Research on the Impact of Spin-off Listing on Enterprise Value—Take Shengyi Technology as an Example
With the establishment of the Science and Technology Innovation Board and the introduction of a series of normative spin-off listing policies,spin-off listing has become an important way for listed companies to improve their operations and raise funds to enhance corporate value.As the first share to be spun off to the Science and Technology Innovation Board,Shengyi Technology completed the spin-off and listed in February 2021.After the spin-off,its business structure and financing channels changed significantly,and the spin-off achieved certain results.In view of this,this paper takes Shengyi Technology as an example to analyze in detail the effect path of spin-off listing on enterprise value from three aspects:centralizing core business,easing financing constraints and realizing asset revaluation,and further uses event study method and EVA model to discuss the specific effect of spin-off listing on enterprise value.
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