会计学院知识库

分拆上市自出现以来就一直受到大型公司的青睐，其目的主要是为了解决过度多元化所带来的问题，增强公司的可持续运营能力，专注于自身业务经营。2019年允许境内分拆上市的新规为分拆上市带来了新契机。市场对于分拆上市反应热烈，但在这种热烈的反应背后，公司的分拆动因以及分拆上市对于母子公司的具体业绩影响尚不清楚，有待于相关的研究加以深入讨论。因此，本文选择国内首个H股分拆至境内科创板的案例——微创医疗分拆上市，对其分拆上市的动因及效果进行研析，希望为国内公司进行分拆上市提供一定的借鉴。

本文的研究方法为案例研究法，根据分拆上市的概念和相关的基础理论，并结合所研究公司的行业背景，引入微创医疗分拆心脉医疗的案例，在案例介绍中说明了公司的基本情况和具体的上市过程。之后结合了政策因素、行业背景、以及公司自身的属性进行了动因分析。在产生的效果分析中先运用事件研究法，选用发布分拆公告日、公告上市日、子公司分拆上市日三个事件窗口估计期观察分拆前后股价反应、然后通过市盈率和托宾Q值的计算对市值进行考察，再采用财务指标分析通过分拆前后财务数据指标以及EVA的测算考量对公司财务情况的影响、最后通过非财务因素对公司的融资渠道、投资规模、研发投入、品牌影响力以及业务经营能力进行了研究。综析以上得到了分拆上市对于公司的作用和产生的影响，并获得相应启示。

经过笔者的研究和梳理，本文有以下结论：（1）分拆上市在短期内给微创医疗带来正面的市场反应，公司也呈现了更大投资价值。此项分拆也成为微创医疗企业孵化后分拆战略的强大动力。（2）分拆上市后，由于心脉医疗在微创医疗中的占比过少，所以它的业绩波动对于微创医疗整体的业绩影响微乎其微。（3）分拆后，心脉医疗获得新的融资途径，从而实现公司整体资产结构的优化，同时心脉医疗通过筹集到的巨额资本，也在不断地扩张自己的业务，不断发展。获得的启示有：（1）有意愿分拆的公司应该把握国家支持分拆上市的政策机遇，根据自身特点与属性积极向上市平台靠拢。（2）分拆成功的前提因素是母公司自身经营多元化而且各个公司之间具有较强的独立性。（3）分拆虽然已成为热潮，但各个公司也要理性看待分拆，作出谨慎决策。

Since its appearance, spin-off and listing have been favored by large companies. The main purpose is to solve the problems caused by excessive diversification, enhance the company's sustainable operation ability, and focus on its own business operations. The new regulations allowing domestic spin-off listings in 2019 have brought new opportunities for spin-off listings. Market reacts enthusiastically to spin-off. However, after this enthusiasm, the dynamics and specific performance impact of spin-offs on parent and subsidiary companies are still unclear and require further research. This article starts with the spin-off and listing of MicroPort Medical, the first domestic H-share spin-off to the National Science and Technology Innovation Board, analyzes the motivation and impact of its spin-off and listing, and hopes to provide some insights into my country's desire for spin-off and stock exchange listing. opinion. The company provides some references.

The research method of this work is the case study method. First, the concept of spin-off and listing and related basic theories are explained. Combined with the industry background of the investigated company, the case of MicroPort Medical's spin-off of Cardiovascular Medical was introduced, and the company's initial situation and specific 

listing process were explained in the case introduction. Motivation is then analyzed in combination with political factors, industry background, and the company's own attributes. To analyze the resulting impact, the event study method was first used to observe the stock price response before and after the spin-off during the estimated period of the three event windows: the spin-off announcement date, the announcement listing date, and the subsidiary spin-off-off listing date, followed by P/E ratio and Tobin's Q value. Carry out market value calculation, and then use financial ratios to analyze the impact on the company's financial status through the calculation of financial data indicators before and after the division and EVA. Finally, non-financial indicators are used to influence a company's funding channels, investment scope, R&D investment, and brand influence, power and the ability to do business. Based on the above analysis, the results of the impact of separate listing on parent and subsidiary companies will be drawn, and appropriate explanations will be made.

After the author's research and sorting, this paper draws the following conclusions: (1) The spin-off and listing will bring a positive market response to MicroPort Medical in the short term, and realize professional operation through the integration of business fields, reducing the impact on the overall reduction of other companies in the group. (2) Since Xinmai Medical holds too little equity in MicroPort Medical after its spin-off and listing, performance fluctuations have little impact on the overall performance of MicroPort Medical. (3) After the spin-off, Xinmai Medical has opened up new financing channels and optimized the company's overall asset structure. At the same time, Xinmai Medical has continuously expanded its business and development through the huge funds raised. The inspirations obtained are: (1) Seize the political opportunity and approach the listing platform; (2) Spin off the parent company with diversified business and strong operational independence; (3) Analyze the pros and cons of outsourcing and make prudent decisions. The inspirations obtained are: (1) Companies that are willing to spin-off should seize the policy opportunity of the state to support spin-off and listing, and actively move closer to the listing platform according to their own characteristics and attributes. (2) The prerequisite for successful spin-off is the parent company's own operation. Diversification and strong independence among companies. (3) Although spin-off has become a trend, each company should also treat spin-off rationally and make prudent decisions.