| In recent years,gradually improved as the a-share market supervision mode and the registration system of comprehensive advancement,a-share market is becoming more and more mature,the regulator’s attitude toward China’s listed companies to spin off listing from strict gradually to encourage.This series of signals released objectively encouraged the confidence of China’s listed companies to split and go public.Thus the a-share market boom.In the past,the forms of spin-off listing in China were mainly divided into the following two types: overseas listed companies spin-off their subsidiaries and go public in A-shares;A-share listed companies spin-off their subsidiaries and go public in Hong Kong.But in the future,there will be more and more cases of Chinese listed companies splitting their subsidiaries and listing in A-shares.This paper chooses Shengyi Technology spin-off Shengyi Electronic listing as the case study object.On the one hand,it puts forward its own research views aiming at the shortcomings existing in the existing literature,in order to enrich the related research on spin-off listing of listed companies in China and improve the relevant theoretical framework.On the other hand,through the study of China’s first "A demolition A" typical case to understand the spin off listing process,motivation,and whether it can bring positive effect.Finally,the paper summarizes the case,in order to provide experience and reference for more A-share companies to split and go public.This paper first summarizes the domestic and foreign spin-off related literature,and then puts forward the contribution of this research compared with the existing literature by evaluating the contribution and deficiency of the existing literature.Secondly,the theoretical part involved in the spin-off listing is described.Then,the paper comprehensively describes the reorganization arrangement,the process of listing,and the equity structure after listing of Shengyi Technology and Shengyi Electronics.After that,the author evaluates whether it is in line with the macro policy of the capital market and the real need of the company’s development by exploring the motivation of the spin-off and listing of Shengyi Technology.Finally,based on the driving factors of spin-off listing,this paper makes an in-depth analysis of the effect of spin-off listing from the two dimensions of reaction effect of capital market and reaction effect of enterprise internal,and evaluates whether spin-off listing will have a positive effect and whether the motivation of spin-off listing can be realized.Through in-depth analysis of the case,the following conclusions are drawn:the internal and external motives of spin-off listing complement each other and have a certain logical relationship;Spin-off listing can have a positive market effect on parent and subsidiary companies in a short period of time.The capital market reacted most strongly to the parent company’s announcement of a planned spin-off.Although spin-off listing has improved the governance structure of subsidiaries to a certain extent,it has not improved their governance efficiency.Spin-off listing not only alleviates the financing constraints of parent company and subsidiary company,but also optimizes the capital structure.Spin-off listing not only enhances the profitability of the parent company,but also improves the core competitiveness of the parent and subsidiary companies.On the basis of the research conclusions,this paper draws the following enlightenment: enterprises should pay attention to the improvement of endogenous growth capacity;Enterprises should pay close attention to the industry’s upstream and downstream dynamics and strengthen enterprise supply chain management;Enterprises should make full use of the funds raised in listing and improve the efficiency of capital utilization. |
