| With the gradual improvement of the "double carbon" and "1+N" policy system,the power industry is taking the lead under the "double carbon" goal.Driven by the policy,the wind power industry has achieved rapid development and entered the stage of fierce competition in the market.Wind power industry as a technology-intensive industry,in order to obtain technological competitive advantages,enterprises need to invest a large amount of research and development funds,long-term stable support enterprises to carry out technological innovation and research and development.In the spin-off and listing case of Shanghai Electric selected in this paper,the parent company of Shanghai Electric belongs to the cyclical manufacturing industry with poor financial condition,while its subsidiary Electric Wind Power belongs to the manufacturer of wind turbine,which is in the middle stream industrial chain and the leading position in the industry.However,limited by the financial situation of Shanghai Electric,it is difficult to provide research and development funds for subsidiary electric wind power,let alone provide follow-up development funds for its performance improvement and sustainable and steady development.Therefore,Shanghai Electric urgently needs to find stable financing channels for its subsidiaries.In December 2019,China Securities Regulatory Commission(CSRC)officially issued the Regulations on the Pilot Domestic Listing of Listed Companies by Spin-off of Their Subsidiaries(hereinafter referred to as the "Regulations"),which opened A new window for the refinancing of listed companies and set off a wave of spin-off listing among A-share companies.Under the multiple background of policy support,financing needs and performance improvement,Shanghai Electric started the road of spin-off and listing for one and a half years to meet the financing needs of subsidiaries and promote the sustainable and healthy development of the enterprise.This paper takes Shanghai Electric as the research object,comprehensively uses literature research method,case analysis method and event study method to analyze and study the impact of its spin-off subsidiary electric wind power on its listing on the Science and Technology Innovation Board.By reading and studying relevant literature,the connotation and location selection of spin-off listing are sorted out and summarized,so as to understand and master the relevant research of spin-off listing on enterprise performance.On this basis,the supporting policies,development scale and prospect of wind power industry are introduced and analyzed.Based on the theory of information asymmetry,the theory of financing demand,the theory of core-oriented strategy and the theory of property rights,the performance evaluation method of Shanghai Electric and Electric Wind Power is used to analyze and study the performance of the two spin-off subjects.This paper summarizes the basic situation of the parent company and the subsidiary company,analyzes the background and process of the parent company’s spin-off and listing,further discusses the motivation of spin-off and listing,and analyzes the impact of spin-off and listing on the market performance of the parent company,the financial performance of the parent company and the subsidiary company and the operating performance of the parent company.Finally,according to the research and analysis results,the spin-off and listing promoted the development of the core business of the parent-subsidiary company,alleviated the short-term debt repayment pressure of the parent-subsidiary company,preliminarily realized the development layout of the parent company’s new energy industry,and put forward reasonable suggestions for improving the performance of the parent company and the subsidiary and achieving sustainable and healthy development after the spin-off and listing.This paper hopes to provide useful reference for more listed companies by studying the impact of the spin-off listing on the performance of Shanghai Electric. |
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