Research On The Motivation And Economic Effect Of Real Estate Enterprises’ Spin-off Property Listing

Deepening the financial supply-side structural reform is the only way to promote the high-quality development of the real economy and listed companies,and spin-off listing is one of the measures to deepen the financial supply-side structural reform.,An important means for the capital market to optimize resource allocation.China is currently improving the basic systems such as spin-offs and listings in accordance with the market-oriented rule of law.In December 2019,the China Securities Regulatory Commission put forward substantive conditions for the A-share spin-off and listing,clarified the conditions for the spin-off pilot,standardized the spin-off and listing process,and strengthened supervision of the spin-off and listing behavior.This article uses the literature research method to summarize and sort out domestic and foreign literature on spin-offs and listings.Taking the spin-offs and listings as the entry point,through case analysis,Country Garden Holdings Limited and its spin-off wholly-owned subsidiary Country Garden Services As a research object,try to explore the reasons for Country Garden’s spin-off of Country Garden’s service listing and evaluate its economic effects.The reasons include broadening financing channels,introducing institutional investors and motivating management,and evaluating its economic effects through market response analysis,financing related analysis,and financial performance.Analysis,corporate governance analysis and potential risk analysis are described in five aspects,and an attempt is made to build a multi-dimensional analysis framework for real estate companies’ spin-off property listing.The research results show that the spin-off of the Country Garden service not only has a significant announcement effect in the short-term,but also has a significant excess return on the stock price.At the same time,after the spin-off of the subsidiary company,it has made efficient expansion acquisitions and established a joint venture to promote "three supply and one Industry " project,successfully launched the city symbiosis plan project,and promoted the continuous expansion of the scale of Country Garden’s services.Secondly,the financial performance analysis showed that Country Garden’s services had good financial growth.In addition,through the introduction of strategic investors and equity incentives,to a certain extent Optimized corporate governance.In general,the spin-off and listing of this case is successful.This article attempts to use Country Garden’s spin-off Country Garden service case to bring someinspiration to the real estate industry’s spin-off and listing.It is hoped that it can prepare for or intend to spin off high-quality assets.Other listed real estate companies provide some reference and reference.