Research On Value Creation Path Of Apptec Spin-Off Listing

With the rapid development of global economic integration,many Enterprises in China have attached importance to the operation of capital.However,due to the increasing business segments of listed enterprises,there are problems such as unbalanced resource allocation and limited development of emerging businesses.In order to break through the development obstacles,more and more enterprises choose to split part of the assets through the capital operation of listed separately to create value for the enterprise.As a leader in the field of pharmaceutical research and development,wuxi Apptec was delisted in the United States and then successfully spun off and listed in China,showing a relatively mature performance in capital operation.Therefore,this paper takes Wuxi Apptec as the research object to deeply analyze the path of spin-off listing to enterprise value creation.At present,most literatures focus on the economic motivation and economic effect of spin-off listing,but there are few researches on value creation path.This paper defines the driving factors of enterprise value creation as financing activities,business activities and governance activities,involving multiple theories including information asymmetry theory,financing strategy theory,management incentive theory and core strategy theory.At the same time,the value creation path is defined and the logical framework is constructed from the motivation of spin-off and listing.After that,the theoretical framework is combined with the case subject of Wuxi Kant to analyze the specific content of the value creation path of Wuxi Kant.Finally,the economic effect of spin-off listing is analyzed from three aspects: reaction of capital market,financial data and non-financial data.This can form a complete analysis context,so as to deeply analyze the value creation path of spin-off listing.The conclusions of this paper are as follows :(1)spin-off listing is a kind of capital operation,which affects enterprise efficiency through financing,operation and governance activities,and ultimately affects enterprise value.(2)Spin-off and listing broadens financing channels,reduces information asymmetry and financing costs,thus enhancing financing effect and realizing value creation.(3)Split listing strengthens incentive effect,optimizes equity structure,introduces foreign capital to standardize company operation,thus enhancing governance effect and creating enterprise value.(4)Spin-off and listingcombined with the business development strategy to realize the professional operation of the parent and subsidiary company and promote the vertical integrated operation,so as to enhance the operation effect and realize value creation.According to the above conclusions,this paper puts forward some suggestions for the spin-off listing: for enterprises,they should make clear motives when choosing spin-off listing,combine the actual operation situation of enterprises with the actual demand of development,and improve the value of enterprises from the three paths of financing,operation and governance.For the market regulator,it is necessary to identify and judge the motivation of the spin-off and listing of enterprises.Secondly,it is necessary to actively promote the establishment of multi-level market and constantly improve the regulatory system of the domestic capital market,so as to ensure that spin-off and listing can create value for enterprises in a healthy and long-term way.This paper supplements the domestic case study of split listing,and provides reference for other enterprises that want to achieve value creation through split listing,which has certain practical significance.