Resarch On The Motivation And Performance Of Changchun High-Teach Spin-Off

In recent years,the negative synergies brought by mergers and acquisitions have become increasingly prominent.More and more Chinese enterprises have begun to restructure assets and try to reduce the degree of business diversification.As an important way of asset reorganization,spin-off and listing is conducive to reducing information asymmetry,realizing business focus and broadening its financing channels.In December 2019,China Securities Regulatory Commission issued an announcement,allowing domestic listed companies to spin off independent subsidiaries to the Science and Technology Innovation Board.Therefore,many companies announced the "A spin-off A" spin-off plan.The new medical reform policy is constantly improving,promoting the pharmaceutical industry in our country constantly changing.Among the spin-off listed enterprises,medical enterprises account for a relatively high proportion,and Changchun High-tech,as the first medical enterprise to spin-off its subsidiary to the Science and Technology Innovation Board,is representative to a certain extent.Based on the literature research method and case study method,this paper explores the impact of spin-off and listing on the comprehensive performance of the parent-subsidiary company from the perspective of the motivation for the spin-off and listing of Changchun Gaoxin,in order to provide reference for other medical enterprises to be spin-off and listed.Firstly,the concept and theoretical basis of spin-off listing are expounded.Secondly,from the perspective of the basic situation of the company,the background of the spin-off listing system and the industry background,the motivation and process of the spin-off listing of Changchun High-tech is analyzed.Finally,Dupont analysis method,factor analysis method and event study method are used to study the financial and non-financial performance of the parent-subsidiary company before and after the separation,so as to draw research conclusions.Through research,it is found that it is difficult to release the real value when Biogas relies on Changchun Gaoxin,and the parent-subsidiary company has a high capital demand due to the industry characteristics and corporate strategy,so Biogas is split and listed to improve the company’s financing efficiency,governance efficiency and operating efficiency.Specific conclusions are drawn through analysis: First,spin-off and listing can effectively improve the short-term performance of the parent-subsidiary company,but its long-term performance still needs to be further studied by combining various factors.Second,after the announcement of the spin-off and listing plan,the parent company can obtain positive short-term market effect and improve the market visibility of the parent-subsidiary company.Third,the spin-off and listing meet the financing needs of the parent-subsidiary company,optimize the corporate governance mechanism,and enhance the company’s research and development ability.Finally,based on the above conclusions,relevant suggestions are put forward from the perspective of enterprises and regulators,in order to provide suggestions for other medical enterprises to be split up.