Model essay on enterprise assets reorganization: Problems and countermeasures in the process of enterprise assets reorganization at present Abstract: In short, enterprise assets reorganization can be summarized into two types: one is to expand and reorganize through its own development, which is relatively stable, and its weakness is the slow pace of assets reorganization; The other is to realize the optimal combination of property rights structure through artificial reorganization, and the property rights of different components, different scales and different enterprises are traded in the market. At present, China enterprises pay more attention to the latter's assets reorganization, which has the advantage of fast speed, but there are also many problems in the implementation process. This article has carried on the research to this.
Keywords: enterprise, assets reorganization, problems, countermeasures
After China's entry into WTO, the development of enterprises in China is facing more opportunities and severe challenges. In order to gain a competitive advantage in the market, enterprises should not only have advanced technology, scientific management, strong economic strength and other factors, but also speed up the turnaround and structural adjustment, adjust the industrial structure and continuously expand the production scale through enterprise asset restructuring. At present, the small scale of enterprises and the lack of due competitiveness are one of the important factors that restrict the rapid development of most enterprises in China. However, in order to rapidly expand the scale of enterprises in a short time, only through mergers and acquisitions can it be realized. Successful expansion can miraculously increase the economic benefits of enterprises, which is a business strategy that mature enterprises must consider. However, practice has proved that not all asset restructuring can be successful. At present, there are still many problems in China enterprises, such as inflexible system, scattered products, poor competitive advantage and poor anti-risk ability. If we don't act carefully, the risk will be great. Therefore, when making decisions such as mergers and acquisitions, enterprises can achieve better results only by combining their own specific conditions, choosing the merger targets that are beneficial to their own development strategies, giving full play to the complementary advantages of geography, specialty and human resources, and improving the efficiency of asset portfolio and market allocation of resources. This paper discusses the existing problems and countermeasures in the current process of enterprise assets reorganization.
First, the problems existing in the asset reorganization of enterprises in China can be summarized into two types: one is to expand the scale through its own development, which is relatively stable, and its weakness is the slow expansion; The other is through the reorganization of enterprise structure, the property rights of different components, different scales and different enterprises are traded through the market to realize the optimal combination of enterprise property rights structure. At present, Chinese enterprises pay more attention to the latter asset reorganization method, which has the advantage of fast reorganization, but there are also many problems in the implementation process.
(1) The system of compartmentalization and hierarchical management of enterprise assets makes its assets reorganization hindered by interest barriers, making it more difficult for enterprises to make decisions.
Merger, acquisition and reorganization of enterprises may increase the number of industries and the types of market supply and demand. This requires enterprises to know more about the various markets they face and improve the ability and quality of market research. At the same time, the increase of business decision-making combination and investment combination will inevitably require enterprises to improve their market decision-making level. With the increase of market types and diversification of product mix, it is bound to increase the difficulty of marketing. Judging from the actual situation in China, many enterprises, driven by economic interests, tend to take the successful product model as a general standard model in the process of asset restructuring, and blindly promote it in new industries where enterprises are involved, thus resulting in the singleness and risk of market development. This kind of promotion strategy, which does not adapt to the characteristics of various industries involved, is likely to lead to the lack of competitiveness of new products, and is likely to lose in the rapidly changing business war in the market situation. In addition, due to the asset reorganization and diversified management of enterprises, enterprises have set foot in many unfamiliar fields, which objectively determines that enterprise decision-makers must have profound knowledge and high quality, and must quickly master the ability and skills of product development and market control in new fields, which is exactly what many enterprise decision-makers can't do in a short time. Therefore, blindness and fuzziness in enterprise decision-making are inevitable, which may make enterprises fall into an inevitable situation? Swamp? In the middle.
(B) The out-of-control management of enterprises has greatly reduced the efficiency of enterprise assets reorganization.
