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分拆上市符合企业生命周期的自然发展规律，是资本市场发展到一定阶段的必然趋势。在成熟的资本市场中，分拆上市是被广泛使用的资本管理方式之一。资本管理方式代表了企业在不同发展阶段的不同资本运作方式。但企业使用各种资本手段的目的却是相同的——使公司实现高质量发展。分拆上市是公司将其子公司或业务板块分拆出来以股份有限公司的形式独立发展，引入外来资本进行有效的资源配置，提高母子公司核心竞争力、实现内部激励机制、理顺整体和被分拆个体的公司治理机构，提高企业在资本市场上的估值。近年来，我国资本市场为顺应大环境需要，2019年底以来，证监会出台《上市公司分拆所属子公司境内上市试点若干规定》，以及我国科创板和创业板实施了注册制，使得境内上市公司分拆上市得以实现。一系列政策出台以来，我国境内公司分拆上市的速度明显加快，自政策出台到截止目前，我国境内数百家企业有分拆意向，一些企业已在分拆上市的路上，其中20多家企业已经在我国境内成功分拆上市。

生益科技在公司内部战略发展和外部政策允许的情况下，成为国内首家成功分拆子公司登陆科创板的“A拆A”案例公司。本文以生益科技分拆旗下生益电子上市为分析案例，详细分析其在境内分拆上市的动机和绩效表现。首先，论文采用文献研究法，结合相关理论、市场外部政策和公司内部战略，深入分析生益科技分拆上市的动因；其次，运用财务绩效分析、非财务绩效分析及市场短期反应分析得出分拆上市对母子公司绩效的影响程度；最后，从分拆上市中普遍存在的问题入手，就分拆上市提出相应建议，并结合案例分析得出结论。

The spin-off listing is in line with the natural development law of the life cycle of enterprises, and it is the inevitable trend of the capital market to develop to a certain stage. In the mature capital market, the spin-off and listing is one of the widely used capital management methods. Capital management mode represents the different capital operation modes of enterprises in different stages of development. But the purpose of enterprises using various capital means is the same —— to enable the company to achieve high-quality development. The spin-off listing is the company will split its subsidiary or business sector independent development in the form of Limited- Liability Company, the introduction of external capital for effective allocation of resources, improve the subsidiary core competitiveness, implement internal incentive mechanism, straighten out the overall and split individual corporate governance institutions, improve the enterprise valuation in the capital market. In recent years, in order to meet the needs of the overall environment, China's capital market, since the end of 2019, the CSRC issued Several Provisions on the Pilot Domestic Listing of Subsidiaries under the Spin off of Listed Companies, as well as the registration system of Sci-Tech innovation board and the Second-board Market, which realized the spin-off listing of domestic listed companies. Since the introduction of a series of policies, the speed of spin-off and listing of domestic companies in China has been significantly accelerated. Since the introduction of the policy up to now, hundreds of enterprises in China have the intention of spin-off, and some enterprises have been on the road of spin-off and listing, among which more than 20 enterprises have been successfully spin-off and listed in China.

Under the permission of the company's internal strategic development and external policies, Shengyi Technology became the first "A split A" case company in China to successfully split its subsidiary and landed on the science and Technology Innovation Board. This paper takes the listing of Shengyi Technology as a case study, and analyzes the motivation and performance of its spin-off listing in China.Firstly, literature research, combining relevant theories, external market policies and internal strategy, analyzes the motivation of spin-off listing; Secondly, financial performance analysis, non-financial performance analysis and short-term market reaction analysis to determine the impact of the spin-off listing.Finally, starting with the common problems in the spin-off listing, we put forward corresponding suggestions on the spin-off listing, and draw conclusions based on case analysis.