会计学院知识库

随着全球经济一体化更加深入地发展，我国的资本市场也在不断壮大，此间许多上市公司为了更好地适应扩张的市场状况而采取了多元化发展的战略，这样做不仅可以扩大规模，还可以增加收入来源。然而，当企业的业务板块数量增长到一定程度时，企业内部传统的业务和新兴的业务在资源配置方面就会出现一些矛盾，传统业务的存在可能会阻碍新兴业务的发展，新兴业务又可能会压缩传统业务的份额，这样会导致整个企业无法向着预想的方向发展。

因此，多元化的企业为了突破发展的瓶颈期，摆脱尾大不掉的现状，会选择将企业内部的优质资产分拆出来单独上市，从而达到调整战略结构以及进行价值创造的目的。我国分拆上市的企业很多，并且所处的行业和分拆上市的动因、效果等因素不尽相同，本文选择了多元化企业江苏国泰分拆瑞泰新材的案例进行研究。江苏国泰作为在得到监管允许后少数保有控制权的“A拆A”成功案例，其分拆子公司上市对企业价值的创造值得我们研究。通过对各项数据进行分析，本文研究了江苏国泰分拆子公司瑞泰新材上市所创造价值的途径及效果，研究结论如下：

（1）分拆上市后，子公司的融资渠道拓宽，母公司的资金压力减小，所以在融资方面给公司创造了一定的价值，但是融资效应只在短期内效果显著；（2）分拆上市使得母子公司能够更加专注于各自的业务，实现专业化经营，提升了经营的效率；（3）分拆上市优化了母子公司的治理结构，对管理层有着激励作用。

With the deepening development of global economic integration, the capital market of our country is also growing continuously. During this period, many listed companies have adopted the strategy of diversified development in order to better adapt to the expanding market conditions. By doing so, they can not only expand scale but also increase sources of income. However, when the number of business segments of an enterprise increases to a certain extent, there will be some conflicts in resource allocation between traditional and emerging businesses within the enterprise. The existence of traditional businesses may hinder the development of emerging businesses, and emerging businesses may compress the share of traditional businesses, which will cause the entire enterprise to fail to develop in the expected direction.

Therefore, in order to break through the bottleneck of development and get rid of the status quo, diversified enterprises will choose to separate the high-quality assets within the enterprise and list them separately, so as to achieve the purpose of adjusting the strategic structure and creating value. There are a lot of spin-off listed enterprises in China, and the industry and the motivation, effect and other factors of spin-off listing are not the same. This paper chooses the case of Jiangsu Guotai spin-off Ruitai New Materials to study. As one of the few successful cases of "A splitting A" that retains control after being allowed by regulation, Jiangsu Guotai is worthy of our study on the value creation of its spin-off subsidiary listing. Through the analysis of various data, this paper studies the ways and effects of the value created by the listing of Jiangsu Guotai's spin-off subsidiary Ruitai New Materials. The research conclusions are as follows:

(1) After the spin-off and listing, the financing channels of the subsidiaries are expanded and the financial pressure of the parent company is reduced, so certain value is created for the company in terms of financing, but the financing effect is only significant in the short term; (2) The spin-off and listing enables the parent and subsidiary companies to focus more on their respective businesses, achieve professional operation, and improve the efficiency of operation; (3) The spin-off and listing optimizes the governance structure of the parent-subsidiary company and has an incentive effect on the management.