The Influence Of Spin-off Listing On The Value Of State-owned Enterprises Under The Background Of Mixed-ownership Reform

In 2013,the third Plenary Session of the 18 th CPC Central Committee brought mixed ownership reform of State-Owned enterprises into a new stage.The three-year Action Plan proposed in 2020 provides detailed and clear phased goals for state-owned enterprises.In 2019,the successful opening of the STAR MARKET and the introduction of the new rules on domestic spin-off listing provided a platform for SOEs with high growth and innovation to carry out mixed ownership reform with the help of the capital market,which helped to motivate the target companies and achieve the goal of "maintaining and increasing the value of state-owned assets".Taking China Railway Construction Corporation as an example,this paper focuses on the influence of the spin-off listing on the short-term value and long-term value of SOEs under the background of mixed reform.The paper firstly reviews the existing research and theoretical,and then reviews the listed cases of CRCC High-tech Equipment Corporation and China Railway Construction Heavy Industry Corporation,including the development history,business operation,the whole process of spin-off listing and the comparison of similarities and differences.The core of this paper is the case analysis of the two spin-off listing process and the impact of long and short term value.For the short-term value,this paper analyzes through the event study method and the change of stock price.For the long-term value,according to the requirements of the SASAC for the performance evaluation of SOEs,this paper uses the EVA and the enterprise performance evaluation standard of financial indicators to analyzes the longterm value changes of subsidiary.The conclusions of this paper are as follows :(1)for the short-term value,spin-off has a positive effect on the parent company,but the duration is limited;for subsidiaries,a more reasonable pricing is helpful to stabilize the market value in a short period after the issuance.(2)for the long-term value,spin-off and listing cannot help improve the value of all potential subsidiaries.Under the influence of declining performance and low efficiency of operation and management,the long-term value creation ability of Railway construction equipment and all aspects of financial indicators are poor.The improvement of long-term value depends more on the management efficiency and core competitiveness of the company after the spin-off and listing.In view of the case analysis,the main suggestions of this paper are as follows :(1)Before the spin-off and listing,the target subsidiary should be carefully picked.The macro policies,customer concentration and parent-subsidiary related transactions should be focused on;(2)During the procession,a reasonable spin-off listing scheme can be designed to introduce strategic investors and make full use of market-oriented pricing mechanism and green shoe mechanism;(3)After the spin-off and listing,pay attention to the long-term growth of performance,especially to improve the efficiency of asset management,capital utilization and R&D innovation ability.