Research On The Motivation And Economic Consequences Of The Spin-off And Listing Of Xiamen Tungsten New Energ

As an important way to optimize resource allocation and effectively enhance corporate value in the capital market,the spin-off and listing have not been fully developed in China for a long time,which is due to the strict control on the spin-off and listing.The establishment of the SSE STAR MARKET in 2019 and the implementation of the relevant policies of the Provisions on the Pilot Programs of Domestic Listing of Listed Companies for the spin-off of their Subsidiaries have realized leap-forward development of the Chinese capital market,greatly stimulating the enthusiasm of enterprises for "A spin-off A".At the same time,with the implementation of the comprehensive registration system reform in 2023,the boom of spin-offs and listings in the domestic capital market will continue to heat up,and the economic consequences of spin-offs and listings to the parent and subsidiary companies will also receive increasing attention from the market and investors.This thesis mainly through literature research method,case analysis method and event study method,combined with financing strategy theory,core strategy theory,information asymmetry theory and management incentive theory to study the listing of Xiamen Tungsten’s spin-off subsidiary XTC New Energy Materials.Firstly,this thesis summarizes the views of domestic and foreign scholars on the motivation of the spin-off listing and its economic consequences,and then introduces the development process of the spin-off of XTC New Energy Materials.It is found that the main driving factors for the spin-off of XTC New Energy Materials were to expand financing channels,promote synergistic development,enhance market value,optimize governance structure and improve core competitiveness.Finally,combined with the above motivations,the thesis analyzes the economic consequences of Xiamen Tungsten’s spin-off of XTC New Energy Materials from three dimensions: shortterm market response,economic activity efficiency and enterprise value.Through the research of this thesis,it can be found that the spin-off listing does bring a certain impact on the value of the enterprise.In the short term,the spin-off listing of XTC New Energy Materials has brought positive announcement effect,resulting in the increase of the parent-subsidiary company’s stock price and excess return rate in the short term,which indicates that the market holds a positive attitude towards the spin-off listing of XTC New Energy Materials,but the positive effect is very limited.In the long term,the spin-off listing cannot bring significant value enhancement to the parent and subsidiary companies,which is consistent with the research conclusions of most scholars.In terms of economic efficiency,after the spin-off and listing,the financing activities,investment activities and operating activities of XTC New Energy Materials have improved.The subsidiary company has gained more positive impact than the parent company,and the improvement of the parent company’s debt paying ability is not significant.After sorting out and summarizing the research conclusions,the thesis draws the following three enlightenments: Firstly,enterprises should make reasonable spin-off decisions based on their own strategic planning.Secondly,enterprises should clarify the purpose of spin-off and choose the appropriate listing platform.Thirdly,the parent and subsidiary companies should pay attention to their own long-term development after the spinoff and promote the improvement of enterprise value.