Research On The Motivation And Economic Effect Of Shengyi Technology’s Spin-off And Listing

In the context of the globalization of the capital market,enterprises need to adopt more flexible and diversified capital operation methods to adapt t to changes in the market and continuously improve their competitiveness.As an important method of capital operation,spin-off and listing has been favored and concerned by more and more companies in recent years.On January 5,2022,the China Securities Regulatory Commission issued the " Listed Company Spin-off Rules(for Trial Implementation)",which means that China will also usher in an upsurge of spin-off and listing.This article selects Shengyi Technology’s spin-off of Shengyi Electronics,which was successfully listed on the technology board “A split A” in China,as a research case.Based on financing theory,core strategy and information asymmetry,this paper analyzes the motivation and economic consequences of its spin-off,Hopefully,this will provide a reference for subsequent spin-off and listing studies.First of all,this article analyzes the compliance and spin-off process of this spin-off and listing.Secondly,it explores that the motivation for this spin-off is the financing needs of the company,and further development of core business and business incentives.Finally,from the perspective of value creation,financial indicators are used to analyze the changes in the financial performance of the parent and subsidiary after the spin-off and listing.after the spin-off and listing,and event research methods are used to analyze the market response to changes in the stock prices of the parent and subsidiary companies,and EVA,Tobin’s Q value and non-financial indicators are used to analyze Changes in the enterprise value of the parent company and subsidiary companies,so as to further verify the impact of the spin-off and listing on the enterprise value.Through the analysis of the case company,this paper draws the following conclusions:(1)The spin-off and listing can effectively achieve the purpose of financing,provide the necessary financial support for the future development of the enterprise,improve its solvency,and promote its technological innovation and development;(2)After the spin-off and listing,the enterprise value of the parent company and the subsidiary has increased to a certain extent compared with before.The parent company can focus more on the development of its own business,and the subsidiary company can strengthen external supervision through information disclosure,improve corporate governance,and thus improve the company’s operating performance and market value;(3)After the spin-off and listing,the secondary market will The reaction to the spin-off and listing was not positive,reflecting that the market is cautious about the development prospects of the parent and subsidiary companies after the spin-off.