我国上市公司分拆上市的价值效应研究

发布时间：2018-04-02 07:15

本文选题：上市公司　切入点：分拆上市　出处：《兰州商学院》2014年硕士论文

【摘要】：2012-2013年由于移动互联的快速发展，一批移动互联业务公司分拆上市的消息也不绝入耳，比如微博、微信分别要从新浪和腾讯分拆出来单独到境外上市。上市公司分拆上市，迅速在2009年10月分之后再次成为市场热点。在2013年5月7日，同仁堂国药（08138，HK）从同仁堂科技（01666，HK）分拆出来单独在香港创业板上市，同仁堂（600085，SH）继“国内第一分拆股”之后，又成为“首个二次分拆并再次登陆香港联合交易所的国内企业”。本文就以此为背景讨论上市公司分拆上市的对于母公司和子公司的价值效应，并用同仁堂公司的两次分拆进行了案例研究。本文讨论的分拆上市只是狭义上的分拆上市，即上市公司分拆上市。依据分拆前后母子公司在业务上和产业链上的关系，将其具体区分为横向、纵向和混合三种分拆上市类型。根据母子公司分拆动机和业务特点两大主要因素，，上市公司分拆上市的模式主要可以划分为PE孵化器模式、业务差异型模式和业务相近型模式三种。本文将公司分拆上市动因归结于外部和内部两个方面。之后又分析了上市公司分拆上市应具备的基本准入条件，以及分拆上市的效应研究。在此基础上，通过2000年同仁堂公司分拆同仁堂科技，2013年同仁堂科技又分拆同仁堂国药的上市案例进行了分拆上市的动因、基于CAR时间窗口模型的股权价值及财务效应研究，并最终得出分拆上市对控股上市母公司市场价值效应和财务价值效应均具有显著的正的价值效应。
[Abstract]:In 2012-2013, due to the rapid development of mobile interconnection, news of a number of mobile interconnection companies breaking up and going public was heard. For example, Weibo and WeChat would separate themselves from Sina and Tencent to be listed abroad. The listed companies were split up and listed on the stock market. It quickly became a hot spot in the market after the division in October 2009. On May 7, 2013, Tongrentang Chinese Medicine Co., Ltd. (Tongrentang) was spun off from Tongrentang Technology Group 01666 (HK) and listed separately on the Hong Kong growth Enterprise Board, and Tong Yan Tong Tong Tong Tang 600085H), after the "first split in China," was listed on the Hong Kong growth Enterprise Board. It has become "the first domestic company to split up and land on the Stock Exchange of Hong Kong again". This paper discusses the value effect of the split listing of listed companies on the parent and subsidiary companies. And Tongrentang Company's two separate case study. The split listing discussed in this paper is just the split listing in a narrow sense, that is, the listed company is split and listed. According to the relationship between the business and the industrial chain of the parent and subsidiary companies before and after the split up, it is divided into horizontal and horizontal. According to the two main factors, the split and listing mode of the listed companies can be divided into PE incubator model, according to the two main factors of the split motivation and the business characteristics of the parent and subsidiary companies. There are three types of business differential mode and similar mode. This paper puts the motivation of company split and listing into two aspects: external and internal. Then, the paper analyzes the basic access conditions that the listed company should have in the process of splitting and listing. And the effect of split listing. On this basis, through the division of Tongrentang Technology in 2000 and Tongrentang Technology in 2013, the motivation of splitting the listing of Tongrentang Chinese Medicines, the equity value and financial effect based on the CAR time window model are studied. Finally, it is concluded that split listing has significant positive value effect on the market value effect and financial value effect of the holding listed parent company.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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