Merger, acquisition and reorganization of enterprises all extend the scale of production, but the management system of the parent enterprise is different from the original management system of the merged and reorganized enterprise, which increases the management difficulty and operational risk after the expansion of the enterprise. First of all, it is more difficult to achieve management by objectives. With the rapid expansion of enterprise scale in a short period of time, due to the existence of diversified interests, the diversification of enterprise goals will also follow. At this time, the management methods and means of enterprises must keep up in time, otherwise the basic requirements of enterprise management and enterprise goals are not unified, and enterprise goal management will be difficult to achieve. Secondly, it is difficult to standardize financial management. Financial management is the center of enterprise management. After the reorganization of enterprise assets, due to the inertia of business activities, it takes some time to fully coordinate the interests of the parent enterprise and the merged and reorganized enterprise. In order to fully understand and master the operating results and financial status of the whole enterprise and provide reliable basis for business decision-making, most parent enterprises will inevitably carry out mandatory financial unification and standardization of newly merged and reorganized enterprises. However, the rapid expansion of enterprise scale increases the difficulty of enterprise financial management, and a little carelessness may cause financial risks to enterprises. Third, the transmission of all kinds of information may be blocked, causing the decision-makers and managers of enterprises to be at a loss. Enterprise decision-makers and managers need to rely on market, financial accounting and other information systems as their decision-making and management support systems, use information data to analyze and judge financing, investment, product development and marketing, and use information index system to control all branches of enterprises. Due to mergers and acquisitions, the scale of enterprises has expanded rapidly, and information transmission links have increased, which may lead to poor coordination among all links, which may hinder the process of information communication and feedback, or lead to many problems such as long time delay. In today's rapidly changing market competition, the information lag often leads to the fatal weakness that large enterprise groups can't adjust their decisions and strengthen their management in time according to market needs, which leads to the situation that enterprise decision makers and managers are at a loss, which is easy to cause economic disputes and the loss of enterprise assets.
(3) At present, the heavy burden, redundant staff and low quality of employees have become the main obstacles to enterprise asset restructuring.
The essence of market competition is talent competition. The period of enterprise merger and reorganization is also the stage of rapid development of enterprises. During this period, it is generally difficult to implement strategic design and adjust the talent structure. Because of the relatively small scale of the original enterprise, it can't adapt to the requirements of enterprise assets reorganization in a short time in terms of talent reserve, talent structure and knowledge complementary ability, and can't gain the competitive advantage of talents in a short time. Coupled with the uneven cultural literacy and technical level of the employees of the merged enterprises, the overall quality of the employees of the enterprises has declined, which makes it difficult to adapt to what modern enterprises advocate? People-oriented? Due to historical reasons, there are many redundant employees, high debt ratio and heavy burden, which leads to the diversion and re-employment of surplus employees in enterprises and becomes an obstacle to enterprise asset restructuring.
(D) pillar products of enterprises are adversely affected, and it is difficult for enterprises to restructure their assets.
The pillar products of enterprises, like the pillar industries in the national economy, play an important role in the development of enterprises. In order to maintain healthy development, enterprises must have their own pillar products as the backing, that is to say, in a certain industry, the main products of enterprises should have a high market share and create rich and stable profits for enterprises. Enterprises' asset reorganization and diversified operation through merger, acquisition and reorganization will inevitably lead to an increase in investment projects and scattered use of funds, resulting in a shortage of funds, which will not guarantee the development funds of pillar products and lose opportunities for further development. There may be such a situation that the supply of products that were originally popular in the market can't meet the market demand, which is equivalent to handing over a piece of land that originally belonged to them to their competitors, which greatly restricts the reorganization and optimization of enterprise assets.
(E) corporate image is damaged, which makes the reorganization of corporate assets lack the necessary incentives and constraints.
Because the merged and reorganized enterprises (subsidiaries) are likely to run poorly and be on the verge of loss and bankruptcy, there are inevitably some differences between them and the merged enterprises (parent enterprises) in corporate culture, management style, technical foundation, product quality, operation mode and personnel quality. If the parent enterprise can't adjust it in time, manage its cadres and employees according to the rules, regulations and styles of the parent enterprise, and strictly control its technology and products according to the standards and requirements of the parent enterprise, it may lead to the behavior of the employees of the merged enterprise deviating from the requirements of the parent enterprise, seriously affect the established good reputation and corporate image of the enterprise, seriously hinder the flow and reorganization of enterprise assets, make the reorganization of enterprise assets lack motivation and pressure, and distort the transportation mechanism of asset reorganization.
