Research On The Effects Of Spin-off Listing On The Listing Companies’ Operating Performance

After the news that Main board of listing Corporation which satisfy six conditions can spin off at GEM in 2010 released by Securities Regulatory Commission, the spin-off has become a topic concerned by Theoretical circles and Practical realm. The public debate always revolves around whether the enterprise should spin off or not? What are favorable and unfavorable of spin-off impact on business? Aiming at explaining this problem, using the factor analysis, the operating performance of the Spin-off Company and ex-spin off company are comprehensively evaluated and comparatively analyzed.On this basis, after Aggregating the sample spin-off companies, the result suggest that most of the spin-off company are medium-sized state-owned enterprises, and many companies split a number of subsidiaries to list. On the contrary, due to the slow approval process and difficulty to meet the conditions, the quantity of private enterprises spin off company is few. What’s more, there is a "dominance" phenomenon in State-owned enterprises and government-owned treats enterprises and private enterprises for differently. So, In this paper, using the perspective of property rights, by analyzing the differences of state-owned enterprises and private enterprises in the operational capacity, profitability, capacity development, social responsibility and the level of risk, the index system of factor analysis is constructed, and the article use this system to evaluate and analysis the state-owned enterprises and private enterprises comprehensively. Meanwhile, the impact to operating performance of Spin-off company caused by above five factor has analyzed.Through empirical research, the following conclusions are obtained:First, in the overall samples, Spin-Off does not make operating performance improved.Second, the state-owned enterprises and private enterprises differ in performance before and after the Spin-Off. State-owned enterprises operating performance present downward trend, on the contrary, private enterprises present upward trend. And because of the different nature of property rights, corporate operational capacity, profitability, capacity development, social responsibility and the level of risk have different impact on the company operating status.