金融学院知识库

  上市公司分拆是加强资本市场资源优化配置和深化并购重组功能的重要手段，有利于上市公司拓宽融资渠道、深化产业经营管理水平、进一步实现业务聚焦。与西方国家相比，我国资本市场起步较晚，发展尚未成熟，监管层考虑到中国资本市场的实际情况，在过去十多年对上市公司分拆子公司上市方面的监管持比较谨慎的态度，因此境内上市公司分拆的案例较少。随着资本市场的发展，我国也在上市公司分拆领域进行不断探索，从2009年创业板的出现到2018年科创板的设立并实施注册制，我国上市公司分拆子公司在境内上市迎来了快速的发展。而康恩贝分拆佐力药业作为境内分拆第一股，本文希望通过对文献的梳理和对案例的介绍、研究和分析，为有分拆意愿的企业提供一定的借鉴，同时为完善我国上市公司分拆制度提供一些启示。

  文章首先对国内外分拆上市相关文献进行整理和总结，归纳出目前国内外学界对分拆的研究主要集中在动因和绩效方面两方面，其中动因和短期绩效方面的研究结果较为一致，而对长期绩效的影响存在分歧，因此本文研究主要集中在长期绩效方面。其次对分拆和绩效概念进行界定,介绍分拆上市的相关类型包括有横向分拆、纵向分拆和混合分拆，归纳出分拆上市的动因主要有四个，分别为克服信息不对称、获取融资、管理层激励和业务集中理论，并对康恩贝分拆佐力药业的过程、动因和合规性进行了介绍和简要分析。

  最后在康恩贝分拆佐力药业的案例分析中，利用事件研究法分析二级市场对分拆上市持有何种态度；然后基于财务指标对康恩贝和佐力药业在分拆前后的偿债能力、营运能力、盈利能力、成长能力和创新能力进行横向及纵向的比较，以此判断分拆是否影响了母公司和子公司各单方面绩效，与此同时对指标采用熵权Topsis法进行综合分析，以研究分拆对公司的总体绩效影响；再从公司股东角度出发对两家企业分拆前后EVA进行了分析。最终得出了以下结论：（1）二级市场对分拆持中性态度；（2）分拆上市降低了康恩贝绩效；（3）分拆上市小幅提高佐力药业绩效；（4）分拆上市为康恩贝股东带来超额收益。

     The separation of listed companies is an important means to strengthen the optimal allocation of resources in the capital market and deepen the function of M & A. It is conducive for listed companies to broaden financing channels, deepen industrial operation and management level and further realize business focus. Compared with western countries, China's capital market started late and its development is not yet mature. Considering the actual situation of China's capital market, regulators have also taken a more cautious attitude towards the supervision of the spin off of listed companies and the listing of subsidiaries in the past ten years. Therefore, there are few cases of spin off of domestic listed companies. With the development of the capital market, China has also made continuous exploration in the field of spin off of listed companies. From the emergence of the gem in 2009 to the establishment and implementation of the registration system of the science and innovation board in 2018, the spin off subsidiaries of Listed Companies in China have ushered in rapid development in the domestic listing. Conba spin off Jolly pharmaceutical is the first share of domestic spin off. This paper hopes to provide some reference for other enterprises willing to spin off, and provide some enlightenment for improving the spin off system of Listed Companies in China through combing the literature and introducing, studying and analyzing the case.       

    Firstly, this paper collates and summarizes the relevant literature of spin off listing at home and abroad, and summarizes that the current academic research on spin off at home and abroad mainly focuses on motivation and performance, among which the research results of motivation and short-term performance are relatively consistent, while there are differences on the impact of long-term performance. Therefore, this paper mainly focuses on long-term performance. Secondly, it defines the concepts of spin off and performance, introduces the relevant types of spin off and listing, including horizontal spin off, vertical spin off and mixed spin off, and summarizes that there are four main reasons for spin off and listing, namely overcoming information asymmetry, obtaining financing, management incentive and business concentration theory. It also introduces and briefly analyzes the process, motivation and compliance of Conba spin off of Jolly pharmaceutical.            

     Finally, in the case study of Conba spin off of Jolly i pharmaceutical, the event research method is used to analyze the attitude of the secondary market towards the spin off and listing; Then, based on the financial indicators, this paper makes a horizontal and vertical comparison of the solvency, operation ability, profitability, growth ability and innovation ability of Conba and jolly pharmaceutical before and after the spin off, so as to judge whether the spin off has affected the unilateral performance of the parent company and its subsidiaries. At the same time, the index is comprehensively analyzed by Entropy TOPSIS method to study the impact of the spin off on the overall performance of the company; Then from the perspective of shareholders, this paper analyzes the EVA before and after the separation of the two enterprises. Finally, the following conclusions are drawn: (1) the secondary market holds a neutral attitude towards spin off; (2) Spin off reduces Conba's performance; (3) Spin off and listing slightly improved the performance of Jolly pharmaceutical; (4) Spin off brings excess returns to Conba shareholders.