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近年来，受国际经济形势下行以及中国经济结构转型的影响，铁矿石行业发展环境发生了深刻变化。首先是铁矿石市场整体处于产能过剩局面，铁矿石价格在2014年和2015年出现“断崖式”下跌，企业利润逐年减少，出现连年亏损的局面；其次，部分铁矿石生产企业因严重资不抵债而陷入停产或半停产困境，这不仅占用了庞大的社会资源，还对整个行业的转型升级进程构成了严重阻碍；此外，铁矿石企业融资贵的问题依然突出。考虑到铁矿石行业产能过剩，陷入不景气周期，且短期内无法彻底改善，钢铁企业将持续面临经营困局和业绩压力，整体转型具有必要性和迫切性。

资产剥离，作为企业收缩战略的一种重要手段，在优化企业产业规模、完善产业结构、提升经营效率以及改进法人治理等方面都具有积极作用。然而，许多上市企业在实施资产剥离后并未达到预期效果，反而陷入财务困境，因持续亏损而被暂停上市。鉴于这种结果的不确定性，深入研究上市企业在完成资产剥离后的绩效变化显得尤为重要，具有重要的理论和实践价值。

本文以2016年攀钢钒钛剥离近90亿资产为案例进行分析。首先从外部环境和内部环境两个方面分析其资产剥离发生的动因。然后利用事件研究法和比较研究法，从市场绩效、财务绩效和管理绩效三个方面，对此次资产剥离绩效进行全面分析。在市场绩效上，通过计算累计超额收益率和购买持有异常收益率，发现短期表现平淡，但长期效应显著；在财务绩效上，一是通过攀钢钒钛自身纵向对比，二是通过与行业均值和河钢股份进行横向对比，发现攀钢钒钛的盈利、偿债能力等都在资产剥离后有了较大地提升；在管理绩效上，着重选取相关指标，综合判断得出本次资产剥离实质性提升了企业价值。最后，本文对攀钢钒钛2016年资产剥离案例的分析情况作出结论，希望能够给将要实施资产剥离的企业一些启示：一是重视并加强相关性信息披露；二是客观认识并主动运用资产剥离；三是根据资产剥离目标制定科学的资产剥离方案；四是注重资产剥离后资源整合。

In recent years, by the international economic situation downward and the impact of China's economic structure transformation, iron ore industry development environment has undergone profound changes. First of all, the iron ore market as a whole is in a situation of overcapacity, iron ore prices in 2014 and 2015 appeared "cliff type" decline, corporate profits decreased year by year, the situation of losses for years; Secondly, part of the iron ore production enterprises due to serious insolvency and into production or semi-suspension of production difficulties, which not only occupies a huge social resources, but also on the transformation and upgrading process of the industry as a whole constitutes a serious obstacle;In addition, the problem of expensive financing for iron ore enterprises is still prominent. Considering that the iron ore industry has overcapacity and is caught in a recessionary cycle, and cannot be completely improved in the short term, steel enterprises will continue to face operational difficulties and performance pressure, and the overall transformation is necessary and urgent.

Asset divestiture, as an important means of corporate contraction strategy, has a positive role in optimizing the industrial scale of the enterprise, perfecting the industrial structure, enhancing operational efficiency and improving corporate governance. However, many listed enterprises have not achieved the expected results after implementing divestitures, but instead have fallen into financial difficulties and have been suspended from listing due to sustained losses. In view of the uncertainty of such results, an in-depth study of the changes in the performance of listed firms after the completion of divestitures is particularly important and has significant theoretical and practical value.

This paper analyzes the divestiture of nearly 9 billion assets of PGVT in 2016 as a case study. Firstly analyzes the motivation for its divestiture to occur in terms of both the external and internal environments. Then it utilizes the event study method and comparative study method to comprehensively analyze the performance of this divestiture from three aspects: market performance, financial performance and management performance. In terms of market performance, by calculating the cumulative excess return and abnormal return on purchase and holding, it is found that the short-term performance is mediocre, but the long-term effect is significant; in terms of financial performance, firstly, through the longitudinal comparison of PGVT, and secondly, through the horizontal comparison with the industry average and HBIS, it is found that PGVT's profitability, solvency, and other indexes are greatly improved after the divestment; in terms of management performance, we focused on the selection of relevant indicators and made a comprehensive judgment to conclude that the divestment has substantially enhanced the value of PGVT. Finally, this paper makes a conclusion on the analysis of the case of PGVT's divestment in 2016, and hopes to give some inspiration to enterprises that will implement divestment: first, pay attention to and strengthen the disclosure of relevance information; second, objectively recognize and actively use the divestment; third, according to the goal of the divestment of the development of scientific divestment programs; fourth, focus on the resource integration after the divestment of the assets.