会计学院知识库

近年来，资产重组已成为资本市场配置资源的有效手段。依据企业进行资产重组方式的不同，可以将资产重组划分为扩张型资产重组、收缩型资产重组和内变型资产重组。扩张型资产重组包括合并、增资扩股、兼并企业、购买资产等方式，收缩型资产重组则涵盖拆分成立、企业内部分立、资产剥离等方式。美国第三次并购潮发生以后，分拆上市已作为收缩型资产重组的代表方式登上历史舞台。与美国相比，分拆上市在我国出现较晚，但随着我国资本市场发展以及证券法律制度的不断完善，越来越多的企业选择以分拆上市的方法进行资产重组。沪深A股企业将其子公司进行分拆上市，不但能够拓宽A股企业子公司的投融资渠道，获得股权二次溢价；还能产生一定的示范带头作用，鼓励更多的上市公司去投资培养新的高成长性子公司。最终将其分拆至创业板、科创板等资本市场上市，从而实现优质资产的良性循环发展。

本文将案例研究与实证研究相结合，以“华邦生命健康股份有限公司”（以下简称“华邦健康”）分拆其子公司“山东凯盛新材料股份有限公司”（以下简称“凯盛新材”）上市的案例作为研究对象，分析华邦健康分拆凯盛新材上市的动因及分拆上市对分拆双方绩效的影响情况。首先对本次分拆事项的历史背景、拆分流程和分拆动因等方面展开阐述，以完整还原本次分拆事项。其次，重点从资本市场、主要财务指标和非财务指标三个维度对本次分拆双方分拆前后绩效进行分析，并运用市盈率估值法做出综合绩效评价。最后，根据分析结果得出研究结论：第一，分拆上市可以提升企业融资能力及估值；第二，分拆上市能够提高管理层积极性；第三，分拆上市可在短期内提升公司价值。

In recent years,asset restructuring has become an effective means of resource allocation in the capital market.According to the different ways of asset reorganization of enterprises,asset reorganization can be divided into expansion-type asset reorganization,contraction-type asset reorganization and internal transformation asset reorganization.Expansion-type asset reorganization includes merger,capital increase and share expansion,merger of enterprises,purchase of assets,etc.,while contraction-type asset reorganization covers split establishment,internal division of enterprises,and asset divestiture.After the third wave of mergers and acquisitions in the United States,spin-off and listing have entered the stage of history as a representative method of shrinking asset restructuring.Compared with the United States,spin-off listing appeared relatively late in my country,but with the development of my country’s capital market and the continuous improvement of the securities legal system,more and more companies choose to carry out asset reorganization by spin-off and listing.A-share companies in Shanghai and Shenzhen will spin off their subsidiaries to list,which will not only broaden the investment and financing channels of A-share companies’subsidiaries and obtain a secondary equity premium;it will also play a leading role in a certain demonstration and encourage more listed companies to invest Cultivate new high-growth subsidiaries.Finally,it will be spun off and listed on capital markets such as the Growth Enterprise Market and the Science and Technology Innovation Board,so as to achieve a virtuous circle of high-quality assets.

This article combines case studies and empirical studies to spin off its subsidiary“Shandong Kaisheng New Materials Co.,Ltd.”(hereinafter referred to as“Kaisheng New Materials”) with“Huapont Life Sciense and Health Co.,Ltd.”(hereinafter referred to as“Huapont Life Sciense”) listed cases as the research object to analyze the motivation of Huapont Life Sciense’s spin-off of Kaisheng New Materials and the impact of spin-off and listing on the performance of both parties.First,the historical background,the process of the split and the reasons for the split are explained in order to fully restore the split.Secondly,focus on analyzing the performance of the two parties before and after the spin-off from the three dimensions of the capital market,main financial indicators and non-financial indicators,and use the price-earnings ratio valuation method to make a comprehensive performance evaluation.Finally,according to the analysis results,the research conclusions are drawn:first,spin-off and listing can improve corporate financing capability and valuation;second,spin-off and listing can improve the enthusiasm of management;third,spin-off and listing can enhance the company’s value in the short term.