会计学院知识库

近些年，房地产行业经济泡沫大幅上升，房企面对越发严格的监管压力,在“住房不炒”这一政策发布之后，伴随着相关的政策措施也陆续推出，如“房地产贷款集中度的管理制度、三条红线融资新规等”。房地产企业的传统业务增长速度放缓，为了达到市场监管的要求，同时寻求企业的可持续发展，房企开始将眼光放在物业管理板块。物业管理营收稳定且处于行业快速发展时期，分拆上市可以帮助企业融资获取资金，集中资源发展核心业务，于是，大多房地产企业决定分拆其有发展前景的物业子公司上市。

本文以2020年7月6日在香港主板成功上市的金融街物业为研究对象，主要从母公司金融街控股的角度剖析其分拆物业上市的动因及效果。先是基于“融资需求理论、信息不对称理论、企业生命周期理论和归核化理论”进行动因分析，发现金融街控股分拆金融街物业上市的动因主要为以下四点：一是拓宽融资渠道，优化资本结构；二是提高信息透明度，释放企业市值；三是寻找新的业绩增长点，提升经营业绩；四是经营核心业务，实现价值最大化。其次，针对上述分析的具体动因从“融资效果、市场反应、财务绩效和战略效应”四个方面进行效果分析，并得出如下结论：一是金融街控股有四个主要的分拆动因，其中融资效果最显著；二是金融街控股分拆物业上市在短期内对母公司的融资能力、企业估值和财务绩效都有积极效应；三是金融街控股分拆物业上市对企业的长期绩效影响有限，母公司战略布局效果不佳。最后，本文提出关于分拆的建议，为那些有意愿进行分拆并上市的企业提供宝贵的参考和经验，并在学术研究中为我国房地产分拆物业公司上市的案例提供了理论支撑。

Rapid development of real estate industry in recent years, now has produced a huge economic bubble, enterprise is also facing increasingly severe regulatory environment, the "housing not fry" policy called after the release, with the policy measures released, such as real estate loan concentration management system, three red line financing new rules and for two centralized regulation measures, real estate enterprise development business is low growth, to meet the regulatory requirements and seek the benign development of the future, to seek new development way. The revenue of property companies is stable and in the period of rapid development of the industry. The spin-off listing is conducive to the development of enterprise financing and business sectors. In order to meet the financing needs, more and more real estate enterprises will list their property companies with development potential.

This paper studies on Financial Street Property, which was successfully listed on the main board of Hong Kong on July 6,2020, and mainly analyzes the motivation and effect of the listing of its spin-off property from the perspective of the parent company Financial Street Holdings. Firstly, based on the theory of financing demand, information asymmetry theory, enterprise life cycle theory and attribution theory, the reasons for the listing of Financial Street Holdings include the following four points: first, to broaden the financing channels and optimize the capital structure; the second, to improve the information transparency and release the enterprise market value; third, to find new performance growth points and improve the business performance; fourth, to operate the core business and maximize the value.next, According to the specific drivers of the above analysis from "financing effect, market reaction, financial performance and strategic effect", And draw the following conclusions: first, the financing effect is the most significant, The spin-off listing showed a positive effect on easing the financial pressure of the parent company, Financial Street Holdings acquired funds by transferring some control of the property, Financial Street Property used to raise funds through the offering of new shares, Its solvency has also been improved; Second, the value of Financial Street Holdings in the capital market has increased significantly in the short term, The spin-off event has brought a premium effect to the enterprise; Third, the ranking of the comprehensive score of financial performance increased in the short term, But in the long run, the improvement is not obvious; Fourth, the strategic effect is not good, Revenue fluctuates greatly. Finally, this paper puts forward the enlightenment and experience from the perspective of enterprises, which provides useful experience and reference for other enterprises that are willing to split and list, and theoretically enriches the relevant case studies of the listing of real estate spin-off property companies in China.