Comparative Study On The Financial Performance Of Gem Spin-Off

In recent years,as slowing the pace of IPO audit,enterprise financing constraints problem again.So the spin-off listed as one of the financing channels get the market hot up again.However,due to the capital market in our country compared with Europe and the United States and other developed countries is not perfect enough,small and medium-sized investors protection measures also does not reach the designated position,main market for spin off listing still exist many restrictions.So domestic main board listed companies for the realization of the spin-off purposes,often through other countries or regionsBut as the main board and GEM of mature gradually in recent years,domestic main board listed companies listed on the domestic spin-off subsidiary conditions more sophisticated,and based on analysis of domestic listed company board can alleviate the current situation of enterprise financing difficulties,so the domestic spinoff listed can promote the subsequent development of subsidiary has important practical significance.Splitting the Nationz Technologies based on zte kahn bei spin-off comparing with Jolly Pharmaceutical as a case study in this paper.First of all define specific research topics of this article,on the basis of this system are expounded about the document of spin-off listed motivation path and effect,and the split behind equity relationship and related transactions between parent-subsidiary system carding summed up again,to compare analysis of the break-up of two different cases,than in the process of case analysis from the Nationz Technologies and assist Jolly Pharmaceutical since its inception to the spin-off of the entire equity changes in circulation situation,comparing two subsidiaries the market performance of the listed after the split enterprise value change,and by establishing the model,the establishment of index system,using the sample paired T-test and factor analysis research unit spin-off after long-term financial performance,and compared with their financial performance before spin-off.Eventually send now with pharmaceutical industry after the spin-off listed,in the case of financial performance to maintain relatively stable,the enterprise value and the Nationaz Technologies long-term market performance have obvious ascension technology after the spin-off listed,its financial performance market performance and so on enterprise value have fallen significantly.Based on Value Chain and the Theory of Motivation perspective to assist Jolly Pharmaceutical and Nationz Technologies spin-off listed after the performance differences,Draw the following conclusions:(1)based on Value Chain perspective,because of national technology and potential competition relationship between parent company and lead to spin off before there are a large number of related party transactions,the controlling shareholders to cash,caused by a related party transactions of listed companies to the Nationz Technologies performance of listed as the original parent company after exit,results also showed a trend of decline rapidly;(2)based on the perspective of Motivation Theory,Nationz Technologies was spun off and listed mainly based on the Market Timing Hypothesis,in order to obtain equity premium through selling;The aim of the spin-off is to close the internal capital market and solve the negative synergies.