| It was a golden era of Economic Development for European countries in the 1930 s.All trades and professions flourished and many small companies took this opportunity to grow rapidly. In this increasingly fierce competition environment, many enterprises implemented diversification strategy by mergers and acquisitions methods. In addition, many enterprises attempted to reduce business risk by expanding the business scope when they were seeking higher economic profits, so many enterprise groups which operated scope cover all walks of life have appeared one by one. However, many enterprises discovered that it is difficult to balance development of numerous business in the process of diversified operation, because of the different industrial characteristic, different operational channels, different management methods. In order to achieve the goal of the enterprise’s flourishing development, many enterprise groups in Europe and the United States began to consider returning specialized operation mode, so many subsidiaries which business relationship not strong or management direction different were spin-off, through the capital market to collect fund and solve the problem in process of development, and improve the operating results of the parent-subsidiary company.Compared with Europe and the United States which use spin off listing more mature, the spin off listing mode in China has just started and the research in this field is minimal. Under the background of the Internet comimg into the enterprises, Yongyou as a key provider of domestic software choose to spin off Chanjet listed in HK to becoming the first A-share split H-share listed company which have important significance in the spin off; history in our country. In order to understand the impact of the spin off to the parent-subsidiary company, the paper from two aspects to build financial effect research plan about Yonyou spin-off Chanjet : financial data analysis and shareholder value impact analysis.The first chapter is the foundation of the whole paper, the research from background, significance, domestic and foreign research status and related theory four aspects to analysis, which is the basis for the analysis below.The second chapter mainly introduct the basic situation of the parent-subsidiary company, then analysis equity relationship between the parent-subsidiary company listings before and after. At the same time, in order to know the Yonyou and Chanjet’s development prospects in the future, the paper research the development of the industry.The third chapter is the core of this paper, which from the motives, the conditions, the financial data and shareholder wealth three aspects to research the impact of the spin off listing. In order to better interpret the reasons for the spin off, the article use the SWOT analysis to research the development of the company. At the same time, compared with the splitting cases which are failured to find the reasons for the successful listing of Yonyou. In the financial data analysis, this article from two aspects of financial quality and financial capacity to evaluate. In the analysis of shareholder wealth use CAR model to analyze the spin off events which brings influence for Yonyou and competitors. Finally, combining with company’s development the artical give interpretation about the two aspects of the positive and negative influence.The last chapter is based on the analysis of the previous chapters, the paper put forward some advice for the future development of Chanjet. At the same time to provide some constructive suggestions for potential listing Corporation. Finally, the paper puts forward the shortcomings of the writing. |
