会计学院知识库

作为资产重组的一种手段，分拆上市在国外资本市场已经非常成熟。近年来，随着我国资本市场的深入发展，分拆上市逐渐成为许多综合性企业发展转型的重要方式。探究企业分拆上市的动因，研究上市后的业绩表现，能够分析分拆上市是否为企业带来了“1+1＞2”的效应。

基于此，本文以京东集团分拆京东健康上市为研究对象，分析其分拆上市的动因及上市前后的业绩变化。本文在梳理相关文献的基础上，首先对母子公司的发展历程及业务状况进行了概述，并且通过梳理上市过程，发现京东健康主要采用搭建VIE架构的方式进行上市。其次，文章分别从企业价值、发展战略、专业化经营、融资需求及内部管理五个方面对京东集团分拆京东健康上市的动机进行了探究。然后，在分析企业上市产生的效果中，本文采用了事件研究法对母公司的短期市场表现进行分析，并过市盈率和市销率对公司市值进行了考察，同时运用财务指标对分拆前后公司的财务状况进行了研究。此外，文章从发展战略、业务板块以及公司治理三个非财务角度对企业经营状况进行了综合分析。最后，本文根据前文分析，从动因和上市后的效果两方面对案例事件进行总结，得出了相应的启示。

通过分析研究，本文得出了以下结论：(1)企业分拆优质业务上市的动因主要有：价值发现、战略聚焦、融资需求、优化管理等因素；(2)分拆上市时给母公司带来了负面的短期市场效果；然而，子公司市的企业价值得到了市场的认可，其整体的经营水平持续提升，业绩表现亮眼。文章获得的启示有：(1)企业进行分拆的时候，要立足于自身的发展规划，选择合适的业务板块进行分拆上市。(2)母公司在对优质业务进行分拆上市时应考虑其可能带来的短期市场风险，做好应对风险的准备。(3)子公司被分拆上市后不能只注重短期的效果，要以非关联性市场化运营为主，不断增强企业持续经营的能力，推动企业的可持续发展。

As a means of asset restructuring, spin-offs have become very mature in foreign capital markets. In recent years, with the further development of China's capital market, spin-offs have gradually become an important way for many comprehensive enterprises to transform their development. It is important to explore the motivation of the companies' eagerness to divest and to study the performance of the companies after listing, so as to analyse whether the divestment has brought about a "1+1>2" effect for the companies.

Based on this, this paper selects Jingdong Group's spin-off of Jingdong Health as the subject of this study, and examines the motivations for its spin-off and the changes in its performance before and after the IPO. Based on a review of the relevant literature, this article firstly outlines the development history and business situation of the parent and subsidiary companies, and through the listing process, it is found that Jingdong Health mainly adopts a VIE structure to go public. Secondly, the article explores the motives of Jingdong Group's spin-off of Jingdong Health from five aspects: corporate value, development strategy, specialised operation, financing needs and internal management. Then, in the analysis of the resulting effects, the article adopts an event study approach to analyse the short-term market performance of the parent company, and examines the company's market capitalisation by means of the price-to-earnings ratio and the price-to-sales ratio, while using financial indicators to study the company's financial position before and after the spin-off. In addition, the article provides a comprehensive analysis of the company's operating conditions from three non-financial perspectives: development strategy, business segments and corporate governance. Finally, based on the previous analysis, the paper summarises the case events in terms of both the motivations and the post-IPO effects, and draws corresponding insights.