| In order to focus on core business,the high quality assets with little correlation with core business are stripped off and listed separately under the condition of diversified development of enterprises at the present stage.On December 13,2019,China Securities Regulatory Commission(CSRC)issued several Regulations on Pilot Domestic Listing of Listed Companies by Spin-off of their Subsidiaries,further clarifying the requirements for spin-off listing,which once again made spin-off listing a boom in the capital market.In this context,it is of great practical significance to study the path of splitting and listing of listed companies and the economic effects it can produce.Based on partitioned offering relevant theories at home and abroad,using literature research form the research idea,to divide cement,jinyu group was realized by assets reorganization and jidong cement cement business listing agent were analyzed,and then through the case analysis,the spin off listing process carries on the comprehensive analysis,and then through the combination of with the method of financial indicators,The economic effect formed by spin-off listing is analyzed in data to realize further analysis.Finally,this case is discussed to analyze the interaction effect of the motivation,scheme selection and economic effect of spin-off listing,and based on this,to provide reference for other enterprises that intend to go spin-off listing.It is found in this paper that before an enterprise plans to go public in a spin-off,it should make a comprehensive evaluation based on national policy requirements,external market environment,internal operating conditions of the enterprise and future development strategy to clarify the motivation of the spin-off.When formulating the listing plan for the spin-off,one is to effectively combine with the motivation of the spin-off,the other is to determine the independence of its own business segments,in order to maximize the synergistic effect after the spin-off,design a reasonable plan to avoid the situation of industry competition after the spin-off.After the implementation of the spin-off listing,we should pay attention to the organic integration between the spin-off business segment and the injected company,and learn from each other’s strengths according to the business model of the two,so as to achieve the maximum economic effect after the spin-off listing.In addition,this paper obtains the following enlightenment from the case of cement business of Jinyu Group: First,in addition to the direct IPO listing,we can also choose to acquire the appropriate target company first and then carry out asset injection to achieve the curve listing.However,when using this method,one is to pay attention to the choice of the target company,it is best to choose companies with acquisition needs and similar to the spin-off business,so as to facilitate the subsequent better business integration,achieve synergistic effect between the two,and maximize the benefits of spin-off listing;Two is when making assets injection,offers a new way for us,by removing the business volume is larger and involve numerous companies,direct injection of high complexity and difficulty,can try to use the two sides set up a joint venture for asset injection,again by the absorption merger of listed companies has been holding the way to achieve the goal of spin off listing. |
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