Research On The Performance Of China Overseas Property Spin-Off And Listing

With the rapid development of the global economy,the competition among enterprises is increasingly intensified.Since the 21 st century,the strategic winning point among enterprises starts to shift from emphasizing the diversified development of enterprises to shrinking and integrating the business sectors,so as to continuously improve the professional service ability and core competitiveness of enterprises.As one of the ways of contractionary capital operation,spin-off and listing is widely used in foreign capital market.In recent years,with the continuous deepening of the connection and integration between domestic and foreign capital markets,as well as the continuous adjustment and optimization of China's macroeconomic structure,domestic enterprises are paying more and more attention to and accepting the asset reorganization method of spin-off and listing.Especially as the real estate industry enters the silver era,major real estate listed companies also start to consider listing by splitting off asset-light sectors such as property management and hotel operation,so as to seek enterprise transformation and improve their core competitiveness.China Overseas Property is the second property management company to spin-off and listing in Hong Kong,this article conducts a case study on the characteristics,motivation and performance of China Overseas Property spin-off and listing,aiming to provide experience and reference for other enterprises seeking spin-off and listing in the same industry,promote the sustainable development of China's real estate industry,and ensure the healthy operation of the capital market.This article adopts the method of normative study method and case study method,first of all,on the basis of literature review summarizes the motivation and performance of spin-off and listing,the concrete placement on China Overseas Property of typical case company,to the efficiency of management theory,financing strategy theory,information asymmetry theory as the theoretical guidance,analysis of China Overseas Property to spin-off and listing agent,and from the two aspects of financial performance and non-financial performance analysis to spin-off and listing performance.Based on the analysis of financial performance at the same time,the non-financial performance such as professional services companies,management incentive is analyzed,from the company development strategy and tactics level spin-offlisted company considers whether to solve the problem before the break-up,splitting the appeal,whether to make the result of the break-up and spin-off of closely linked.In this paper,through the analysis concluded that spin-off and listing positive influence on the enterprise's long-term performance,It has played a certain role in improving financial performance,such as corporate finance,business performance,firm growth and corporate value,and non-financial performance,such as the professional service ability and management incentive of the enterprise,which fits well with the motivation of the spin-off and listing.