Research On Stock Price Performance Of China’s Listed Companies Spin-off

With the continuous improvement and development of China’s capital marketand listed companies shrink assets reorganization of the growing demand for strongspin-off, spin-off research theory and practice more and more community concernand attention. Based on a solid theoretical foundation and rich data environment,research on foreign spin-off to the rapid development in twenty years. Spin-off studyin the domestic market is not deep.Under the background of new era, howbest to spin off listing way to play the advantage of asset allocation, become an urgentproblem,and for the spin-off listing Corporation performance research, animportant way is our focus on the subject.This paper uses the event study method,9listing Corporation in China since theyear of2009the main board market by taking the way of listing on the gem as anexample, analysis of comprehensive use of literature review, theoreticaldiscussion, empirical research on the stock price effect, to spin off listing of the parentcompany.According to the analysis, the use of CAR (cumulativeexcess returnrate) and BHAR (buy and hold return)method, studied about9SampleFirms to excess Cumulative Return of the market index. Empirical analysis shows thatthe value of the parent company, spin off for long-termgrowth, better thanthe short-term effect. In view of this, this paper combined with the status quoof China’s gem listing, according to the empirical results, assetsreorganization ofthe listed way put forward corresponding countermeasures andsuggestions. Listing Corporation should suit one’s measures to localconditions, choose the spin off strategy.