China's Listed Companies To Split The Behavioral Research

The main reason of diversification is that diversification has made enterprises expanding their scale to raise income. Therefore the reorganization and merging of the assets became the important ways to expand benefits. However, since 1980s or 1990s, diversification leads to low efficiency of management and there are many difficulties to reach synergy, which made people began to think over. As a result, seeking the rational border of the enterprise, shrinking the existing scale of the enterprise, and dismantling the enterprise are the results of the calm thinking the diversification.This paper intends to study the spin-off of list companies in our country. First of all, it recommended the theory of spin-off and current studying situation both at home and abroad, then observed that the basic classification and the basic reasons of the listed companies in our country spin-offs; Secondly, it analyzed the existing questions of the listed companies in our country 1) False phenomena in spin-off; 2) be influenced by un--market factors; 3) lacking the support of core professional abilities after spin-off and so on. Thirdly, there are targets to analyses the list companies which succeed in dismantling at present in our country: Beijing Tongrentang Co., Ltd., Tongrentang Science Technology Co., Ltd., Legend Group and Digitalchina Co., Ltd., After observing the performance situation of change around dismantling, some similarities and differences that exist in dismantling respect, we proposed some things the listed spin-off companies facing: 1) it can not content with one's lot to recognize the risk; 2)there are not consistent with the current business field and strategy in the future ,companies' spin-off facing some contradictions and traps. Finally, it concluded 1) in our country, there are existing just sell-offs and equity carve-out, and it is difficult to spilt-offs totally; 2) the main reason of false operation in spin-off is fuzzy behavior over property right, and the relevant laws lacking the coordination each other; 3) it should pay attention to building the intermediary; 4) the listed companies should pay more attention to managing the structure and strengthening the key competitiveness.The paper acted as sure supplementing of spin-off in combining practice and theories in our country. And when analyzing the behavior of spin-off, there is certain enlightenment in studying the domestic listed company.