【作者】 王智；

【导师】 沈华玉； 高树茂；

【作者基本信息】 华北电力大学(北京) ， 会计硕士（专业学位）， 2024， 硕士

【摘要】 在经济增速放缓的大背景下,全球经济格局的深度调整使得繁荣经济背后的结构性问题和矛盾突显出来。能源化工产业曾以高速增长助推国家经济发展,但现在却面临着资源约束、环境压力以及全球能源结构变革的多重挑战。在这样的时代背景下,能源化工行业加快培育新质生产力,以技术创新为引领,向绿色高效、可持续的方向发展。为了适应清洁能源、低碳发展的时代潮流,企业开始积极探索转型之路,资产剥离成为了企业战略转型的重要手段之一。通过剥离非核心业务和不良资产,企业可以优化资源配置,提高核心业务竞争力。然而,能源行业企业的转型与资产剥离并非易事,在制定转型策略时,企业需要充分考虑市场需求、技术趋势、政策法规等多方面因素。如何把握住新机遇、找到新质生产力、实现产业升级和可持续发展,均是传统能源行业需要深入思考和解决的问题。从LPG贸易起步到涉足LPG深加工,最终成功转型为绿色化工制造商,东华能源不仅实现了经济效益的稳步增长,更在推动能源化工行业绿色发展方面做出了积极贡献。本文综合运用案例研究法、事件研究法和突变级数法,对东华能源资产剥离的动因、过程以及效果进行全面剖析,在此基础上为计划通过资产剥离进行战略转型的企业提供参考。研究结果表明,东华能源资产剥离的外部动因主要源于绿色发展趋势的推动、国内新能源新材料产业政策的利好以及国际形势影响下的原材料价格波动。从内部来看,公司主营业务利润空间缩小,市场竞争力下降,亟需通过调整利润结构来应对市场挑战。资产剥离后,东华能源的短期市场绩效和长期综合绩效均有所提升。在资产运营能力方面,在建工程增速仍然较大,因此并未出现显著的提升。本文基于研究结果得到以下启示:首先,企业应正确认识资产剥离的作用,科学规划发展蓝图,确保资产剥离与企业整体战略相契合;其次,在剥离资产的选择上应审慎行事,确保剥离的资产能够为企业带来实际效益;最后,企业还应深化风险防控体系,完善问题应对机制,以应对可能出现的各种风险和挑战。更多还原

【Abstract】 In the context of slowing economic growth,the profound adjustment of the global economic pattern has highlighted the structural problems and contradictions behind the prosperous economy.As a pillar industry of the national economy,the energy and chemical industry once supported the development of the national economy with rapid growth,but now it is facing multiple challenges from resource constraints,environmental pressure and global energy structure reform.In such an era,the energy and chemical industry has accelerated the cultivation of new quality productivity,and promoted the development of the industry to a green,low-carbon,efficient and sustainable direction led by technological innovation.In order to adapt to the trend of clean energy and low-carbon development,enterprises have begun to actively explore the road of transformation,and asset divestment has become one of the important means of enterprise strategic transformation.By divesting non-core businesses and non-performing assets,enterprises can optimize the allocation of resources,concentrate on the development of core businesses,and improve operating efficiency.However,the transformation and divestment of companies in the energy sector will not be easy.When formulating transformation strategies,enterprises need to fully consider market demand,technology trends,policies and regulations and other factors.How to grasp new opportunities,find new quality productivity,achieve industrial upgrading and sustainable development is the problem that the traditional energy industry needs to think deeply and solve.Starting from LPG trade,becoming involved in LPG deep processing,and finally successfully transforming into a green chemical manufacturer,Oriental Energy has not only achieved steady growth of economic benefits,but also made positive contributions to promoting the green development of energy and chemical industry.This paper uses case study method,event study method and mutation series method to analyze the motivation,process and effect of Oriental Energy’s divestment.On this basis,it further provides reference for enterprises that plan to carry out strategic transformation through asset stripping.The research results show that the external motivation of Oriental Energy’s divestment mainly comes from the promotion of global green development trend,the favorable policy of domestic new energy and new material industry,and the fluctuation of raw material price under the influence of international situation.Internally,the profit margin of the company’s main business has narrowed and its market competitiveness has declined,so it is urgent to adjust the profit structure to cope with market challenges.After the divestment,the short-term market performance and long-term comprehensive performance of Oriental Energy have been improved.However,in terms of asset operation,there was no significant improvement as the growth rate of projects under construction was still large.Based on the above research,we get the following enlightenment:first,enterprises should correctly understand the role of divestment,scientifically plan the development blueprint,and ensure that divestment is consistent with the overall strategy of the enterprise;Secondly,we should act prudently in the choice of divested assets to ensure that the divested assets can bring practical benefits to the enterprise.Finally,enterprises should also deepen the risk prevention and control system and improve the problem response mechanism to cope with various risks and challenges that may arise.更多还原