Second, the basic idea of enterprise assets reorganization
Enterprise assets reorganization should be carried out in accordance with the law, pay attention to efficiency, make prudent decisions, and improve the efficiency of assets reorganization. Under the condition of market economy, facing the complex external environment, enterprises face many uncertain factors in the process of restructuring, resulting in many Mao Dun. However, as long as enterprises carefully analyze their own strength and the market environment they are facing, enhance their ability to analyze and solve problems, carefully distinguish different situations, take different measures, and operate steadily, they can also successfully implement the enterprise restructuring strategy, and their cohesion and competitiveness will continue to increase, thus making enterprises invincible in the fierce market tide.
(A) the reorganization of enterprise assets should be based on the transformation of enterprise management mechanism and the correct choice of restructuring objectives.
In the reorganization of enterprise assets, we must pay attention to keeping the strategic steps of the reorganized enterprise in harmony with those of the reorganized enterprise, which must be conducive to the realization of the enterprise's own strategy. In particular, it is necessary to find out the current situation and development prospects of reorganized enterprises. For dominant enterprises, merger and reorganization is a shortcut to achieve low-cost expansion; Although the cost of restructuring is low, it does not mean that the parent company is on the verge of bankruptcy and there is no hope of resurrection? Low cost expansion? Wrong is a burden and a loss; Those enterprises that are really unable to update due to poor management or outdated equipment, have good development prospects and are currently in trouble are better targets for restructuring. In this way, we can make use of the assets and human resources of the reorganized enterprise to make up for our own shortcomings, further expand the scale of operation and strengthen the strength of the enterprise. Enterprise's assets reorganization must start with turning losses into profits, and achieve the actual effect of optimizing asset structure and industrial structure, otherwise even the best enterprise will be dragged down.
(2) Enterprise assets reorganization should reform the personnel and distribution system and adhere to the people-oriented principle.
The completeness of talent structure and the quality of employees are the decisive factors for the effective and sustainable development of enterprises. In asset reorganization, enterprises should take human factors as the primary factor to determine the rise and fall of enterprises. First of all, efforts should be made to stimulate the pioneering spirit of employees in reorganized enterprises and build an excellent workforce. Secondly, boldly select and appoint talents who are diligent in learning, seize opportunities, be brave in struggle and be good at management, and form a strong leadership team for the reorganized enterprise. Third, make full use of human resources, adjust the talent structure according to the needs of enterprises, and actively absorb and train technical talents. Fourth, establish a virtuous circle mechanism in which posts can be promoted and demoted, employees can enter and leave, people are appointed on their merits, and talents flow smoothly. Fifth, reform the distribution system, establish an incentive and restraint mechanism that posts depend on competition and income depends on contribution, enhance the cohesion of enterprises, and form a good situation in which people can give full play to their talents and gain competitive advantages as soon as possible.
(C) Strengthen risk awareness, establish an anti-risk mechanism, and improve the efficiency of asset restructuring
Under the condition of market economy, not only the competition is fierce, but also the market changes rapidly, sometimes it is difficult to predict. Enterprises should not only pursue reorganization, but also be good at judging many factors that endanger the survival of enterprises, often conduct crisis analysis, formulate corresponding anti-crisis strategies and emergency measures, survive first and then develop, and never affect their own survival because of development and reorganization, or just consider going forward and not leaving a backward path. On the basis of careful decision-making and steady progress, timely reorganization according to the actual situation of enterprises is very beneficial to the rapid development of enterprises. In the process of reorganization, on the one hand, we should strengthen the management of reorganized enterprises, on the other hand, we should maintain their relative independence, actively guard against industry risks and establish an anti-risk mechanism.
(D) Pay attention to the innovation of pillar new products to ensure the sustainable development of enterprises.
If an enterprise wants to survive and develop, it must maintain a good state of product sales, not only to be profitable and large-scale, but also to always maintain the vitality and competitiveness of its main products. Therefore, it is necessary to upgrade and innovate the pillar products, which is the eternal theme of enterprises. It is necessary to study the possible impact of new theories and technologies on original products, new products and society, as well as the positioning of new products in the market and whether there are substitutes in the near future. In terms of product innovation, enterprises should base themselves on the in-depth development of new products and the improvement of existing pillar products, continue their technological advantages, expand their market share, concentrate on researching related technologies and products, find relevant substitute products in advance, and speed up the upgrading of pillar products.
