金融学院知识库

在资本市场发展的进程中，许多综合实力强的企业通过兼并收购等方式来增强自身竞争力，然而，随着企业多元化的过度发展，使得集团企业陷入了多元化困境，分拆上市作为多元化企业优化资源配置的一种方式，有助于解决融资约束、经营效率低下、市场估值不准等问题进而帮助企业实现绩效创造。那么，分拆上市能否真正为企业带来正向的绩效值得我们深入研究。

杰瑞股份作为《上市公司分拆所属子公司境内上市试点若干规定》发布之后首批宣布分拆旗下子公司的上市公司之一。鉴于此，文章选择杰瑞股份分拆德石股份作为研究案例，采用文献分析法，对国内外现有文献和理论进行梳理和总结，在此基础上构建了分拆上市对案例公司的绩效影响机制。采用案例分析法，结合企业内部的发展战略规划，深入分析杰瑞股份分拆德石股份上市的动因；运用市场绩效分析法和财务绩效分析法深入剖析了分拆上市对企业绩效的影响。通过对杰瑞股份分拆的研究结果得出以下结论：从市场绩效来看，德石股份分拆上市并没有为母子企业带来积极的的短期市场绩效，但从长期来看，对母子企业均产生了积极的影响；从财务绩效来看，分拆上市对母子企业的盈利能力、偿债能力、成长能力和创新能力均产生了不同程度的促进作用，但对营运能力产生了消极的影响。

基于上述研究，针对分拆企业、投资者和监管方提出了相关建议：上市公司需认识到分拆上市的风险，切忌盲目分拆，分拆后还要依据子公司的独立经营业务和差异化竞争力规划企业未来发展战略保证其后续发展；投资者需要认识到，不能仅凭借市场绩效评价上市公司的分拆效率，还要关注其财务状况和经营管理情况；监管部门需认识到健康的分拆市场环境离不开健全的监管体系、完善的法律法规和强而有力的监管。

In the process of capital market development, many enterprises with strong comprehensive strength enhance their competitiveness through mergers and acquisitions, etc. However, with the excessive development of enterprise diversification, group enterprises fall into the dilemma of diversification.As a way for diversified enterprises to optimize resource allocation, spin-off and listing can help solve problems such as financing constraints, low operating efficiency and inaccurate market valuation, and thus help enterprises achieve performance creation. Then, whether the spin-off listing can really bring positive performance to the enterprise is worthy of our in-depth study.

Jereh is one of the first listed companies to announce the spin-off of its subsidiaries after the release of Several Regulations on the Domestic Listing Pilot of Listed Companies to spin-off their Subsidiaries.In view of this, the paper chooses the divestment of Jereh Shares and Deshi shares as a case study, uses literature analysis to review and summarize the existing literature and theories at home and abroad, and builds the impact mechanism of the divestment listing on the performance of the case company on this basis.Using the case analysis method, combined with the enterprise's internal development strategy planning, in-depth analysis of Jereh shares split Deshi shares listed motivation; Market performance analysis and financial performance analysis are used to analyze the impact of spin-off listing on corporate performance.The following conclusions are drawn from the research results of Jereh stock split: From the perspective of market performance, Deshi stock split and listing did not bring positive short-term market performance to the parent-subsidiary enterprise, but in the long run, it has a positive impact on both the parent-subsidiary enterprises;From the perspective of financial performance, spin-off and listing have promoted the profitability, debt paying ability, growth ability and innovation ability of parent-subsidiary enterprises to varying degrees, but have a negative impact on operating ability.

Based on the above research, relevant suggestions are put forward for the spin-off enterprises, investors and regulators:Listed companies should be aware of the risks of spin-off and listing and avoid blind spin-off. After spin-off, they should plan their future development strategies according to the independent business and differentiated competitiveness of subsidiaries to ensure their subsequent development.Investors need to realize that they should not only rely on market performance to evaluate the split efficiency of listed companies, but also pay attention to their financial status and operation and management.Regulators need to recognize that a healthy unbundled market environment is inseparable from a sound regulatory system, improved laws and regulations, and strong supervision.