同仁堂科技分拆上市案例分析

发布时间：2018-02-16 05:20

本文关键词： 分拆上市资本市场子公司财务分析　出处：《辽宁大学》2013年硕士论文　论文类型：学位论文

【摘要】：在我国经济和科技快速发展的时候，同仁堂作为我国中药领域的领头羊却发展缓慢，这也是我国中药行业发展的缩影，我国中药行业的国际市场份额逐年下降，直到2000年10月31日，已经在A股上市的同仁堂股份有限公司成功的分拆旗下的子公司同仁堂科技股份有限公司在香港联交所上市，成功的打破了这一尴尬的境遇，将我国的中药产业再次推向了世界。这是中国证券市场上第一家完成分拆上市的上市公司，，也是第一家分拆子公司到其他证券市场上市的A股公司。同仁堂的成功经历及其分拆上市的模式为广大学者分析和研究分拆上市提供了现实依据，更便于我国的学者研究这种资本运作的新形式，也为其他A股公司的领导者们提供了参考的样本。本文系统的介绍了分拆上市的定义及相关概念，国内外分拆上市的现状，分拆上市的利弊及对母公司和子公司的影响以及公司分拆上市的动机。对同仁堂科技分拆上市前后的财务状况及同仁堂科技上市后的财务指标进行分析并对同行业之间的财务数据进行对比分析得出分拆上市对母公司同仁堂的影响明显是利大于弊的结论，分拆带来了制度上的创新，提高了投资收益，降低了投资风险，拓展了新的市场空间，有利于同仁堂实施国际发展战略，更带来了经济效益上的提升，对企业来说是传统与现代的结合。同仁堂科技在香港上市后财务指标上的良好表现更是说明分拆上市给了同仁堂一次新的生命，这次成功的分拆上市对资本市场有着很好的影响，对资本市场的其他公司有着良好的借鉴意义，更有利于提升我国上市公司的质量。同时，通过分析同仁堂科技分拆上市也得到了一些启示，分拆上市不能以圈钱为目的，不能动摇母公司独立上市的地位，不能忽视股权的稀释，分拆上市以后也不能沿用旧的管理和经营模式。
[Abstract]:With the rapid development of China's economy and science and technology, Tongrentang, as the leader in the field of traditional Chinese medicine, has been developing slowly. This is also a microcosm of the development of the Chinese medicine industry in China. The international market share of the Chinese traditional medicine industry has been declining year by year. Until October 31st 2000, Tongrentang Technology Co., a subsidiary of Tongrentang Co., Ltd., which had already been listed in A shares, was successfully listed on the Stock Exchange of Hong Kong, successfully breaking up this embarrassing situation. The Chinese medicine industry has been pushed to the world again. This is the first listed company in the Chinese securities market to complete a split and list. It is also the first A share company to list its subsidiaries in other securities markets. Tongrentang's successful experience and its mode of splitting and listing provide a realistic basis for the majority of scholars to analyze and study the split listing. It is more convenient for Chinese scholars to study this new form of capital operation and provides a reference sample for other A-share company leaders. This paper systematically introduces the definition and related concepts of splitting and listing, and the current situation of splitting and listing at home and abroad. The advantages and disadvantages of splitting and listing and its influence on the parent company and subsidiary company and the motivation of the company's split listing. The financial situation before and after the listing of Tongrentang technology and the financial index after the listing of Tongrentang technology are analyzed and the peers are also analyzed. Comparing and analyzing the financial data between industries, it is concluded that the effect of splitting and listing on Tongrentang, the parent company, is obviously more good than bad. The break-up has brought about institutional innovation, increased investment returns, reduced investment risks, expanded new market space, helped Tongrentang implement the international development strategy, and also brought about an improvement in economic benefits. For enterprises, it is a combination of tradition and modernity. The good performance of Tongrentang Technology in the financial indicators after Hong Kong's listing shows that splitting up and listing has given Tongrentang a new life. This successful split and listing has a good impact on the capital market, has a good reference significance for other companies in the capital market, and is more conducive to improving the quality of listed companies in China. Through the analysis of Tongrentang technology split listing, we also get some enlightenment. The split listing cannot be aimed at circle money, it cannot shake the position of the parent company as an independent listing, and it cannot ignore the dilution of the shares. The old management and business model can not be used after splitting and listing.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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