| In the middle and late last century,spin-offs and listings quietly emerged in European and American countries.However,Chinese capital market started late,and coupled with the impact of macroeconomic control,the pace of spin-offs and listings in China lags far behind Western capitalist countries.After the "Securities Law" was promulgated,domestic enterprises developed vigorously,and this concept was applied in our country.However,in practice,domestic regulatory agencies have very strict supervision on spin-offs and listings.In recent years,there are only a handful of companies that have achieved successful spin-offs and listings.Due to the rapid development of the domestic capital market and the diversification of corporate strategic needs,more and more companies expect to achieve optimal allocation of corporate resources through spin-offs and listings.The purpose of this thesis is to carry out specific case studies on the motivation and performance of W Group’s spin-off and listing,and to bring some references to domestic companies that plan to spin-off and list domestically and promote their further development.The thesis does a research on the spin-off of C company by W Group,and evaluates the motivation and performance of this incident.In terms of motivation,it is believed that the purpose of this event includes: W Group’s fund-raising needs,business concentration,and signal underestimation to the market to enhance shareholder wealth and strengthen management incentives.As for performance analysis,first choose the event study method to analyze the stock fluctuates,and then select the index evaluation to conduct a simple analysis of the changes in the financial data of the W Group in five years;finally,select the factor evaluation method to compare the changes in the financial indicators of the W Group and the same industry.Through performance research,it is found that the capital market reacted positively to this spin-off and the corporate value has been improved.W Group’s valuation has improved significantly in the long term.In addition,the spin-off and listing enabled the W Group’s integrated business development to be well promoted,and its core competitiveness in the industry has also been significantly enhanced.Based on the analysis of the motivation and performance of the W Group’s spin-off and listing,the following suggestions for improvement are put forward to the W Group: Strengthen the management of the company’s operational capabilities,promote industrial innovation,and expand the international market.At the same time,the thesis also gives suggestions for the companies and regulators that plan to spin off and go public. |