(e) Be good at decision-making, reduce mistakes and eliminate people's worries about asset reorganization.
Enterprise development strategy and reorganization strategy, which conform to the laws of market economy and the actual situation of enterprises, are the first choice for enterprises to seek greater development. Under the condition of market economy, in order to avoid mistakes and reduce risks as much as possible, enterprises must act according to economic laws and make democratic and scientific decisions. First of all, we must correctly understand and analyze the market demand. Before making a decision, enterprises should do a good job in basic work such as market investigation and analysis, select the target market steadily and accurately, be forward-looking and correctly evaluate the ability of enterprises to enter the market after reorganization. It must not blindly launch a product when it is profitable, and as a result, it will follow the trend, resulting in a situation in which thousands of people share cakes, making it impossible for enterprises to achieve their predetermined goals. Second, we must have strong strength and sufficient market support. It is desirable for enterprises to do what they can, reorganize themselves, expand their scale by using moderate debts and set foot in promising fields, but it must not be done? No business? . Over-reliance on capital market financing and blind pursuit of enterprise scale, rapid restructuring and cross-industry diversification will be fragile, and poor management will endanger the survival of enterprises. Third, the leading industries and pillar products of enterprises must have competitive advantages. In the target market positioning, we should give full play to our advantages and choose those industries with superior production technology, familiar operation and less market competition for restructuring. On the contrary, not only can we not realize the original intention of restructuring to spread risks and increase profit opportunities, but we will enter other industries too much and make enterprises produce these industries? Dyspepsia? , the main business may also be due to? Dyspepsia? And lose the advantage, resulting in uneconomical scale. Fourth, leading industries and pillar products form economies of scale to maximize profits. Compared with large foreign enterprises, the scale of enterprises in China is generally small. In order to optimize the allocation of various resources and maximize profits, the pillar products of enterprises must reach a certain production scale and create the highest investment benefits. Fifth, restructuring should be vertical, and cross-industry horizontal restructuring must be cautious. Vertical reorganization is a reorganization based on the related characteristics of product processing procedures, technology, production, supply and sales. The key point should be to unite the production departments before and after the processing procedure to improve the planning and production efficiency of the enterprise. The investment in technological innovation should be relatively concentrated, and the unit cost of technological innovation should be reduced. Sales-oriented, fixed-point production and fixed-point supply, with production as the core, should build a production, supply and marketing network to reduce market uncertainty. Only in this way can we avoid mistakes in decision-making and successfully implement restructuring.
(six) to establish a practical management system, so that the reorganization of assets is standardized and orderly.
The management system of an enterprise largely determines the rise and fall of an enterprise. After the reorganization of enterprise assets, all elements of its management system, such as personnel, information, quality, cost and finance, will change accordingly, which requires enterprises to establish effective management mechanisms. First of all, we should attach importance to information management, increase the input of information system, make information management occupy the leading position of all kinds of management, use information system to effectively control branches and reorganized enterprises, and establish an information early warning system. Secondly, strengthen quality management and target management. Guided by business objectives and guaranteed by business ability, we should comprehensively use various modern management methods, unify the basic requirements of enterprise objectives and management, improve employees' quality awareness, implement total quality management, earnestly attach importance to product quality, establish a dual audit mechanism for product quality, and change extensive management into intensive management. Third, take financial management as the core, correctly use financing, investment and other means to revitalize existing assets and optimize resource allocation. While ensuring the financial independence of each reorganized enterprise, we should assess the return on investment of the reorganized enterprise, set the internal transfer price of labor services within the enterprise, balance the internal interests of the enterprise, pay special attention to the scheduling of enterprise funds, fully implement cost accounting, establish a modern enterprise system, and create the best economic benefits.
(VII) Founding corporate culture, establishing corporate image, and striving to optimize asset reorganization.
