The Path And Effect Analysis Of China Merchants Shekou Spin-off And Listing

Spin-off and listing refers to the act of a listed company listing some of its independent businesses or assets in the form of directly or indirectly controlled subsidiaries in the securities market through initial public offerings or reorganization and listing.As a shrinking capital operation strategy,spin-off and listing can help the parent company sort out its business segments and realize the professional operation of the parent and subsidiary companies.Spin-off listing has become a mature capital operation method in foreign countries,but due to the strict policies and systems in the domestic capital market,there are few cases of successful spin-off of domestic enterprises to domestic listing,and the whole is still in the exploratory stage.In December 2019,the introduction of the "Several Regulations" of the China Securities Regulatory Commission indicated that the channel for domestic spin-off and listing was officially opened.multiple financing advantages.As a large real estate central enterprise,China Merchants Shekou took the lead in completing the domestic spin-off and listing in 2019 and successfully integrated the resources of the China Merchants Group and AVIC INTL,which played an exemplary role.Therefore,this paper selects the case of China Merchants Shekou for research,and analyzes the path and effect of the spin-off of China Merchants Shekou,which provides a reference for state-owned enterprises to realize the optimal allocation of resource structure.This paper selects the method of literature analysis,comparative study and case study to analyze and study the case,which mainly includes the following four parts: the first part introduces the relevant background,literature research and theoretical overview of the spin-off and listing;the second part introduces the case The background of the company and the spin-off listing process are described in detail;the third part analyzes the case path and effect,compares the case path with other common spin-off listing paths,and summarizes the advantages and limitations of the case path.The market reaction,main financial indicators,EVA indicators and operation and management efficiency of the parent and subsidiary companies before and after the spin-off and listing are used to reveal the impact of the spin-off and listing on the parent and subsidiary companies,and the reasons for the changes in company value after the spin-off and listing are obtained.The fourth part draws research conclusions and corresponding research implications.After research,this paper has the following findings:(1)After the spin-off and listing,the various indicators of China Merchants Shekou have not been significantly improved in the short term,and the operating efficiency and various financial indicators of China Merchants’ surplus have been greatly improved;(2)the realization of the group The strategic layout and the improvement of the management level of the two companies are the main driving forces for the spin-off and listing of China Merchants Shekou;(3)For state-owned enterprises,choosing this path to spin-off and listing in China will help to realize the rapid and low-threshold between state-owned enterprises.resource reorganization to improve operational efficiency.In general,spin-off and listing have played a positive role in both parent and subsidiary companies.The study of this case will help improve our country’s research in the field of spin-off and listing and can also provide management for companies to use spin-off and listing to achieve value enhancement.