Research On The Influence Of Spin-Off On The Subsidiaries' Company Value

Spin-off listing is widely used in China,but it has received little attention and research.In particular,the original intention of spin-off and listing should be to enable potential subsidiaries to achieve long-term development,but at present,there is almost no research on the impact of spin-off and listing on subsidiaries.It is particularly important to study the influence of spin-off and listing on the value of subsidiaries when the new third board(neeq)deepens the reform and technology innovation board is highly anticipated.This paper takes China Baoan spin-off and listing BTR as an example,and introduces the process of China Baoan spin-off and listing BTR by introducing the new third board,relevant policies,industries and company background through case analysis.This paper analyzes the influence of spin-off and listing on the value of subsidiaries from the aspects of display platform,information disclosure,financing channels,corporate governance and management incentives.This article through BTR after spin-off listed for case analysis concluded that spin-off listed subsidiary company of the value of the company as a whole have a positive impact,spin-off listed subsidiaries directly to financing,can acquire opportunities to assess its value of the stock price,the second to independence from the company system,management incentive,aspects of the positive influence of subsidiary company.At the same time,this paper suggests that the subsidiaries to be spun off should have the characteristics of relatively independent business,their own profit model and core advantages,so as to achieve good growth in the new third board through spin-off and listing.