In the process of reorganization, enterprises should pay attention to the differences in management style, technical foundation and staff quality. While absorbing the essence of reorganized enterprises, we should speed up the integration of corporate culture and business philosophy, reorganize employees with advanced corporate culture and education, influence them with unique business philosophy, behavior mode, spiritual realm and ideal pursuit formed by enterprises for a long time, and strictly manage and demand them with advanced corporate rules and regulations, production technology and product standards to avoid their behavior deviating from the development goals of enterprises. In the development and application of new technologies, product quality and the development of sales markets, we should strictly manage, strengthen supervision and establish a unified product quality verification system to prevent inferior products from entering the market. In addition, we should also prevent the brand from being extended indefinitely and selling money with the brand, which will eventually destroy the brand.
Concluding remarks
The spirit of the 16th National Congress of the Communist Party of China has injected new vitality into the development of enterprises in China. In the process of its development, a large number of enterprises will inevitably expand their production scale through accumulation and reorganization, and win glory in the fierce domestic and foreign markets in the tide of market economy. This is? Theory of Three Represents theory? Is the same true of the arduous tasks entrusted to enterprises by important ideas? Pioneering and innovating to keep pace with the times? The spirit of the times puts forward higher requirements for enterprises. Enterprises should actively guard against risks, make careful decisions and develop rapidly according to their own actual conditions, so as to make due contributions to China's modernization.
References;
1, Yang Jie et al. On Enterprise Reorganization, Economic Management Press, 1997.
2. Project Working Group: New Progress in the Construction of State-owned Assets Management System in China, State-owned Assets Management, No.4, 200 1.
3. Cao Gang and Wang Zhongxin: "Ideas on the Reform of State-owned Assets Management System in China", Economic Science Press, 200 1 edition.
4. Wei Jie: Enterprise System Arrangement: Diagnosis of Enterprise Survival, China Development Press, 2002.
5. Huang Qun Hui et al.: Decision-making Mechanism of Capital Reorganization and Relationship between Banks and Enterprises in Transitional Economy, State-owned Assets Management 1998 No.3..
6. Ge Wenxin: Debt Problems and Countermeasures of State-owned Enterprises, Management of State-owned Assets,No. 1, 2002.
7. Zhao Huaiyong, Yang Xiaoyan, Current Situation, Problems and Policy Construction of China's Enterprise Credit Information Industry, State-owned Assets Management, No.3, 2002.
8. Yang Wenjing: Problems and Countermeasures in Enterprise Fund Management, State-owned Assets Management, No.9, 2002.
Enterprise assets reorganization mode 2: On the financing mode of enterprise assets reorganization and its innovative measures Paper Keywords: M&A financing of reorganization financing enterprises
Abstract: M&A is a way of enterprise assets reorganization and an important way of enterprise rapid expansion. Successful M&A can create value for enterprises. In recent years, the number of M&A cases in China has greatly increased, but there are still great obstacles for China enterprises to raise funds in M&A. The existence of this phenomenon has seriously hindered the development of enterprises in China, and it is in urgent need of innovation and reform.
First, the meaning of enterprise restructuring
Reorganization refers to the reconfiguration of enterprise resources, including the reconfiguration of enterprise material resources and the reorganization of enterprise human resources, organizational resources and capital resources. It not only adjusts the production resources themselves, but also the components of production resources. The core of enterprise reorganization is asset reorganization, which is a basic project compared with other reorganizations. Enterprise assets reorganization and financing work has a clear purpose. The main purpose of the work is to clarify the relationship between enterprise property rights and improve the capital structure of enterprises, so as to improve the capital profit of enterprises, enhance the capital financing ability of enterprises, and finally achieve the purpose of separating the functions of enterprises from society, promoting the formation and standardized operation of enterprise management institutions and improving the competitiveness of enterprises. The decision of assets reorganization affects the capital scale and capital structure of enterprises. For example, the difference of capital structure before and after reorganization will lead to different investment ratios of long-term funds and short-term funds, self-owned funds and debt funds in the capital structure of enterprises.
Second, the difficulty of enterprise restructuring.
(A) There are not many financing methods in the process of enterprise restructuring in China.
