Performance Research On Changchun High-tech Spin-off And Listing

The 20th National Congress of the Communist Party of China was held in Beijing from October 16 to 22,2022.The congress proposed that in economic construction,it is necessary to accelerate the construction of a new development pattern,focus on promoting high-quality development,and build a high-level socialist market economic system.With the continuous development of China’s economy and the prosperity of the capital market,the number of listed companies is increasing,the scale is getting bigger and bigger,and the industry and business scope are also expanding.At the same time,the company’s management efficiency is not improved and it lacks sufficient funds to grow,which may make it miss out on development opportunities.Therefore,spin-off and listing has become a new development direction.On January 5,2022,the China Securities Regulatory Commission issued Announcement No.5,announcing the rules for the spin-off of listed companies,and the state allows and encourages enterprises to spin off to achieve the purpose of improving operating capabilities.However,the specific motivation for the spin-off and listing,whether the expected effect of the company can be achieved after the spin-off and listing,and the impact on the performance of the parent company have not been clearly concluded,so it needs to be discussed in depth.Changchun High-tech was taken as the research object,and the research content was the performance changes of Changchun High-tech after the spin-off and listing.Firstly,the literature classification and review on spin-off and listing at home and abroad are reviewed to construct a research framework.Later,with the support of financing strategy theory,core strategy theory and management incentive theory,the motivation and process of Changchun high-tech listing spin-off were analyzed in detail.Next,the research focus is to comprehensively evaluate Changchun High-tech through the analysis of its performance before and after the spin-off and listing.In this process,a variety of research methods are employed,including stock price analysis,event research,entropy and analysis of their non-financial performance.It is found that after the split,the company’s earnings and debt-repayment related financial indicators have developed in a better direction,its ranking in the industry has risen,the value of the market has been released,and the financing ability and innovation ability have been improved to a certain extent.However,after the spin-off and listing,Changchun High-tech has also undergone some negative changes,such as the weakening of its operating capacity due to the impact of the epidemic-related situation.According to the analysis conclusion,three suggestions are given to relevant enterprises that are willing to spin off and list:first,enterprises should start from their own strategic planning and reasonably choose the spin-off business;Secondly,enterprises should comprehensively consider external timing and internal timing when spinning off and listing;Finally,after spin-off and listing,enterprises should focus on the improvement of long-term enterprise value.