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Motivation and Performance Analysis of Spin-offs and Listings: A Case Study of Ningbo-Zhoushan Port
- 1 School of Digital Economy and Management, Software Engineering Institute of Guangzhou 548 Guangcong South Road, Guangzhou, China
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Abstract
Spin-off and listing is one of the means of contractile asset operation. This paper takes Ningbo Zhoushan Port (hereinafter referred to as Ningbo Port), the first case of "A split A" of China's port and shipping enterprises, as the research object, explores the motivation of Ningbo Port's spin-off and listing of Ningbo China Ocean Shipping(Group) Company (COSCO), and analyzes the risks of the spin-off to enterprises and market investors based on some financial indicators of the parent and subsidiary before and after the spin-off. The results show that from the perspective of the overall spin-off effect, the spin-off effect of Ningbo Port is not significant. From the perspective of the realization of specific motivations, the spin-off of Ningbo COSCO by Ningbo Port conforms to the external development trend and the characteristics of the enterprise in its own mature stage. From the perspective of market reaction, the market is not optimistic about the prospect of this spin-off, and the stock price of Ningbo Port has fallen before and after the spin-off. At the same time, after Ningbo Port spun off Ningbo COSCO and listed, Ningbo Port's control over Ningbo COSCO has declined, which also makes investors worried. This study hopes to provide a reference for the spin-off and listing of Chinese port enterprises in terms of broadening financing channels and reducing market information asymmetry.
Keywords
Ningbo-Zhoushan Port, Spin-off listing, Performance, Port enterprises
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Cite this article
Guo,S. (2024). Motivation and Performance Analysis of Spin-offs and Listings: A Case Study of Ningbo-Zhoushan Port. Advances in Economics, Management and Political Sciences,98,94-103.
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