Research On The Economic Consequences Of Splitting Listed Company

The continuous development of economic and technological science has led to the upgrading of China's economic and industrial structure.At the same time,the capital market is also constantly improving and standardizing.In this case,companies are no longer simply pursuing scale expansion,but are paying more attention to efficiency.Therefore,the split-listing as a contraction asset reorganization method has attracted more and more attention and attention from investors.The use of spin-off listings abroad has matured,but in 2000,the dismantling of the listing of Tongrentang in China made this type of capital operation gradually known in China.Research in this field is still in its infancy.Yonyou has chosen to spin-up Chanjet to Hong Kong for listing in the context of corporate internetization,becoming the first successful A-share listed company to be split into H-share listings.It was in the history of spin-off listing.It is of great significance.The research idea is that,First,the core concept of spin-off listing and the existing domestic and foreign related research results are summarized,and the summary analysis of split-listing Mainstream perspectives and theories;then,select the case as research object,the company's background and the splitting process,and the compliance of both sides of the case.To describe,taking the motivation of spin-off listing as the starting point of the case study,on this basis,we will focus on the in-depth study of the impact of spin-off listing on the company's resource allocation,corporate governance,and corporate value.Finally,based on the analysis of the case,it draws conclusions and makes recommendations.This paper has the following findings:(1)After the spin-off,the mother-subsidiary company's investment and financing status has improved;on the other hand,it is conducive to promoting the parent-subsidiary company's core strategy,improving management efficiency,and strengthening product innovation;(2)Spin-off The listing promoted the strategic transformation of the company,effectively improved the information asymmetry of the subsidiary,and promoted the implementation of the equity incentive mechanism;(3)From the perspective of short-term market reaction,as the subsidiary company is a quality asset,market investors are optimistic about its development prospects.Listing will help increase the share price of the parent company and increase the market value of the company;(4)The spin-off listing also brings certain negative impact.After the spin-off,the management fees of the subsidiary will increase,and then it will be too high during the transition period of the Internet.R&D expenses and the free marketing model used to expand market share have made the parent company's profitability poor.However,from the perspective of long-term development,the company's growth capability is still worth the wait.The innovation of this paper is that this article selects the Yonyou split Chanjet as the research object and starts with the reasons for the split,and demonstrates the impact from the perspectives of resource allocation,corporate governance and corporate value.This case is the first case of A-share listed company's spin-off to the successful listing of H-shares.The case is relatively new and of significance for research.