Research On The Path And Effect Of Spin-off Listing Of Shengyi Technology

With the intensification of market competition and the adjustment of industrial structure,corporate restructuring has become an indispensable part in the development and reform of enterprises.In recent years,China's multi-level capital structure has been further improved,and the policy on domestic spin off and listing has been further relaxed,which has significantly accelerated the speed of spin off and listing of A-share companies.The spin off rules of listed companies clearly put forward that spin off and listing will help enterprises expand financing channels,straighten out business structure,improve incentive mechanism and obtain reasonable valuation.Driven by strategic development and capital demand,Shengyi Technology successfully spin off Shengyi Electronics for domestic listing,which has important reference significance for other enterprises planning to spin off and list,especially electronic component enterprises.Taking the first share of "A split A" —Shengyi Technology split Shengyi Electronic listing as the research object,this thesis uses the literature research method to study different value theories,so as to summarize and put forward suggestions and enlightenment.Firstly,it classifies the research results on the motivation,path and performance of spin off at home and abroad,and divides the concept of spin off listing,so as to lay the foundation for the following research;Secondly,this thesis focuses on the analysis of the reasons for spin off listing,the influencing factors of path selection and the realization mode of spin off listing,and analyzes the effects of spin off listing from the perspective of market,financing,operation and governance on the basis of relevant theories,which confirms the prediction that spin off listing will bring positive market effect,alleviate enterprise capital pressure and improve corporate governance;Finally,this case also reveals that companies planning to spin off and list need to make sufficient preparations,such as paying attention to domestic policy changes,business relevance,capital market choice and so on.As an important long-term contraction strategy of corporate restructuring,spin off and listing can help alleviate the financial pressure of the parent company.The form of "A spin A" provides more choices for the restructuring of listed companies.This thesis aims to provide enlightenment for the spin off of listed companies to domestic listing and contribute to this research field.