| Spin-off listing refers to the behavior that the main company separates the subsidiaries or some businesses with independent profitability under its control and lists them separately in the securities market.As a way of contractive asset restructuring,spin-off listing helps to solve the problems faced by companies,such as limited financing channels and low management efficiency.With the introduction of the new regulations on spin-off listing in 2019 and the establishment of the Sci-Tech innovation board,China has set off an upsurge of domestic spin-off listing of a shares.Domestic spin-off listing has huge development space in China.In this context,it is of great significance to study whether domestic spin-off listing can create value for enterprises.This thesis selects the first share of "A split A" in China to analyze the value creation of domestic split listing of domestic listed companies.Firstly,it explores the three ways to realize the value creation of spin-off listing;Secondly,it introduces the current development status of spin-off listing in China;Thirdly,aiming at the typical case of Shengyi Technology’s spin-off listing,this thesis introduces the basic situation of Shengyi Technology and Shengyi Electronics,and explores the motivation of Shengyi Technology’s spin-off listing.Then,based on the differences in the listing environment at home and abroad,the development orientation of subsidiaries,and the characteristics of domestic sectors,this thesis analyzes why Shengyi Technology chooses the Sci-Tech innovation board;Then it analyzes whether and how the behavior of spin-off listing creates value for the enterprise from three aspects: financing efficiency;operation efficiency and management efficiency.Finally,it uses the event research method and the EVA valuation method to analyze the value creation effect of spin-off listing.There are three main conclusions: the financing demand and the need of core strategy are the internal driving forces of spin-off listing,and the favorable factors of macro environment also promote the spin-off listing of Shengyi Technology;spin-off has an impact on the value creation of parent and subsidiary companies through different paths;the spin-off and listing of Shengyi Technology has created value for the parent company,but the impact of spin off on the value creation of subsidiaries is not obvious.Through the analysis of Shengyi Technology case,this thesis puts forward the following three suggestions: enterprises should be cautious about spin-off listing,before spin-off listing,enterprises should fully consider the necessity and feasibility of spin off;it is a good choice to spin-off and listing to the Sci-Tech innovation board,companies that meet the attributes of science and innovation and have difficulty in financing can choose to be split and listed on the Sci-Tech innovation board;after listing,we should draw more attention to the follow-up development of subsidiaries,make use of the funds and channels brought by the financing effect,and improve the operation and management level of the company,so as to realize the value creation of subsidiaries.The possible innovation of this thesis is to start with the motivation of enterprise spin-off listing,clarify the motivation of enterprise value creation,deeply explore the specific realization path of spin-off listing to enterprise value creation,and finally test the company’s value creation by using stock price response and financial indicators to form a relatively complete analysis chain.At the same time,in the process of case analysis,this thesis also uses the multi-level capital market theory to analyze why Shengyi Technology chose to spin-off listing on the Sci-Tech innovation board,which can provide some reference for other companies planning to spin-off listing on the Sci-Tech innovation board. |
