Research On The Impact Of The Spin-off On The Innovation Performance Of High-tech Enterprises

On December 13,2019,China Securities Regulatory Commission(CSRC)issued Several Provisions on the Pilot Program of Listed Companies’ Spin-off of Subsidiaries for Domestic Listing,clarifying the conditions for the pilot spin-off,which attracted the attention of domestic listed companies to the spin-off listing,and the A-share market set off a craze for the spin-off listing.Spin-off listing is an important way of asset restructuring,which can effectively solve the problems of limited financing channels for large groups,lack of management incentives,and low efficiency of group management.Therefore,listed companies hope to use the policy dividend of spin-off listing to promote the development of enterprises and stimulate the vitality of companies.And innovation is the key to the sustainable development of enterprises,and high-tech enterprises take innovation as the fundamental driving force.High-tech enterprises choose to split their high-quality businesses for listing,which can stimulate enterprise vitality,improve the efficiency of resource allocation,promote the increase of innovation investment and innovation output,and further improve innovation performance by virtue of the advantages of split listing.In view of this,this paper takes Jangho Group,a high-tech enterprise,as the research object,to review and summarize the existing domestic and foreign literature and theories.On this basis,this paper builds a theoretical analysis framework for spin-off listing and innovation performance,and uses the case study method to explore the impact of spin-off listing on group innovation performance,and deeply analyzes the impact path of spin-off listing on group innovation performance.This study finds that spin-off listing will have a positive impact on the innovation input,innovation output and innovation efficiency of Jangho Group.Comparing the difference of innovation performance between the two spin-offs,it is found that the second spin-off listing has a more significant impact on the innovation performance of Jangho Group.After in-depth study,we can find that the spin-off listing mainly affects the innovation performance of Jangho Group from three dimensions:financing path,governance path and operation path.In addition,compared with the first spin-off,the second spin-off of Jangho Group gave full play to the advantages brought by the financing path and operation path,thus promoting the overall improvement of the group’s innovation performance.Based on the above research,the following suggestions are put forward: enterprises should rationally look at the spin-off listing and break through the innovation dilemma of enterprises;Fully consider the risks of different capital markets,and clarify the purpose of spin-off listing;After the spin-off listing,enterprises should focus on long-term development,give full play to the synergistic effect of operation,optimize the allocation of innovation resources,and enhance the innovation ability of enterprises.The research of this paper is helpful to enrich the research achievements in the field of spin-off listing,and has certain theoretical significance.At the same time,under the policy background of government support for spin-off listing,this paper can also provide some suggestions and thoughts for other high-tech enterprises trying to spin-off listing,which has certain practical significance.