Research On The Impact Of Xtc New Energy’s Spin Off Listing On Enterprise Value

The spin-off and listing,as a form of contraction and restructuring of assets,has been widely used abroad.Due to the late start of China’s capital market and the lack of relevant systems,there are not many examples of spin-off and listing domestically.In 2019,with the official launch of STAR Market,the China Securities Regulatory Commission made specific requirements for enterprises intending to spin off and list domestically,which once again attracted peopl’s attention.Existing research has shown that spin-off and listing can bring short-term positive market reactions and long-term value appreciation and are more focused on overseas spin-off and listing.Different from previous literature,this paper chooses a small number of companies that have successfully completed the “A spin off A” as research cases to explore how spin off listings have an impact on corporate value,providing reference for companies planning to choose domestic spin off listings.This paper selects the case of Xtc New Energy’s spin-off listing.Firstly,this article reviews the existing research results from two aspects: the motivation to spin off and its impact on corporate value.By combining relevant theories with previous studies,the reasons why spin-offs affect corporate value are summarized and sorted out.Then,the theory is combined with specific cases to analyze how spin-off affects enterprise value.Finally,this article uses event research method and EVA to assess the value creation of spin-off.The conclusions of this study are as follows: the spin-off listing has a substantial impact on the value of enterprises in terms of corporate governance,business activities,and information disclosure.Firstly,by introducing external investors,spin-off listing can improve the company’s equity structure while providing more targeted incentive methods.Secondly,spin-off listing can obtain investment funds through equity financing,consolidate similar businesses,and enhance the decision-making independence of subsidiary companies.Finally,spin-off listing provides a platform for subsidiary companies,which can independently disclose information,broaden communication channels,and external supervision can effectively suppress opportunistic earnings management behaviors of enterprises,and enhance information transparency.Based on the above analysis,this article proposes reasonable suggestions for the companies under consideration for spin-off and regulatory authorities.Companies should make a reasonable choice on whether to carry out spin-off listing based on their own development,and continue to pay attention to their subsequent development after the listing.Regulatory authorities should strengthen their qualification review of companies considering spin-off and encourage high-quality companies to carry out spin-off listing.