| As one of the important means to optimize the allocation of resources in the capital market,the spin-off of a listed company can help the company to establish a scientific business structure,improve the incentive mechanism of the management,further expand the financing channels,and enable the company to obtain a more reasonable valuation.In our country,caused by a lack of spin off listing system,regulatory supervision strictly,therefore the domestic listed companies spin-off listed in less successful cases,as SciTech Innovation Board launch and splitting the affiliated subsidiaries in the listed company listed several provisions on the pilot(regulatory hair [2019] 27),the regulator release "encourage innovation,to create a favorable environment for reform of stateowned enterprises and listed companies" policy signal,spin off listing has become a major focus in the domestic capital markets in 2020.China Railway Construction Corporation(hereinafter referred to as the "CRCC")as a large state was the forerunner of the spin-off listed on the road: on December 16,2015 to build a spin-off CRCC high-tech equipment co.,LTD.(hereinafter referred to as the "railway construction equipment")to Hong Kong to become the first successful spin-off A + H shares listed on the state;On December 18,2019,less than A week after the promulgation of certain regulations,China railway construction released the "plan for splitting its subsidiary China railway construction heavy industry group co.,ltd.into A listed company on the science and innovation board",becoming the first listed company in China to release the plan for "A dismantling A".Railway construction equipment,in fact,2 years after the break-up operating income fell sharply,financial performance is poor,but after four years of China railway construction is still in the first time today choose to spin off subsidiaries railway construction heavy industry listed on Sci-Tech Innovation Board,the reason is worth thinking,spin off listing for enterprise performance exactly what impact is worth exploring.Therefore,this paper selected the case of China railway construction corporation's dismantling of railway construction equipment,took the economic motivation of the dismantling as the starting point,discussed the implementation of motivation from two aspects of overall performance and specific performance,and analyzed the influencing factors not discussed in the previous literature.Study found: splitting the railway construction and equipment of China railway construction economic motivation and direction of the existing hypothesis,based on the capital market performance and the performance evaluation index of EVA to determine overall effect after spin-off listed,found that after the spin-off listed subsidiary has not improved,the value of the parent company is not worth from the subsidiary;Thorough analysis spin-off listed subsidiary company's financial performance and non-financial performance all aspects of influence,results show that the spin off listing of railway construction equipment after long-term performance did not produce bigger positive impact,improve financial performance only solvency in the financial aspect mainly for the perfection of corporate governance structure and technological innovation ability of ascension.The main reason for the failure of the spin-off is that the enterprise has a large industry risk and policy risk,at the same time,the management incentive is not in place after the spin-off,and the efficiency of capital use is low.It is hoped that this paper can provide reference for the spin-off of China railway construction corporation and other companies,so that the spin-off of other listed companies can better create value for the enterprises. |
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