The Research Of The Effects Of Equity Carve-out On Corporate Performance

With China's rapid economic development and the growing capital markets,corporate restructuring phenomenon is becoming more and more,as an effective way of allocation of resources.In the past,Chinese companies are keen to pursue economies of scale,greater use of the expansion type of mergers and acquisitions.As another way of corporate restructuring,the company tightening by the concern to be less.But in recent years,macroeconomic gradually cooling down,some listed companies blind pursuit of the size of the company's initiatives reflect the past and turning to the crunch-style restructuring.The China Securities Regulatory Commission in 2010 launched a policy to allow the Main Board listed companies to carve-out the subsidiaries listed on the GEM,has been a high degree of concern in the capital market.Equity carve-out as an important way of companies tightening restructuring to the capital markets in developed countries has been widely used.In recent years,the domestic part of the listed companies have also made bold attempts,but because of China's capital market system is not perfect,the equity carve-out of subsidiaries are selected for listing on the Stock Exchange of Hong Kong and other overseas markets.With the liberalization of domestic policies,especially in 2011 the first spin-off case:Conba carve-out its subsidiary Jolly Pharmaceutical in the GEM Listing the separate listing of the capital markets a round of concern,especially in the carve-out subsidiary,high premium market to attract the attention of a number of main board listed companies.The historic practice as an Equity carve-out development process in the country,Conba split Jolly Pharmaceutical case worthy of study and reference.Therefore,this article to select Conba the case of split Jolly Pharmaceutical separate listing on the company's performance has a certain practical significance.This paper consists of six chapters:the first chapter of the introductory part of the thesis,the research background,research ideas and frameworks and research methods are described below,to pave the way.Chapters ? and ? is the theoretical basis.Chapter II is a literature review on the equity carve-out of domestic and foreign scholars,and made a speech summed.The third chapter on the equity carve-out theory.Including the meaning of the equity carve-out,basic types and patterns of the equity carve-out,and motivation,as well as the advantages and disadvantages of equity carve-out.Finally,the status of China's equity carve-out.Chapter IV built the analysis and evaluation methods.First define the Equity carve-out performance,followed discusses the related research,and equity carve-out performance evaluation system was constructed from two angles of the financial and non-financial.The fifth chapter is the main part of this article:Case Study section,the cases selected Conba carve-out Jolly Pharmaceutical GEM listed.First introduced the background of the case company and related industry conditions,and then analyze the equity carve-out process on the basis of the evaluation system to determine in Chapter Analysis of equity carve-out performance of Conba performance and Jolly Pharmaceutical.The sixth chapter is a summary of the full text of the policy recommendations.The main contribution of this paper is about the equity carve-out under the theoretical guidance,combined with the status quo of China's capital market,analysis from a financial point of view,to build a equity carve-out of the impact on corporate performance evaluation system,and choose the equity carve-out of the 2011 China's capital market Conba Jolly Pharmaceutical cases,to analyze the performance changes before and after the Equity carve-out of Conba Jolly Pharmaceutical,summed up the experiences and lessons of the domestic capital market in a separate listing.Deficiencies of this article is:Equity carve-out in China's capital market has just started,few research literature of China's domestic performance of Equity Carve-out to study the separate listing of various theories of the impact of corporate performance have not been able to form a more consistent conclusion,therefore,this article available in the writing of reference for less information on the Equity Carve-out performance evaluation system set,there may be some of the subjective nature;due to the asymmetry of information and access to means of unity,relevant financial data and information data acquisition is not perfect,therefore,may affect the accuracy and comprehensiveness of the analysis of financial indicators,which is later to be the perfect place.