Successful Case Analysis Of GOME Spin Off Listing

Spin off listing, as a form of asset restructuring, has become one of the main methods of corporate restructuring and innovation which is popular in European countries since the 1980 s. Spin off listing can be divided into two categories:the first kind of spin off listing and the second category of spin-off listing, according to the group company whether is listed before spin off listing. Whether spin off listing, which has been long-standing in Europe and the United States, can fit in China or not is the problem concerned by many scholars. In order to make use of the experience in the old days, we should know the spin off listing theoretically first, then study on the concept, reason, condition and mode of the spin off listing. As usual, we research theory first, and then the practice.We have witnessed the development of private enterprises and the contribution to the socialist society mandates since China’s reform and opening up 30 years. The private enterprises increasingly demonstrate new vitality in new era and new development mode, which gradually become the important power of prosperity in China’s capital market. The reason why we choose the appliance industry is the constant innovation and vitality of the home appliance industry for decades. This article select GOME as example because the outstanding performance as a leader in the capital market.In order to know what the combination of spin off listing and the China’s private enterprises can spark of and depending on the above ideas and the answer to the questions, this article attempts to study the significance of private enterprises refinance with the help of spin off listing, using case analysis, factor analysis and the theory of economics, finance, management and other aspects, in order to promote the regulation of the national macroeconomic and the reform of the capital market.This paper is divided into four parts:The first part is "Introduction". This part starts with the background and significance of the topic, then summarizes and combs the national economic environment and social hot spots, and determines the value of the research. The part of the overview of the theory of spin off listing is the theoretical support of this paper. The literature review of this field prove the results of the research, standing on the shoulders of the previous in-depth study. Clear the research methods throughout the article and determine the logic principle, then comb the logical structure as follows.The second part is "case introduction". This part enters the practical research stage. This article discusses the reasons for the selection of the case first, introduces the industry overview of the research object, as well as the development of the research object in recent years, the main business and industry status. Then the article start analysising the process of the spin off listing of GOME, in accordance with before, in and after the spin off listing. We mainly analysis the operation of the spin off listing, the changes of the internal equity and earnings of the enterprise, and the development of the related corporates.The third part is "case analysis". Firstly, this part makes a theoretical study on the definition, motivation, condition and mode of the spin off listing with the help of the relevant economic theory, financial theory and management theory. We compare the various financial indicators of the enterprise before and after the spin off listing using factor analysis method, not only vertical contrast themselves, but also the horizontal contrast of the same industry. This article enters into the main part of case analysis after contrasting the various index. The cost-benefit analysis before and after the spin off listing is using the intuitive information of the indicator, adding their own situation, the industry status and overall economic environment for more comprehensive and in-depth research in reality.The fourth part is "conclusion". This part is a summary of the full text, as well as the result of the full text. From the point to the face, this article study the operation process of case and analysis and study on the development, which are to provide reference for other Chinese private enterprises and promote the healthy development of the capital market of our country.