Study On The Spin-off Of GEM And Its Effect

The pharmaceutical industry needs to restructure its industrial structure and restructure its assets due to the new policies of the phannaceutical industry and the national "12th five-year" plan.It is a trend of the pharmaceutical industry to adjust the industrial structure and obtain financing in the way of asset reorganization.The enterprise has not only satisfied by the traditional way of merger and acquisition,spin off listing as tight way of asset restructuring,has been widely used in the mature capital market of Europe and America,and has been used by more and more listed companies of our country.The process of spin off listing is an important part of the spin off listing,embodies the operation pattern of the spin off listing,the low success rate of spin off listing in our country,especially the spin-off case to GEM is very few.So study the process of spin off listing,especially the process and influence of spin off to GEM,can offer lessons to the success of spin off and correctly guide the pharmaceutical industry in our country,and even other industries listed companies using spin off listing structure adjustment and restructuring resources and meet the demand of financing.In this paper,study the first example of the spin off listing of GEM in China-conba spin off jolly.First,combined the background of the pharmaceutical industry and policy background with dynamics agent analysis,draw the conclusion:the development of the pharmaceutical industry and policy support means spin off listed on the GEM easier success;Secondly,The parent company relinquished control of the subsidiary it analyzes the compliance of the split listing and concludes that it is easier to succeed on the GEM listing if the parent company relinquished control of the subsidiary company.Finally,analyzing the strategic effect and the effect of the financial analysis of the spin off listing,draw the conclusion:(1)After the spin-off listed,the parent company realize capital withdrawal and promote professional operations,the management of the subsidiary was motivated;(2)The financial effects of the parent company and subsidiary are improved.The implication of this paper is:(1)It will be better to spin off if the parent company and subsidiary have a small business related;(2)It is easier to succeed on the GEM listing if the parent company relinquished control of the subsidiary company;(3)The spin-off can bring positive effects to the parent company and subsidiary;(4)The supervision department should strengthen the guidance of the listing and formulate more standard policies.The main contribution of this paper:based on the urgency need of resource restructuring and financing of listed companies,It will be better to spin off if the parent company and subsidiary have a small business related.At the same time,it is proposed to pay attention to the compliance of the policy in the process of spin-off.In the operation,the parent company can give up the control of the subsidiary company to achieve the purpose of splitting the listing.