Research On The Motivation And Effect Of Haitong Securities’ Public Carve Out

In recent years,public carve out has become an important way of enterprise asset reorganization at home and abroad.This way of asset reorganization has become the focus of capital market and enterprises.This paper summarizes the literature related to public carve out at home and abroad,explains the theories related to public carve out,and summarizes the current ways of public carve out.Select the case of Haitong Hengxin listing,a carve out subsidiary of Haitong Securities,based on the enterprise perspective,deeply analyze the motivation of public carve out,and comprehensively analyze the effect of public carve out with the help of event research method,EVA index analysis,financial index method and non-financial index method.This paper draws the following conclusions:(1)Realizing the internationalization strategy,meeting the financing needs and improving the management efficiency are the main reasons driving the carve out and listing of Haitong Securities.(2)Using the event analysis method to measure the short-term market performance,it is found that the capital market is optimistic about the carve out event.(3)In addition to the high-quality performance indicators of Haitong’s subsidiaries after the split,the financial performance of Haitong’s subsidiaries will be more prominent,but the financial performance of Haitong’s subsidiaries will be reduced after the split.(4)From the non-financial indicators,it is concluded that the driving force to promote the carve out and listing of enterprises has been basically realized,the overseas business volume of Haitong Securities has been improved,and the international strategic layout has been effective.The financing structure of enterprises has been improved,the proportion of direct financing has increased,and the financing demand has been met.Due to the carve out and listing,enterprises pay attention to core management,improve management efficiency,and improve the governance system.In addition,enterprises expand the customer base of small and medium-sized enterprises and further realize the layout of customers and markets.