Analysis On The Motivation And Performance Of Conba Split Jolly Pharmaceutical

In today's society, many companies want to expand through the acquisition of the scale of enterprises, both abroad and abroad, this is a hot way of capital operation.Enterprises in this way to adjust their own structure, to seek a most conducive to the development of enterprises in the state. However, excessive expansion of the size of the enterprise may lead to more and more complex management of the enterprise,which will bring their own problems. In order to effectively solve these problems,some companies began to shrink the size of the enterprise, spin-off listing is one of the ways. At the end of the last century, many European and American countries have been able to skillfully use this approach. However, the use of China for the spin-off market is not yet mature. Even so, there are more and more enterprises in China began to try this way, which, Tong Ren Tang is a successful example. Tong Ren Tang through the spin-off listing to adjust their own structure, from which to obtain a lot of income, which also tried to split through the listing of enterprises to adjust the structure of enterprises to provide reference.In 2009, China's GEM opened. In 2010, China's Securities Regulatory Commission began to allow enterprises listed in China's main board market to separate the company to the GEM, and provides the relevant conditions. Relative to the motherboard market, the GEM listing conditions are more relaxed. As a result, this provides an opportunity for many companies that intend to spin off their affiliates.Conba is the first company to spin off the subsidiary to the GEM listed companies, the object of its spin-off is its subsidiary Zuo Li medicine. Which is China's GEM split out of the market has a very profound significance.There are three kinds of research methods used in this paper: normative research,literature review and case study. In the first chapter, the author first explains the research background, the research significance, the research thought and the research method, and has carried on the literature review, simultaneously displays the basic frame of this article in the form of picture. In the second chapter, the author introduces the relevant theoretical basis of this paper, including the pattern and conditions of spin-off listing, motivation, financial performance analysis method and related theoretical basis. In the third chapter, the author introduces the case of Conba's spin-off listing, mainly from the basic situation of both sides, the background, process and characteristics of the spin-off. In the fourth chapter, based on the introduction of the case in the previous chapter,the author analyzes the motivations that Conba will spin off the drug and market in the GEM. In the fifth chapter, the author analyzes the performance of spin-off, including financial performance and non-financial performance. The evaluation of financial performance, mainly from four aspects,including: solvency, operational capacity, profitability and growth capacity. The evaluation of financial performance mainly from three aspects, including: senior management pay, brand value and technological innovation. Finally, the author summarizes some conclusions in the sixth chapter.In this paper,the selection of Conba spin off the drug industry as a case,the first analysis of Conba spin off the pharmaceutical industry listed reasons, followed by the use of financial indicators and non-financial indicators of the two companies before and after the financial situation of horizontal and horizontal (2) the spin-off listing can guarantee the development of the core business of the company; (3) the spin-off and listing can meet the financing of the company (2) the split-up and listing can improve the short-term financial performance of the enterprise; Demand; (4) GEM spin-off listing can obtain excess investment income. According to the analysis, the following conclusions are drawn: (1) taking the appropriate model is the prerequisite for the success of the spin-off; (2) the tightly designed program is an important way to separate the success of the listing; (3) Demolition of the success of the city's strong protection.