The Research On Value Creation Path And Effect Of The Spin-off And Listing Of Microport Endovascular Medtech Co.,Ltd

Spin-off listing is a capital operation method,in the past,case companies listed on the main board,GEM or overseas sectors were concentrated.However,with the establishment of the Science and Technology Innovation Board in 2018,the upsurge of spin-off listing has returned,and a large number of companies have chosen to spin off subsidiaries to list on the Science and Technology Innovation Board.In order to study the path and effect of the spin-off and listing of the Sci-tech Innovation Board on the creation of corporate value,this paper selects the first stock to be listed on the Sci-tech Innovation Board—Micro Port Endovascular Med Tech Co.,Ltd as the research object,based on the perspective of company management activities,using a combination of theory and cases,firstly clarifies the literature and theoretical basis related to the spin-off and listing,and then introduces the case,including the basic situation of the parent and subsidiary,the specific process of the spin-off,and then analyzes the path of the spin-off for creating corporate value in terms of financing activities,investment activities,operating activities and governance activities,and finally adopts event research method,factor analysis method and EVA method to test the effect of enterprise value creation from the aspects of capital market,financial aspects,non-financial aspects and long-term value creation.The research results show that the spin-off and listing of the Science and Technology Innovation Board can bring positive value creation effects to parent and subsidiary companies.There are advantages and disadvantages to spin-off and listing,enterprises should make decisions that maximize the value of the enterprise based on the actual situation of the enterprise.The analysis in this paper can not only enrich the relevant research on the domestic spin-off and listing of the Science and Technology Innovation Board,but also provide a certain reference for companies that plan to spin off and list the Science and Technology Innovation Board.