Analysis Of The Motivation And Economic Consequences Of MicroPort Scientific Corporation’s Spin-off Of Shanghai MicroPort Endovascular Med-Tech Co.,Ltd.to The SSE STAR Market

As an important way of optimizing resource allocation in the securities market,spin-off and listing has always attracted the concern of academic circles and entrepreneurs.In December 2019,the China Securities Regulatory Commission issued the "Several Provisions on the Pilot Domestic Listing of Subsidiaries of Listed Companies Spin-off",which laid a policy foundation for guiding and regulating the domestic listing of subsidiaries of listed companies to spin-off subsidiaries,and expanded from the Science and Technology Innovation Board to the entire market.The domestic spin-off and listing policy channel was officially opened,ushering in a spin-off boom.In fact,the spin-off and listing is not a new thing.It is one of the widely used capital operation methods in the mature capital market,alongside IPOs and mergers and acquisitions.Its purpose is to promote the high-quality development of the company.The spin-off and listing is an external form of subtraction for diversified listed companies to attract more capital for effective resource allocation,to achieve a multi-type and multi-level talent incentive mechanism,to optimize the corporate governance capabilities of the group as a whole and individuals,and to enhance the valuation of listed companies Value level.While the subsidiary focuses on its main business,it is an important booster for the secondary securitization to optimize resource allocation,effectively improve asset quality,and increase the proportion of direct financing by splitting the listing and registration-based low-threshold securitization policy combination.In this sci-tech innovation board spin-off and listing boom,the spin-off of listed companies concentrated in the medical and TMT industries,and Micro Port Scientific Corporation’s spin-off of Micro Port Endovascular Med Tech Co.,Ltd to go public on the Science and Technology Innovation Board as the first H-share spin-off to be listed on the Science and Technology Innovation Board Based on the existing literature,this essay chooses this case and uses the literature research method,case research method and event research method to conduct an in-depth disscus,motivation and economic consequences of Micro Port Endovascular Med Tech Co.,Ltd’s spin-off to the Science and Technology Innovation Board.The main research ideas of this article are as follows: First,summarize and summarize the existing research results of the spin-off and list,summarize and analyze the mainstream views and theories involved in the spin-off;secondly,objectively split the Micro Port Endovascular Med Tech Co.,Ltd into Describe and interpret elements such as the listing process and compliance of the Sci-tech Innovation Board;again,focus on explaining the motivation and economic consequences of Micro Port Endovascular Med Tech Co.,Ltd’s spin-off and listing;finally,draw research conclusions based on the analysis of the cases and summarize the Sci-Tech Innovation Board The key factors and feasibility of spin-off and listing.Specifically,the paper mainly discusses the spin-off of Micro Port Endovascular Med Tech Co.,Ltd from five aspects: the implementation of the spin-off and listing policy,the high valuation premium of the Science and Technology Innovation Board,the M&A business of minimally invasive medical,financing needs,and the demand for independent operation of Micro Port Endovascular Med Tech Co.,Ltd.Analyze the motivations of listing on the board.At the same time,attention should be paid to the factors affecting the success of Micro Port Endovascular Med Tech Co.,Ltd’s spin-off and listing on the Science and Technology Innovation Board,namely,independence,horizontal competition,connected transactions,compliance with the spin-off process,and the disclosure of information on core technologies.Subsequent listed companies will spin off subsidiaries to list on the Science and Technology Innovation Board to provide a certain degree of reference.In addition,the economic consequences of Micro Port Medical’s spin-off of Micro Port Endovascular Med Tech Co.,Ltd and its listing on the Science and Technology Innovation Board are analyzed in detail from three perspectives: corporate governance,corporate operations,and corporate value.(1)In terms of corporate governance,it pays attention to the improvement of Micro Port Endovascular Med Tech Co.,Ltd ’s internal governance structure and the reduction of agency costs after the spin-off and listing.(2)In terms of corporate operations,after the spin-off,Micro Port Endovascular Med Tech Co.,Ltd’s financing efficiency and the company’s internal resource allocation efficiency have improved,and it will help Micro Port Endovascular Med Tech Co.,Ltd focus on its main business operations and become a leader in the segment.(3)In terms of corporate value,the event research method is mainly used to analyze the short-term stock price effect of Micro Port Endovascular Med Tech Co.,Ltd’s spin-off and listing on the Science and Technology Innovation Board,and the market response of Micro Port Endovascular Med Tech Co.,Ltdto the spin-off and listing is analyzed based on the cumulative excess return,and the 5P valuation adopts modified FCFF.The model evaluates the value of Micro Port Endovascular Med Tech Co.,Ltd,and the spin-off and listing will help the market re-evaluate the value of growth businesses.Finally,the case study is summarized and relevant suggestiones are proposed in a targeted manner,for the purpose of providing reference comments for other companies to choose the sci-tech Innovation Board to spin off and list for strategic adjustment.In general,the spin-off of Micro Port Endovascular Med Tech Co.,Ltd from Minimally Invasive Medical to the sci-tech innovation board has had a positive effect on Micro Port Endovascular Med Tech Co.,Ltd.For companies,a successful spin-off and listing is of vital importance to focus on the main business,enhance the value of the company,and improve corporate governance.Based on the research significance of this article,the first is the theoretical level,which can enrich the current domestic research on the spin-off to the sci-tech innovation board;the second is the practical level,which can provide a certain degree of reference for companies that plan to spin off the sci-tech innovation board.