Effect Evaluation Of "A Dismantle A" Of State-Owned Enterprises Under The Background Of Mixed Reform

At the end of 2019,the China Securities Regulatory Commission issued relevant documents to formally regulate the regulations and operating methods for A-share listed companies to split their subsidiaries for domestic listing(i.e.,"A-share split A"),marking the further improvement of the capital operation of split listing in China.In the context of the continuous deepening of mixed ownership reform in state-owned enterprises,the completion of mixed ownership reform through the domestic listing of subsidiaries will become a priority choice for more and more state-owned enterprises to implement the reform.This article selects the case study of China Railway Construction Corporation(CRCC)splitting up CRCC Heavy Industry in China,hoping to provide experience for other state-owned enterprises to choose reform paths and provide reference suggestions for relevant regulatory agencies.Firstly,this paper summarizes the relevant literature at home and abroad,and summarizes the research and viewpoints of scholars at home and abroad;Then,it defines the relevant concepts of this article,compares the relevant policies and regulations of the split listing in different markets,and lays the foundation for the following conclusions.Subsequently,this article introduces the participants in this spinoff listing,analyzes the motivation for this spinoff listing,sorts out the plan and process,and then evaluates the rationality of the selection of the spinoff listing plan.In the effect evaluation section,the author analyzed the "A to A" case from four dimensions: market effect,financial effect,governance effect,and operational effect.Finally,this article concludes that the "A demolition A" of China Railway Construction has brought a significant positive market reaction to the parent and subsidiary companies.At the same time,the subsidiary Railway Construction Heavy Industry has expanded its financing channels and replenished its working capital;Helping the parent company stabilize its asset liability ratio.In terms of governance effects,it has helped subsidiaries improve their governance structure,stimulated management,and optimized their employee structure;In terms of company operation,the subsidiaries have completed the expansion of assets and revenue,laying a foundation for subsequent development.Moreover,this "A demolition A" basically achieved the goal of mixed transformation.This article also raises issues found through research,including the low efficiency of asset operation after the listing of CRCC Heavy Industry,the relatively serious dependence on key customers,and the weak development of overseas strategies.At the end of the article,this article suggests that CRCC and CRCC Heavy Industries take advantage of market advantages to complement their own weaknesses and continue to strengthen their core competitiveness;It is recommended that other state-owned listed companies reasonably choose to split and list according to their industrial structure;It is recommended that regulators improve the information disclosure system,focus on monitoring the risk points after the split and listing,and maintain the orderly operation of the capital market.