A Study On The Economic Consequences Of The Split Listing Of Shanshan Shares

In China’s capital market,spin off listing,as a way of asset restructuring,has always attracted the attention of academia and entrepreneurs,and research literature on spin off listing is constantly emerging,especially with the launch of China’s science and technology innovation board,in recent years,more and more listed companies express their desire to choose spin off listing for secondary financing,but due to the listing review The nuclear conditions are relatively strict.At present,the successful spin off cases of domestic listed companies are more in the overseas spin off market,while the successful spin off cases in the domestic market are few.From the theoretical point of view,the split listing method can effectively realize the core operation of the enterprise,at the same time,it can broaden the financing channels of the enterprise,effectively solve the problems such as inadequate management and information asymmetry caused by the huge system of the enterprise,and help improve the business situation of the enterprise.Founded in 1992,Shanshan Co.,Ltd.started from the traditional clothing industry.Its business includes new energy business and financial business.It has achieved seven consecutive sales results in the clothing industry,becoming the first brand in China’s clothing industry.However,since the 21 st century,with the increasing pressure of internal and external competition in the clothing industry,Shanshan Co.,Ltd.,as a traditional and old clothing enterprise,is facing more and more challenges Product homogenization,especially the rise of the Internet in recent years,the clothing industry is facing great pressure of e-commerce platform competition,so in 2016,Shanshan Co.,Ltd.chose to separate its clothing brand and financial leasing of Fuyin,and officially entered the new stage of "transformation and upgrading".Shanshan Co.,Ltd.is also the first company in China to successfully separate and list its main business As a representative case event in the capital market,the separation and listing experience of Shanshan stock is worth studying.This paper chooses the spin off event of Shanshan stock as the research object,and mainly uses the method of case study to study the spin off event.On the basis of literature research,this paper first analyzes the motivation of Shanshan stock’s strategic transformation and the motivation of its choice of listing,and then expounds the process of enterprise’s spin off listing.Secondly,the paper analyzes the economic consequences of the split listing based on capital market and financial indicators.Based on the research of this paper,it is found that from the perspective of capital market,the event of spin off and listing does lead to the high volatility of the stock price of Shanshan stock in the short term,showing a more obvious upward trend,and obtaining a positive excess return rate;from the perspective of financial indicators analysis,after the spin off and listing,due to the need for more investment in strategic transformation,although the indicators fluctuate differently,the overall situation is different Xiang Hao,as the event of the split of Shanshan stock is relatively near,it can not be fully reflected,and the effect of the split still needs to be observed for a long time.After combing the whole event of Shanshan stock spin off listing,this paper summarizes the case study and puts forward relevant suggestions in order to provide reference for other enterprises to choose spin off listing for strategic adjustment.