本文關(guān)鍵詞： 分拆上市 資本市場(chǎng) 子公司 財(cái)務(wù)分析　出處：《遼寧大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在我國(guó)經(jīng)濟(jì)和科技快速發(fā)展的時(shí)候，同仁堂作為我國(guó)中藥領(lǐng)域的領(lǐng)頭羊卻發(fā)展緩慢，這也是我國(guó)中藥行業(yè)發(fā)展的縮影，我國(guó)中藥行業(yè)的國(guó)際市場(chǎng)份額逐年下降，直到2000年10月31日，已經(jīng)在A股上市的同仁堂股份有限公司成功的分拆旗下的子公司同仁堂科技股份有限公司在香港聯(lián)交所上市，成功的打破了這一尷尬的境遇，將我國(guó)的中藥產(chǎn)業(yè)再次推向了世界。這是中國(guó)證券市場(chǎng)上第一家完成分拆上市的上市公司，，也是第一家分拆子公司到其他證券市場(chǎng)上市的A股公司。同仁堂的成功經(jīng)歷及其分拆上市的模式為廣大學(xué)者分析和研究分拆上市提供了現(xiàn)實(shí)依據(jù)，更便于我國(guó)的學(xué)者研究這種資本運(yùn)作的新形式，也為其他A股公司的領(lǐng)導(dǎo)者們提供了參考的樣本。 本文系統(tǒng)的介紹了分拆上市的定義及相關(guān)概念，國(guó)內(nèi)外分拆上市的現(xiàn)狀，分拆上市的利弊及對(duì)母公司和子公司的影響以及公司分拆上市的動(dòng)機(jī)。對(duì)同仁堂科技分拆上市前后的財(cái)務(wù)狀況及同仁堂科技上市后的財(cái)務(wù)指標(biāo)進(jìn)行分析并對(duì)同行業(yè)之間的財(cái)務(wù)數(shù)據(jù)進(jìn)行對(duì)比分析得出分拆上市對(duì)母公司同仁堂的影響明顯是利大于弊的結(jié)論，分拆帶來(lái)了制度上的創(chuàng)新，提高了投資收益，降低了投資風(fēng)險(xiǎn)，拓展了新的市場(chǎng)空間，有利于同仁堂實(shí)施國(guó)際發(fā)展戰(zhàn)略，更帶來(lái)了經(jīng)濟(jì)效益上的提升，對(duì)企業(yè)來(lái)說(shuō)是傳統(tǒng)與現(xiàn)代的結(jié)合。同仁堂科技在香港上市后財(cái)務(wù)指標(biāo)上的良好表現(xiàn)更是說(shuō)明分拆上市給了同仁堂一次新的生命，這次成功的分拆上市對(duì)資本市場(chǎng)有著很好的影響，對(duì)資本市場(chǎng)的其他公司有著良好的借鑒意義，更有利于提升我國(guó)上市公司的質(zhì)量。同時(shí)，通過(guò)分析同仁堂科技分拆上市也得到了一些啟示，分拆上市不能以圈錢為目的，不能動(dòng)搖母公司獨(dú)立上市的地位，不能忽視股權(quán)的稀釋，分拆上市以后也不能沿用舊的管理和經(jīng)營(yíng)模式。
[Abstract]:With the rapid development of China's economy and science and technology, Tongrentang, as the leader in the field of traditional Chinese medicine, has been developing slowly. This is also a microcosm of the development of the Chinese medicine industry in China. The international market share of the Chinese traditional medicine industry has been declining year by year. Until October 31st 2000, Tongrentang Technology Co., a subsidiary of Tongrentang Co., Ltd., which had already been listed in A shares, was successfully listed on the Stock Exchange of Hong Kong, successfully breaking up this embarrassing situation. The Chinese medicine industry has been pushed to the world again. This is the first listed company in the Chinese securities market to complete a split and list. It is also the first A share company to list its subsidiaries in other securities markets. Tongrentang's successful experience and its mode of splitting and listing provide a realistic basis for the majority of scholars to analyze and study the split listing. It is more convenient for Chinese scholars to study this new form of capital operation and provides a reference sample for other A-share company leaders. This paper systematically introduces the definition and related concepts of splitting and listing, and the current situation of splitting and listing at home and abroad. The advantages and disadvantages of splitting and listing and its influence on the parent company and subsidiary company and the motivation of the company's split listing. The financial situation before and after the listing of Tongrentang technology and the financial index after the listing of Tongrentang technology are analyzed and the peers are also analyzed. Comparing and analyzing the financial data between industries, it is concluded that the effect of splitting and listing on Tongrentang, the parent company, is obviously more good than bad. The break-up has brought about institutional innovation, increased investment returns, reduced investment risks, expanded new market space, helped Tongrentang implement the international development strategy, and also brought about an improvement in economic benefits. For enterprises, it is a combination of tradition and modernity. The good performance of Tongrentang Technology in the financial indicators after Hong Kong's listing shows that splitting up and listing has given Tongrentang a new life. This successful split and listing has a good impact on the capital market, has a good reference significance for other companies in the capital market, and is more conducive to improving the quality of listed companies in China. Through the analysis of Tongrentang technology split listing, we also get some enlightenment. The split listing cannot be aimed at circle money, it cannot shake the position of the parent company as an independent listing, and it cannot ignore the dilution of the shares. The old management and business model can not be used after splitting and listing.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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