我国上市公司分拆上市的绩效研究.pdfVIP

我国上市公司分拆上市的绩效研究* 1 2 3 于海云 杨庆林 罗正英 （1. 苏州大学 商学院，苏州 215021；2. 东吴证券有限公司，苏州 215021；3. 苏州大学 商学院，苏 州 215021） 摘要：本文采用事项研究法和财务指标分析法对我国2000 年1 月1 日到2010 年 4 月13 日之间A 股上市公司分拆上市的市 场反应绩效和财务绩效进行了对比研究。我们发现，上市公司股票价格在分拆上市董事会决议公告日前后有显著的正向市场 反应，股东大会决议公告日次之，上市公告日前后短期市场反应为负，长期为正。本文通过对所有案例在分拆上市前后年度 的现金流状况、现金收益（即股权自由现金流量/资产总市值）、偿债能力、盈利能力和市场竞争能力进行对比，发现分拆上 市的市场反应绩效与分拆上市后两年的实际财务绩效具有正向的一致性，说明分拆上市不仅给母公司股东带来显著财富增 加，而且其中蕴含的未来预期现金收益增加也得到一定程度的实现，但是长期财务绩效并不理想。 关键词：上市公司 ；分拆上市；绩效研究；实证研究 中图分类号： 文献标识码： Research on Performance of China’s Listed Companies to split subsidiaries to IPO Yu Haiyun1 Yang qinglin2 Luo Zhengying3 (1. School of Business, Soochow University, Suzhou, 215021,China 2. Soochow Securities Co., Ltd., Suzhou, 215021, China 3. School of Business, Soochow University, Suzhou, 215021,China) Abstract : This essay studied the market reaction and the financial of the A-share listed companies split its subsidiaries companies to IPO at foreign capital market with matter of law and the financial index analysis method between the January 1, 2000 to April 13, 2010. We found that stock prices of listed companies had significant positive market reaction before and after the Board Resolution Announcement date, followed by the announcement date of General Assembly Resolutions, short-term market reaction was negative and long-term was positive after the announcement day of IPO. This essay contrasted all A-share split cases’ cash flow, cash earnings (ie equity free cash flow / total market value of assets), solvency, profitability and market competitiveness before and after the disintegration of the split year, and found that the listed companies’ market performance ha