分拆上市对企业绩效的影响研究——以雅居乐分拆上市为例.pdfVIP

摘 要 收购兼并浪潮自上世纪60 年代美国而起，大量公司借此扩大规模，以期实 现产业链整合。然而事与愿违，这些当时热衷于多元化经营的公司，却在事后的 经营管理中，没能如愿享受并购所带来的协同效应，作为对60 年代并购浪潮的 修正，分拆上市于20 世纪90 年代开始在美国风行，到目前为止，分拆上市在欧 美市场的运用已经相当成熟，在香港证券市场表现也较为活跃。 事实上，在海外市场的中资上市公司已经有不少成功分拆的案例。只是由于 我国资本市场制度尚未健全，境内主板市场一直对分拆上市加以严格限制，导致 我国境内分拆上市成功案例较少，主要集中在港股。2019 年7 月科创板的开板， 为企业分拆上市提供了新的平台。同年 8 月，证监会就分拆上市规则征求意见。 同年11 月，证监会主席易会满向市场传达“要尽快出台上市公司分拆上市规则”， 目前已有多家企业跃跃欲试，相信未来 A 股创业板会有越来越分拆上市的成功 案例。 本文正是基于这样的经济背景，选取了2018 年2 月这一时间节点在港股成 功完成分拆上市的雅生活为例，基于资本市场和财务指标两大维度就分拆上市对 企业绩效的影响进行研究，通过案例分析探索分拆上市如何影响上市公司的绩效， 得出三大结论，分拆上市有助于提高母公司市场绩效，但可能会恶化母公司财务 绩效，而子公司的财务绩效则会得到改善。并由此结论提出相关建议，希望能促 进分拆上市的企业长期创造价值，并为后续在 A 股创业板分拆上市的公司以及 投资者提供些许借鉴意义。 关键词：分拆上市；企业绩效；雅居乐；雅生活 I Abstract With the rise of the wave of acquisition and merger in the United States in the 1960s, many companies expanded their scale rapidly to realize diversified operation. However, contrary to their wishes, these companies, which were keen on diversification at that time, failed to enjoy the synergy brought by M A in the post operation management, and encountered many difficulties in the actual operation process. More and more people have noticed that scale effect may also bring the complexity of personnel and institutions, increase the burden of the company, and reduce the efficiency of the companys operation and management. As a revision of the M a wave in the 1960s, spin off listing began to be popular in the United States in the 1990s . So far, the use of spin off listing in the European and American markets has been quite mature, and it is also active in the Hong Kong stock market. In fact, there are many successful spin off cases of Chinese Listed Companies in the overseas market. Only because the capital market system of our country is