Research On The Motivation And Performance Of The Split And Listing Of Central Enterp Rise

In recent years,with the rapid development of China’s capital market and the previous upsurge of the overall listing of state-owned enterprises,many large listed state-owned enterprises in China have achieved further growth.However,with the gradual expansion of the scale of listed state-owned enterprises and the further intensification of market competition,more and more listed state-owned enterprises are difficult to achieve the sustainable development of diversified business,and even the expansion of diversified business has brought negative synergy.Therefore,listed large state-owned enterprises began to explore the means of asset contraction in order to realize the long-term appreciation of their high-quality assets.Spin-off listing,as an important way of asset contraction,is popular in Europe and the United States.It started relatively late in China.However,with the successive issuance of overseas and domestic spin-off listing documents and the gradual increase in the number of successful cases of landing,spin-off listing has become one of the ways that state-owned enterprises in China focus on asset contraction and restructuring.This thesis selects Poly Development,a property company under the spin-off of Poly Development,the head enterprise of central enterprises in the real estate industry,as the research object.Through analyzing the reasons before the spin-off and the performance comparison after the spin-off,the relevant conclusions drawn here hope to provide some reference significance for the spin-off of domestic central enterprises.First of all,based on the previous literature,this paper summarizes and summarizes the relevant concepts and basic theories,which provides the theoretical basis for the subsequent case analysis.Secondly,this paper gives a detailed description of the history and current situation of China’s split and listing,and introduces the development of parent company and subsidiary company Poly.Then,according to the actual situation of the case and the relevant theoretical basis,this paper makes a detailed analysis of the motivation and performance of the listed companies.In the aspect of motivation,this paper discusses the financing demand,core strategy,improving market valuation,motivating management and deepening reform.In terms of the performance of the split listing,this paper analyzes the market performance,financial performance and non-financial performance.Finally,through the analysis of the case,the paper puts forward some enlightenments from the aspects of reducing the relevance,paying attention to the strategy and cultivating the core competitiveness.