Analysis Of The Causes And Effects Of Corporate Spin-off Listing

Since the development of diversification in the last century,the development of enterprises can no longer be satisfied by the expansion of scale alone,and a series of development problems brought about by the operation of a solution.This is what this article is about--spin-off listing.In the 1980 s and 1990 s,the practice of spin-off listing prevailed in the United States.As an important means of corporate restructuring in the international capital market together with separation,China’s development of spin-off listing was relatively late.Due to the imperfect capital market system in China and the strict requirements of domestic mainboard listing,China’s spin-off listing before 2010 was mainly overseas spin-off and Hong Kong share spin-off.In general,the corporate strategy of spin-off listing and overall listing is of equal status in the capital market.The research on spin-off listing is conducive to understanding the behavior and influence of spin-off listing,which is of great significance to the development of the company.In the continuous development of China’s economy,it is inevitable to split off the company’s businesses or subsidiaries.After years of attempts,many listed companies have successfully split up.Due to the restrictions of national conditions and the requirements of policy conditions,compared with the mature capital environment in foreign countries,the cases of spin-off and listing in China are still relatively few.However,with the more relaxed and mature CSRC audit,this paper believes that spin-off subsidiary listing will become a common capital means.So in the context of China,what is the motivation for enterprises to choose to split and list? Is it really good for the development of the enterprise or improve the value of the company? These are all questions worth discussing.As the number of listed companies being split and listed in China increases,so does the research.Some people think that the spin-off listing may be just a kind of "circle money" and speculation means,the motivation for its question? Some people think that the spin-off and listing can both improve the performance of subsidiaries and thus drive up the value of the parent company.Or they think that the spin-off and listing does not improve the company’s business condition but increases the company’s management cost and reduces the management efficiency.They have doubts about the effect of spin-off and listing.In this paper,first of all,by describing the spin-off listed in China’s status quo,analysis of China’s enterprises choose what are the impetuses for the spin off listing,effect performance,analysis and evaluation system,finally combining case analysis of the specific reasons of spin off listing and discusses the effect of the spin-off listed after the success,the hope of listed companies in the process of selecting the spin off listing to provide certain reference.