| The economic situation has become increasingly complex and changeable,and the negative effects of the "mergers and acquisitions" have accelerated;many companies that implement diversified development have fallen into "diversified deterioration." In December 2019,the China Securities Regulatory Commission(CSRC)issued the “Regulations on Pilot Domestic Listing of Subsidiaries of Listed Companies Spin-off” to provide useful assistance in solving such problems.In practice,not all listed companies achieve positive results by implementing spin-offs;Xinyi Group has implemented spin-offs thrice,both have achieved good operating results and good feedback from the capital market.Among them,this secondary spinoff is better.Therefore,this article selects Xinyi Glass’ s spin-off and independent listing of Xinyi Solar as a research case to explore the mechanism behind the spin-off on the company’s operating results.The research ideas of this article are: First,the core question of this article is raised,namely,what is the mechanism of action? Then,the article lists and reviews the existing literature and theories related to the motives and economic consequences of the spin-off.Next,this article introduces the behavioral background and important nodes of Xinyi Glass spin-off Xinyi Solar and briefly analyzes the strategic purpose of the spin-off.After that,based on the financing constraint theory,reconciliation management theory,benefit transfer theory,control right theory,and principal-agent theory,it analyzes the value creation path of Xinyi Solar’s spin-off.Finally,it evaluates the effect of the above-mentioned path.The research conclusions of this paper are: spin-off and listing create incremental financing benefits by breaking financing constraints,achieving incremental operating benefits through business reconciliation,and optimizing incentives and supervision to bring incremental governance benefits.The main innovations of this article are: this article focuses on the three ways of spin-off and listing to create incremental operating results for companies from the perspective of resource allocation: financing path,operating path and governance path. |
