An Analysis Of The Impact Of Spin-Off Subsidiary NEEQ On A-Share Listed Company

In recent years,NEEQ system's "blowout" development not only attracts small and medium-sized enterprises but also draws remarkable attention of listed companies.Because NEEQ system has low listing threshold and can be easier to get additional financing and make companies obtain other non-financial potential advantages,listed companies begin to list their subsidiaries on it.Based on theories and knowledge of economics,finance and management,this thesis,first of all,carries out econometric analysis of two dimensions,short-term stock price changes and long-term profitability,on large samples,and finds spin-off subsidiaries' listing National Equities Exchange and Quotations of SMEs indeed affects A-share listed companies.Specifically,after being listed,on the one hand,subsidiaries with strong profitability and high value can increase the CAR of listed companies in a short time;on the other hand,subsidiaries with strong profitability but accounting for a smaller share of large listed companies can increase the EBIT on listed companies in a long time.This shows that when listed companies intend to list their subsidiaries on NEEQ system they need more consideration,so as not to backfire.Secondly,this thesis conducts a case study on the case that China Baoan Group spins off its 5 subsidiaries and lists them on NEEQ system,and deeply discusses the means and access of the listing subsidiaries influencing listed company,and the result suggests the early listing subsidiaries has no positive impact on listed company and after 2004 listed company sets out the conscious layout.Higher profits and value of subsidiaries promote the short-term CAR of listed company,and after being listed,the increased credibility and bargaining ability promote subsidiaries' utilization rate of non-interest-bearing and operation ability,and further enhance the ability to make profit and add value,at the same time,raise the consolidated profit of listed company.Finally,based on the above analysis,according to the present development of NEEQ system,this thesis provides suggestions for the listed company striving to list their subsidiaries.