainable development ability, and carefully integrate the business that has entered the post-maturity period or the recession period.

It needs a professional appraisal company to do it.

The reintegration of resources, the recombination of shares, achieved by a company or enterprise in the process of seeking development!

"How can listed companies achieve asset restructuring? ”

Acquisition of assets, asset replacement, ** assets, leased or managed assets, donated assets, and restructuring of corporate liabilities.

What specific work should be done in asset restructuring? ”

The reorganization of the assets and liabilities of the enterprise occurs at the enterprise level and can be realized with the approval of the board of directors or the general meeting of shareholders according to the authorization;

The restructuring of enterprise equity generally needs to be reviewed or approved by the relevant competent authorities (such as the China Securities Regulatory Commission and the ** Stock Exchange) because it involves a change in the holder of shares or an increase in share capital, and the approval of the state finance department is also required if it involves state-owned equity.

I've heard that there are several benefits to achieving asset restructuring.

1. Increase the rate of return on capital.

2. Avoid competition in the same industry.

3. Reduce related-party transactions.

4. Separate the assets that are not suitable for listed companies.

Why are these benefits happening? (What is the causal relationship between these benefits and asset restructuring?) ）”

1. Increase the rate of return on capital: because of the divestment of non-performing assets;

2. Avoid competition in the same industry: because of entering a new business field;

3. Reduce related-party transactions.

Certain asset restructurings weaken or change the equity of the original major shareholder;

4. Separate the assets that are not suitable for listed companies.

This is actually the same thing as 1, i.e., divesting non-performing assets, but 1 also tends to introduce new good assets.

What kind of company should undergo asset restructuring? ”

When the scale of the enterprise is too large, resulting in low efficiency and poor efficiency, in this case, the enterprise should divest out part of the loss-making or cost-benefit mismatch; When the scale of the enterprise is too small and the business is relatively simple, resulting in greater risk, it should enter new business areas in a timely manner through mergers and acquisitions to carry out diversified operations to reduce the overall risk.

In addition, you can study the specific asset restructuring case, let's take a more recent example: 600159, look at its basic information, it is a reborn asset restructuring.

(1) Investigate and collect materials.

Conduct a comprehensive investigation and mapping of the economic benefits, assets and financial conditions, internal organizational conditions, personnel status, social conditions of the enterprise, product technology and equipment, and enterprise management status of the reorganized enterprise.

2) Clear ideas and design schemes.

Establish a leading group for enterprise reorganization, organize competent personnel, and begin to analyze the internal and external status quo and problems of the enterprise. Clarify the purpose and basic idea of corporate restructuring. On this basis, we began to formulate a series of restructuring documents such as the implementation plan of enterprise reorganization, the articles of association of the company, the articles of association of the group, and the supporting plan.

3) Employees discuss and report for approval.

The implementation plan is submitted to the employees for discussion, the reorganization principles and steps are told to the employees, the opinions of the employees are listened to, and the employees are mobilized and educated at the same time, and the senior and middle-level managers of the enterprise are classified and trained to unify their ideological understanding. The "implementation plan" will be sent to the relevant departments to listen to opinions, and in the guidance and help of the relevant departments to finally revise the plan, submitted to the State-owned assets supervision and administration for approval.

4) Clearing assets and verifying capital, and defining property rights.

In accordance with the relevant provisions of the state, carry out the work of clearing assets and verifying funds, and carry out asset inventory, inventory, and registering. Accurate valuation of assets ready for reorganization. Define property rights, liquidate creditor's rights and debts, verify the amount of property occupied by enterprise legal persons, divide operating assets and non-operating assets, and remove and strip three types of assets (non-main business assets of enterprises, idle assets and effective assets of closed and bankrupt enterprises) and non-operating assets from the total assets.

5) Propose to reorganize the equity structure of the enterprise.

In the reorganization of enterprises, it is necessary to determine a scientific and rational shareholding structure and establish a standardized modern property rights system in order to determine the diversification of property rights, whether state-owned shares are controlled, participated in or completely withdrawn, and how to determine the equity ratio of social legal person shares and employee shares.

6) Determine the restructured assets through the property rights trading market**.

The disposal of state-owned assets must enter the public transaction of property rights trading institutions established in accordance with the law, and must not be traded privately, and must fully disclose property rights transfer information, widely solicit transferees, and use market-oriented means such as agreements, bidding, and auctions to determine the restructured assets.

7) Handle the delivery of property rights and legal procedures.

According to the "Property Rights Transfer Contract", the property rights shall be handed over, and then the "Transaction Confirmation" issued by the property rights trading institution shall be held to handle the procedures for the change of industry and commerce, land, property rights, etc.

8) Issuing a restructuring announcement.

During the above process, involving the corresponding ** should be suspended, and regular announcements, you can only say that the big rise can only be the restructuring before the suspension of well-informed funds into the market, or after the restructuring of the completion of the resumption of the institution to cause a few consecutive one-word limit.