Analysis On The Motivation And Effect Of TBEA’s Spin Off Of New Energy

After the reform and opening up,with the rapid economic growth,Chinese enterprises generally adopt expansionary reorganization,such as mergers and acquisitions.However,expansionary reor ganization does not necessarily bring benign synergy.With the expansion of enterprise management scale and the diversification of business level,various businesses in the enterprise may have different industries and different modes of operation and management.This makes it difficult for enterprises to find a balance in multiple businesses,which brings higher management costs and operating pressure to enterprises.Contractive restructuring has become an important way to alleviate its negative impact.Spin off listing,as a contractive restructuring,has gradually attracted people’s attention.Spin off listing has developed very mature in European and American countries,but in China,because the capital market is still in the development stage,spin off listing is still in the process of continuous exploration.This thesis studies the case that TBEA,a leading enterprise in the power equipment industry,spin off its subsidiary new special energy for listing,explores the motivation of its choice of spin off listing and the economic consequences of spin off listing,analyzes whether the motivation of TBEA spin off listing can be realized,and provides reference and suggestions for enterprises planning to spin off listing in the future.Firstly,this thesis sorts out and summarizes the domestic and foreign literature related to the connotation,motivation and performance of spin off listing,and briefly expounds the basic concepts and theoretical basis related to spin off listing.Then it gives a detailed description of the specific situation of the spin off listing,expounds the compliance of the spin off listing and the specific spin off process,and analyzes the motivation of TBEA’s spin off of new and special energy from both internal and external aspects.Finally,it analyzes the results of the spin off listing from the two aspects of capital market response and long-term performance response,and comprehensively e valuates the performance changes of TBEA before and after analyzing the new special energy and the satisfaction of the motivation of the spin off listing by combining the analysis of the motivation and economic consequences of the spin off listing in the previous article.This thesis finds that after the spin off,the stock price of the parent company has increased significantly in a short time,and the financial and non-financial indicators of the subsidiaries have also increased significantl y.However,in the long run,the market is not optimistic about the medium and long-term performance of the parent company’s spin off and listing,and various financial indicators also have an obvious downward trend after rising in a short time.TBEA failed to make full use of the benefits brought by the spin off and listing to help the long-term development of the enterprise.Finally,based on the analysis of the full text,this thesis puts forward some suggestions for the enterprises to be split and listed,so as to provide some reference for the enterprises to be split and listed in the future.