A Study On The Operating Performance And Influencing Factors Of Equity Carve-Outs Of The Listed Companies In China

Since the 1980 s,the spin-offs have been one of the common equity operation methods of Western companies,and its development in China has been slow.On December 13,2019,the China Securities Regulatory Commission officially issued "Several Regulations on the Pilot of Domestic Listing of Subsidiary Subsidiaries of Listed Companies".The domestic spin-offs channel was officially opened to fill the gaps in the previous spin-offs system,and the new regulations are implemented to further increase capital.The formation of efficiency provides new opportunities for the spin-offs of large-scale enterprises in China.Research on spin-off practice and performance of Chinese domestic enterprises needs to be enriched urgently.This paper analyzes the mechanism of the impact of spin-offs on the company's value from the perspective of information asymmetry,financing and investment strategies,and management incentive perspective through the relevant research on spin-offs at home and abroad.Analyze the sources of different impacts,and summarize the specific impacts of spinoffs into three effects: financing effect,divestiture effect and market effect.Then,the performance of the spin-off listed parent company is evaluated and analyzed,and the shortterm market effect of the parent company is analyzed using the event research method.It is found that the average value of the average abnormal income obtained on the spin-off announcement date is significantly positive,indicating that the spin-off event has created positive results for shareholders Wealth effect in the direction;using factor analysis to evaluate long-term operating performance,the results show that there is a significant increase in the first year after the spin-off,and a slight correction in the second year after the spin-off.Finally,empirical research on the influencing factors,this paper starts from two aspects of short-term market effects and long-term operating performance,constructing an OLS model under the white standard error of heteroscedasticity to empirically test the degree of impact of various factors on performance.The empirical results show that:(1)In terms of financing effects,the parent company's access to capital inflows can improve its performance in the short and long term,and high-tech subsidiaries have a significant positive effect on the parent company's performance in the short term However,in the long-term,it has a negative impact;(2)Among the factors in the divestiture effect,higher business relevance and state-owned enterprises have weakened the parent company's short-term market effect and long-term operating performance to varying degrees.High is more significant for the company's performance improvement;(3)Among the factors of market effect,the market is in a "hot market" at the time of the spin-off,which has a positive impact on the performance of the parent company,and the spin-off to the GEM and overseas markets can give shareholders Bring a positive wealth effect.On the basis of theoretical and empirical analysis,this article puts forward suggestions for improving the performance of the spin-offs of listed companies in China from the two levels of company development and government supervision.Select the appropriate spin-off market for delisting targets to effectively improve the company's performance.