Research On The Motivation And Effect Of Dongyue Group’s Spin-off Dongyue Silicon Material Listing

With continuous highlighting of the advantages of the spin-off,the spin-off listing system is gradually developed and improved.At present,the policy channel of domestic spin-off listing has been officially opened,and more and more listed companies began to prepare for the spinoff.Our country is in a new wave of spin-off listing.As one of the means to promote the optimization of capital market resource allocation,spin-off listing is bound to have an impact on the operation and development of the parent-subsidiary company.In addition,the current academic research on Chinese spin-off listing believes that it brings mainly positive effects,but due to the inappropriate timing selection and incomplete analyses in the decision making of the split,the poor corporate governance effect,insufficient incentive measures,weak market attraction and other problems after the implementation of the split,the weakening of the positive effects should also be paid attention to.Based on this,this paper selects the case of Dongyue Group’s spin-off of Dongyue Silicon Material to the Chinese GEM,uses the case study method to analyzes the specific motivation,implementation effect and effect cause of the spin-off listing,then draws the corresponding case study conclusions and enlightenments.Firstly,this paper reviews the relevant literature on the motivation and effect of spin-off listing,and on the basis of relevant theories,summarizes the influence mechanism of spin-off listing financing effect,governance effect and operation effect.Secondly,this paper briefly introduces Dongyue Group,Dongyue Silicon Material and the basic situation of the spin-off and listing,then analyzes the real motivation of Dongyue Group’s spinoff Dongyue Silicon Material listing from many aspects.Thirdly,this paper focuses on the realization analysis of Dongyue Group’s spin-off Dongyue Silicon Material listing of financing effect,governance effect and operation effect,then the deep causes of these effects are also analyzed.Finally,this paper draws some conclusions through case analysis,and provides reliable guidance for other companies to be listed through spin-off from the perspective of parent-subsidiary companies.