Research On Effects On Subsidiary Company Performance Under Spin-off And List In The Growth Enterprise Market

As the everlasting changes of economic condition,China’s economic and indus--trial structure are also constantly upgrading and adjusting.Capital market plays an important role.At the meanwhile,The capital market is tend to more optimized and standardized.Considering the current situation,enterprises would like to pay more attention to the efficient operation instead of just pursuing scale expansion.One form of the contraction capital operation(corresponding to the expansion of capital oper--ation)spin-off and list pattern has been wildly studied and applied.Although the use of spin-off and list pattern has been commonly used in overseas parts,China become gradually applying and learning it in the domestic until Beijing Tongrentang listing makes used of this capital operation mode.During this period,spin-off and list pattern is mainly used in the overseas listing and listing in Hongkong,China did not apply the spin-off and list in the true sense.Because of the relevant pro--visions of the national regulatory authorities about overseas spin-off and list,it’s app--lication gradually reduced until the open of the growth enterprise market(GEM)in 2009 and China Securities Regulatory Commission(CSRC)put forward six conditions in the domestic that making spin-off and list possible in 2010.As the first success in the GEM spin-off and list case,Conba company split jolly pharmaceutical company are worth our studying and learning.At present,some scho--lars have studied the impact on the short-term financial performance of the subsidiary companies,but most of it is limited to the impact of the data.Few of the research foc--us on the long-term financial performance and overall performance.On the basis of relevant theory,This paper mainly adopts the method of case study.Firstly,it systemic comb the core concept of spin-off and list and the related theories.Secondly,it explain the unique conditions and characteristics in the GEM spin-off and list and further describe the company background of two sides in the case Conba jolly pharm--aceutical.Based on the above information,it analysis the driver and compliance of spin-off and list.then emphasis on the long term financial performance and the chan--ge of non-financial performance.Finally it draw the conclusion and put forward some suggestions based on case analysis.It is hoped that the conclusions will help to promote the long-term value of the spin-off listed companies.At the same time,it can provide more reference for the subsequent spin-off listed companies and investors and provide some support for regulators on decision about spin-off and list in the GEM.