康恩贝分拆佐力药业上市的动因及绩效分析

发布时间：2018-03-29 00:04

本文选题：分拆上市　切入点：公司绩效　出处：《江西财经大学》2017年硕士论文

【摘要】：在当今社会,许多企业希望通过收购的方式对企业规模进行扩张,无论在国外还是国内,这都是一种火热的资本运作方式。企业希望通过此种方式来调整自身的结构,寻求一个最有利于企业发展的状态。但是,过度地对企业的规模进行扩张,可能会导致企业的管理越来越复杂,这会给企业带来各自问题。为了有效地对解决这些问题,部分企业又开始对企业的规模进行收缩,分拆上市就是其中的一种方式。在上世纪末,许多欧美国家的企业已经能够熟练的运用这种方式。但是,我国对于分拆上市的运用还不太成熟。虽然如此,我国也有越来越多的企业开始尝试这种方式,其中,同仁堂就是一个成功的例子。同仁堂通过分拆上市调整了自身的结构,从中获取了很大的收益,这也给其他试图通过分拆上市调整企业结构的企业提供了借鉴意义。2009年,我国创业板开启。2010年,我国证监会开始允许在我国主板市场上市的企业分拆子公司至创业板上市,并且规定了相关的条件。相对于主板市场,创业板的上市条件较为宽松。因此,这给许多打算将子公司分拆上市的企业提供了机会。康恩贝就是第一家将子公司分拆至创业板上市的企业,分拆的对象是其子公司佐力药业。这对我国创业板分拆上市具有非常深刻的意义。本文采用的研究方法有三种,分别是:规范研究法、文献综述发和案例研究法。第一章,作者先对研究背景、研究意义、研究思路和研究方法进行了说明,并且进行了文献综述,同时以图片的方式展示了本文的基本框架。第二章,作者介绍了本篇论文的相关理论基础,其中包括:分拆上市的模式与条件、动因、财务绩效分析方法以及相关的理论基础。第三章,笔者对康恩贝将佐力药业分拆上市的案例进行了介绍,主要从双方的基本情况,分拆上市的背景、过程、特点等方面进行了阐述。第四章,基于上一章对案例的介绍,笔者分析了康恩贝将佐力药业进行分拆并且在创业板上市的动因。第五章,笔者对分拆上市的绩效进行了分析,包括财务绩效和非财务绩效两个方面。对财务绩效的评价,主要从四个方面进行,包括:偿债能力、营运能力、盈利能力以及成长能力。对财务绩效的评价主要从三个方面进行,包括:高级管理人员薪酬、品牌价值以及技术创新能力。最后,笔者在第六章对以上分析总结出了几点结论。本文选取康恩贝分拆佐力药业为案例,首先分析康恩贝分拆佐力药业上市的动因,其次利用财务指标和非财务指标对分拆前后两家公司的财务状况进行横向及纵向的对比分析,得出了以下结论:(1)分拆上市可以提高企业短期的财务绩效;(2)分拆上市可以保障公司核心业务的发展;(3)分拆上市可以满足公司的融资需求;(4)创业板分拆上市可以获取超额的投资收益。论文也根据分析,得出以下启示:(1)采取合适的模式是分拆上市成功的前提;(2)设计严密的方案是分拆上市成功的重要途径;(3)分拆优质资产是分拆上市成功的有力保障。
[Abstract]:In today's society, many enterprises hope to expand the scale of enterprises through acquisitions, whether foreign or domestic, this is a kind of hot capital works. Enterprises want to adjust its structure through this way, for the best is conducive to the development of enterprise. However, the excessive expansion of enterprises the scale may lead to the enterprise management more and more complex, it will bring the problem to the enterprise. In order to solve these problems, some enterprises began to shrink the size of the enterprise, the spin off is one of them. At the end of last century, many European countries have been able to skillfully use enterprise this way. However, in our country for the use of spin off is not mature yet. Nevertheless, China has more and more enterprises begin to try this way, which is a Tongrentang Successful examples. Tongrentant by the spin off to adjust its own structure, get a lot of revenue, it also gives other attempts to spin off restructuring of enterprises to provide a reference for.2009 years, China's gem open.2010, the China Securities Regulatory Commission to allow listed on China's stock market enterprise spin off subsidiaries to the gem listing, and the provisions of the relevant conditions. Compared with the motherboard market, the gem listing conditions more relaxed. Therefore, this plan will give many spin off subsidiary enterprises to provide opportunities. The first is to split the Kangenbei GEM listed subsidiary companies, the object is split the jolly pharmaceutical subsidiary. It has a very deep meaning of China's GEM listed spin off. There are three kinds of research methods used in this paper are: normative research method, literature review and case Study on the method. In the first chapter, the author first on the research background, research significance, research ideas and research methods are described, and a literature review, and shows the basic framework of this paper by the picture. The second chapter, the author introduces the related theories, this thesis includes the mode and conditions of spin off listing motivation, financial performance analysis methods and related theories. The third chapter, the author of the Conba jolly pharmaceutical listing case are introduced, mainly from the basic situation of the parties, the spin off of the background, process, characteristics and other aspects. The fourth chapter, a chapter of the case based on, the author analyzes the jolly pharmaceutical Conba will spin off and in the cause of gem. The fifth chapter, the author analyzes the spin off of the performance, including financial performance and non-financial performance of the two party . to evaluate the financial performance, mainly from four aspects, including: solvency, operating capacity, profitability and growth capacity. To evaluate the financial performance mainly from three aspects, including: senior management personnel salary, brand value and the ability of technological innovation. Finally, in the sixth chapter of the above the author analyzes and summarizes some conclusions. This paper selects the Split case Conba jolly pharmaceutical, the first reason analysis of Conba jolly pharmaceutical listed spin off, followed by the financial and non-financial indicators before and after the two companies on the spin off financial situation analysis of horizontal and vertical contrast, draws the following conclusions: (1) spin off enterprises can improve short-term financial performance; (2) the development of spin off can guarantee the company's core business; (3) listed on the stock market can meet the financing needs of the company; (4) the GEM Listing can be obtained According to the analysis, the paper also draws the following inspiration: (1) adopting the appropriate mode is the premise for the success of the spin off; (2) a well-designed plan is an important way to succeed in splitting the market; (3) splitting the high quality assets is a powerful guarantee for the success of the spin off.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.72

【参考文献】