The Impact Of Spin-off And Listing On Corporate Value Creation

Under the background of economic globalization,with the development of network technology and digital information technology,the type and structure of traditional industries have not kept up with the trend of the times,and the market competition and industrial structure adjustment are becoming more and more intense.At the same time,with the continuous improvement and maturity of China's capital market,enterprises no longer blindly pursue expansion type asset restructuring,more and more enterprises focus on contraction type asset restructuring.As an important way of contractive asset restructuring,spin off listing is not mature in China,which is due to the strict supervision and unclear attitude of spin off listing in China for a long time.But recently,the relevant policies issued by China Securities Regulatory Commission have clearly opened the channel for domestic spin off and listing,which is expected to attract those enterprises with diversified layout,relatively independent business lines,and a certain profit scale to spin off their business and enter A-share market.Therefore,under the current background of the times,the research on the split listing of China's securities market is particularly important.As the first successful case in China,UFIDA has played an important role in the historical process of China's spin off listing,and also has a very important significance in the research of spin off listing.This paper selects the case of UFIDA splitting changjietong to H-share listing as the research object,mainly using case study method to analyze the research object.First of all,through combing the domestic and foreign literature of spin off listing and combining with the relevant basic theories,this paper obtains the analysis ideas of this paper,then makes a simple description of the cases selected in this paper,which mainly analyzes the causes of the spin off listing of listed companies,introduces the process of spin off and uses some tools and methods to briefly evaluate the spin off effect,and finds that the spin off listing has a significant impact on the listed companies Both short-term performance and long-term performance have positive effects.Secondly,according to the research ideas of the theoretical part,this paper makes a deep analysis of the case object,and obtains four ways of the spin off listing influencing the value creation of the enterprise.The spin off listing affects the value creation by influencing the governance effect,the financing effect,the operation effect and the revaluation of the growth business value.Finally,this paper puts forward some suggestions to the supervision department and the listed company.The regulatory authorities should not only meet the compliance requirements of enterprises' spin off listing,but also strengthen the whole process supervision of enterprises' spin off listing.Listed companies should correct the motivation of spin off and listing,strictly abide by various policies in the process of spin off,and make long-term strategic planning after successful spin off.