At present, China's restructuring financing channel is mainly to raise funds through the stock market. However, due to the difficult listing process and many irregularities in the market, its ability to raise funds is very weak compared with Hongkong, Europe and America. Moreover, because M&A financing funds are in great demand and risky, they are not attractive to investors, resulting in an obvious gap between capital demand and supply; In addition, the control of stock issuance quota will also affect the financing scale. The bond market is also the main financing channel for general enterprises. However, due to the low credibility of bond issuers in China, people are worried about the debt service. In order to protect the interests of investors, the state often strictly controls the issuance of corporate bonds. First, total control. Second, the procedures are complicated and can only be issued if the procedures and supporting documents are complete, which often leads to the failure of enterprise M&A funds as expected. Third, there are few corporate bond investors in China. The capital market in western countries is relatively mature, and there are many special funds to invest in such securities. However, the number of institutional investors in China is small and the demand is large, which greatly reduces the financing ability of bonds.
(B) the scale of commercial credit is insufficient
First, due to the state-owned nature of China's banks, investors are not strict about assets, and some enterprises maliciously evade bank debts in the process of debt restructuring, which has caused great losses to banks and affected their willingness to participate. The main issuer of credit in China is banks, and the main users are state-owned enterprises. The unclear property rights of state-owned enterprises have led to the failure to form an effective supplementary mechanism for the capital of enterprises, and they have been relying on blood transfusion from banks, which has caused banks to be overwhelmed and enterprises to make no progress. Finally, enterprises try their best to avoid bank debts, and the government supports the above behavior of enterprises, resulting in a large number of bad debts and dormant accounts. At the same time, in the process of large-scale restructuring of state-owned enterprises at the end of last century, a large number of state-owned enterprises changed hands without stopping production, but most of the state-owned assets were lost. The creditor's rights of banks are not protected as they should be. The above behavior of enterprises directly reduces the quality of bank credit assets. Therefore, the above historical background has affected the ability and confidence of banks to provide credit and reduced the opportunities for enterprises to raise funds from banks. (C) M&A enterprise activation ability is not strong
M&A is mainly to enhance the management ability of M&A enterprises, or make up for some defects, or occupy relevant markets. Therefore, it is very important to activate the ability of M&A enterprises, which requires not only the reconstruction of enterprise structure, but also the capital injection after M&A. Now M&A only pays attention to the success of M&A and the adequacy of M&A funds, and does not pay attention to the activation process of enterprises after M&A is completed, which easily makes M&A activities lose their previous significance.
Third, innovative financing measures for enterprise assets reorganization.
(A) the use of group business model to build charitable trust enterprises.
First of all, we should improve our own operating mechanism and adopt joint-stock operation or group operation. By increasing the size of shareholders and improving the ability of capital supply, we can not only expand the scale of enterprises, but also reduce the financing risk. Establish a strict modern enterprise financial system, strengthen cooperation with third-party accounting firms, audit departments, especially well-known enterprises, and improve the credibility of financial statements.
(B) rich financing methods, differentiated mergers and acquisitions
First, vigorously improve the capital market structure, establish large enterprises and small and medium-sized enterprises, establish and improve different types of capital market systems, and enrich direct financing channels for enterprises, such as increasing the independence of high-tech enterprises, creating venture capital markets, and creating mutual funds for small and medium-sized enterprises. Second, there are two main ways of reorganization at present, namely administrative allocation and market transaction. Enterprises should scientifically evaluate the prospect of mergers and acquisitions and carefully choose the way of mergers and acquisitions.
(3) Activate and transform the merged enterprise.
Treat the existing assets of the merged enterprise differently: 1. For the high-quality assets, products and resources with high brand awareness and stable product performance of the merged enterprise, further investment will be made to promote its benign development; 2. For the general operating conditions, reduce their debts, reduce the burden on enterprises, re-engineer technology, products and management, and cultivate the development of such enterprises. 3. Enterprises that are hopeless and insolvent should be shut down and transferred, sell assets, reduce the burden on enterprises, and obtain funds for the further development of other enterprises. When enterprises merge, they should reasonably choose financing channels, revitalize the assets of the merged enterprises in time, and take off for the new enterprises.
Related articles of enterprise assets reorganization paper:
1. Research papers on enterprise mergers and acquisitions
2. Selected corporate culture model essays
3. Provisions on asset reorganization
4. Enterprise Asset Management Papers
5. Modern enterprise management model essay
6. Enterprise Crisis Management Paper