Listed Companies To Split

Corporate Restructuring is a common redistribution of resources in modern economy, which includes corporate expansion, contraction, changes in ownership structure etc. It is well-known that the agency problem is caused by the interest conflicts between the manager and the shareholders, so the key aims of Corporate Reorganization is as follows: 1. To adjust the interest of the managers and shareholders of the company. 2. To make the economic structure the most valuable one for the uses of assets by means of transferring the assets to the operator who can make the most of the assets. 3. To improve the scale economies of management by means of mixed consolidation. Most of the conglomerate merger in early stage are proved to be defeated and unreasonable, which didn't improve the expected profit but reducing the operation efficiency of the company. In the 80's, England and American enterprises adopt Corporate Sell-offs to solve the problem of faulty operation. It is considered some parts of the company sold off can realize more value than that kept in the company. So Corporate Sell-offs is popular both in the stock market of some developed countries, such as England, America, but also in the capital market of the developing countries, such as Hong Kong.But the theory and practice of Corporate Reorganization in China emphasis on M&A, Change of ownership, Corporate Spin-offs, Equity carve-outs never happen in Chinese capital market (Shenzhen and Shanghai stock-exchange). In fact, in western theory and practice of Corporate Sell-offs, Corporate Sell-offs is not just a part of M&A, it is now an important reorganization of economic resource when the company facing the new internal and external competitive environment. The dissertation researches and probes into the area of Corporate Sell-offs based on the shortages of theory research and practice in China.The dissertation adopts the research method which combines comparison, deduction, induction, positivism and standardization. It starts with the motives, types and theory hypothesis of Corporate Sell-offs, then analyzes the differences of the characteristics and the incentives of listed Corporate Sell-offs, combining the reasons of the differences of listed Corporate Sell-offs in China. It also probes into the obstacles in the implementation and its solutions.Part Ⅰ is the brief introduction of Corporate Sell-offs, introducing the motives, types of Corporate Sell-offs in England and American countries, the western theory explanation of the incentives and effects of Corporate Sell-offs.Part Ⅱ analyzes the status quo of listed Corporate Sell-offs in China in detail. Firstly, it summarizes the differences of the characteristics and the incentives of listed Corporate Sell-offs in China from some original data of Corporate Restructuring (including assets stripping or stock right offering and assets replacement). Secondly, it analyzes the internal and external factors, such as system factor, market factor and company factor, which restricted the development of listed Cooperate Sell-offs in detail.Part Ⅲ is the principal part of the dissertation. It analyzes the changes of the internal and external conditions which affect listed Corporate Sell-offs, and the positive significances of Corporate Sell-offs by using the case of Tong Ren Tang Sell-offs, which is the first Corporate Sell-offs in China. Finally some development suggestions are put forward to aim at the implement obstacles of listed Corporate Sell-offs.The positive environmental changes of listed Corporate Sell-offs lie: From the angle of external environment of listed Corporate Sell-offs: (1) The development of the state macro-economic-structure and foreign biological techniques provides listed Corporate Sell-offs with the industrial foundation. (2) The establishment of multi-level security market provides listed Corporate Sell-offs with the market foundation. (3) The changes of laws and regulation standardize listed Corporate Sell-offs.From the angle of listed company: (1) The diff...