会计学院知识库

  分拆上市作为资产重组的一个有效形式，在中国资本市场中的起步远晚于海外。近年来，在宏观经济的影响下，医药行业为缓解融资压力，更加倾向于通过分拆上市来满足资金需求和提高核心竞争力。2020年国内资本市场迎来了A拆A上市热潮。本文选取在科创板上市“A拆A”的首个案例—长春高新分拆上市，对其选择分拆上市百克生物的动因及效果进行研究，希望为国内医药企业进行分拆上市提供相应的参考价值。

  首先，本文在分拆上市概念和理论的基础上，结合生物医药行业背景，引入长春高新分拆百克生物的案例，对案例基本情况和具体上市过程进行简要介绍，进一步从内外部因素对长春高新分拆上市的动因进行分析。其次，本文通过事件研究法，选取长春高新分拆上市预案公告日和正式分拆上市日这两个事件窗口估计期，对分拆上市前后的股价变动进行分析。接着针对子公司百克生物，选取同行业可比公司对其市盈率进行考察。最后利用财务指标分析分拆前后的财务状况，对融资渠道、产业聚焦、研发创新能力、公司治理等非财务因素进行了相关研究。综合以上分析，得到分拆上市对长春高新产生的相关影响，并提出相关建议。

  经研究发现，长春高新旗下子公司百克生物在分拆上市前，真实价值往往被低估，将百克生物分拆至科创板上市，改善公司融资效率、治理效率及经营效率。最后得出本文结论：（1）拓宽融资渠道和提升企业价值是长春高新分拆上市主要驱动因素；（2）分拆上市使母子公司短期内的市场效果突出，短期子公司的财务效果表现欠佳；（3）分拆上市提升子公司研发创新能力等非财务指标，效果显著。根据分析结论，给有意愿分拆上市的企业给出了四条建议：首先，公司应该结合自身发展战略，合理选择上市板块；其次，选择优质、被低估的子公司进行分拆上市，增强内生动力；再次，母子公司应该注重公司长期价值，增强核心竞争力；最后，在分拆上市前，企业应该抓住政策等机遇，做好资金规划。

    As an effective means of asset reorganization, spin-off listing has developed later in China's capital market than abroad. In recent years, affected by the epidemic, in order to alleviate the financing pressure, the pharmaceutical industry is more inclined to meet the capital demand and improve its core competitiveness by splitting and listing. In 2020, the domestic capital market ushered in the craze of A-share splitting and A-share listing. In this paper, the first case of "A split A" listing in science and technology innovation board-Changchun High-tech spin-off listing is selected to study the motivation and effect of its spin-off, hoping to provide some reference for domestic companies to spin-off.

    First of all, based on the concept and theory of spin-off, combined with the background of biomedical industry, this paper introduces the case of spin-off of 100 grams of organisms in Changchun High-tech, briefly introduces the basic situation of the case and the specific listing process, and further analyzes the motivation of spin-off of Changchun High-tech from internal and external factors. Secondly, using the event research method, this paper selects the announcement date of Changchun Hi-tech spin-off listing plan and the official spin-off listing date as two event window estimation periods to analyze the stock price changes before and after the spin-off listing. Then, for the subsidiary Baike Bio, select comparable companies in the same industry to investigate its P/E ratio. Finally, the financial indicators are used to analyze the financial situation before and after the spin-off, and the non-financial factors such as financing channels, industrial focus, innovative research and development capabilities, and corporate governance are studied.

    Based on the above analysis, it is found that the real value of Baike Bio, a subsidiary of Changchun High-tech, is often underestimated before it is split and listed. The split of Baike Bio in science and technology innovation board will improve the company's financing efficiency, governance efficiency and operating efficiency. Finally, the conclusions of this paper are as follows: (1) Broadening financing channels and enhancing enterprise value are the main driving factors for the spin-off and listing of Changchun Hi-tech; (2) The split listing makes the market effect of the parent company and subsidiary company outstanding in the short term, but the financial effect of the subsidiary company is not good; (3) Non-financial indicators such as the spin-off and listing to enhance the R&D and innovation ability of subsidiaries have achieved remarkable results. According to the analysis conclusion, four suggestions are given to enterprises willing to split up and go public: first, the company should combine its own development strategy and reasonably choose the listed sector; Secondly, select high-quality and undervalued subsidiaries for spin-off and listing to enhance endogenous motivation; Thirdly, the parent-subsidiary company should pay attention to the long-term value of the company and enhance its core competitiveness; Finally, before the spin-off and listing, enterprises should seize opportunities such as policies and make good capital planning.