Research On The Performance Consequences Of Jinshan Software Spin Off Subsidiary Listed On The Science And Innovation Board

With the promulgation of Several Provisions on the pilot domestic listing of subsidiaries of listed companies,there has been a wave of spin off in the domestic capital market,and many companies have submitted spin off and listing plans one after another.As an important means of asset contraction,spin off listing is sought after by listed companies because it has many advantages,such as meeting the financing needs of companies and eliminating negative synergies.However,spin off listing also faces many problems and risks.If enterprises only see the benefits of spin off listing and blindly follow suit regardless of their own actual situation,it will not only be conducive to the long-term development of the company,but also have a negative impact on it and even disrupt the order of the capital market.Jinshan software is one of the first batch of successful spin off and listing enterprises after the establishment of China's science and innovation board.Its subsidiary Jinshan office has been deeply engaged in the field of office software for many years.Its main product WPS is the only office software that can compete with Microsoft in China.Under the background that the government advocates the localization of software and the deepening of cloud office,it is of more practical significance to choose the spin off of Jinshan software and the listing of Jinshan office as the case object.This thesis uses the combination of literature analysis and case analysis to analyze the performance consequences of the separation of Jinshan software from Jinshan office to the listing of science and innovation board.Firstly,the thesis expounds the related concepts and theories of spin off listing,then introduces the motivation and process of Jinshan software spin off listing,and finally analyzes the market performance and financial performance before and after the spin off of parent and subsidiary companies.The study found that Jinshan software spun off its subsidiaries for listing based on four factors: meeting financing needs,dispersing business risks,highlighting core business and releasing market value.From the perspective of market performance,after the announcement of spin off and listing,market investors gave positive feedback on the spin off of Jinshan Office of Jinshan software in the short term,and the value of the company was improved.From the perspective of financial performance,the profitability of Jinshan software and Jinshan office has been greatly improved after the spin off,but the operating capacity has been reduced.Based on the above conclusions,this thesis proposes that Jinshan software and Jinshan office should strengthen their own operating asset management,the companies to be spun off and listed should carefully consider the spin off and listing behavior in combination with the industry background and their own development status,and the regulatory authorities should further improve relevant laws and regulations and guard against insider trading and related party transactions between parent and subsidiary companies,so as to standardize the development of spin off and listing business in China.