本文選題：分拆上市　切入點：公司績效　出處：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：在當(dāng)今社會,許多企業(yè)希望通過收購的方式對企業(yè)規(guī)模進(jìn)行擴(kuò)張,無論在國外還是國內(nèi),這都是一種火熱的資本運作方式。企業(yè)希望通過此種方式來調(diào)整自身的結(jié)構(gòu),尋求一個最有利于企業(yè)發(fā)展的狀態(tài)。但是,過度地對企業(yè)的規(guī)模進(jìn)行擴(kuò)張,可能會導(dǎo)致企業(yè)的管理越來越復(fù)雜,這會給企業(yè)帶來各自問題。為了有效地對解決這些問題,部分企業(yè)又開始對企業(yè)的規(guī)模進(jìn)行收縮,分拆上市就是其中的一種方式。在上世紀(jì)末,許多歐美國家的企業(yè)已經(jīng)能夠熟練的運用這種方式。但是,我國對于分拆上市的運用還不太成熟。雖然如此,我國也有越來越多的企業(yè)開始嘗試這種方式,其中,同仁堂就是一個成功的例子。同仁堂通過分拆上市調(diào)整了自身的結(jié)構(gòu),從中獲取了很大的收益,這也給其他試圖通過分拆上市調(diào)整企業(yè)結(jié)構(gòu)的企業(yè)提供了借鑒意義。2009年,我國創(chuàng)業(yè)板開啟。2010年,我國證監(jiān)會開始允許在我國主板市場上市的企業(yè)分拆子公司至創(chuàng)業(yè)板上市,并且規(guī)定了相關(guān)的條件。相對于主板市場,創(chuàng)業(yè)板的上市條件較為寬松。因此,這給許多打算將子公司分拆上市的企業(yè)提供了機(jī)會�？刀髫惥褪堑谝患覍⒆庸痉植鹬羷�(chuàng)業(yè)板上市的企業(yè),分拆的對象是其子公司佐力藥業(yè)。這對我國創(chuàng)業(yè)板分拆上市具有非常深刻的意義。本文采用的研究方法有三種,分別是:規(guī)范研究法、文獻(xiàn)綜述發(fā)和案例研究法。第一章,作者先對研究背景、研究意義、研究思路和研究方法進(jìn)行了說明,并且進(jìn)行了文獻(xiàn)綜述,同時以圖片的方式展示了本文的基本框架。第二章,作者介紹了本篇論文的相關(guān)理論基礎(chǔ),其中包括:分拆上市的模式與條件、動因、財務(wù)績效分析方法以及相關(guān)的理論基礎(chǔ)。第三章,筆者對康恩貝將佐力藥業(yè)分拆上市的案例進(jìn)行了介紹,主要從雙方的基本情況,分拆上市的背景、過程、特點等方面進(jìn)行了闡述。第四章,基于上一章對案例的介紹,筆者分析了康恩貝將佐力藥業(yè)進(jìn)行分拆并且在創(chuàng)業(yè)板上市的動因。第五章,筆者對分拆上市的績效進(jìn)行了分析,包括財務(wù)績效和非財務(wù)績效兩個方面。對財務(wù)績效的評價,主要從四個方面進(jìn)行,包括:償債能力、營運能力、盈利能力以及成長能力。對財務(wù)績效的評價主要從三個方面進(jìn)行,包括:高級管理人員薪酬、品牌價值以及技術(shù)創(chuàng)新能力。最后,筆者在第六章對以上分析總結(jié)出了幾點結(jié)論。本文選取康恩貝分拆佐力藥業(yè)為案例,首先分析康恩貝分拆佐力藥業(yè)上市的動因,其次利用財務(wù)指標(biāo)和非財務(wù)指標(biāo)對分拆前后兩家公司的財務(wù)狀況進(jìn)行橫向及縱向的對比分析,得出了以下結(jié)論:(1)分拆上市可以提高企業(yè)短期的財務(wù)績效;(2)分拆上市可以保障公司核心業(yè)務(wù)的發(fā)展;(3)分拆上市可以滿足公司的融資需求;(4)創(chuàng)業(yè)板分拆上市可以獲取超額的投資收益。論文也根據(jù)分析,得出以下啟示:(1)采取合適的模式是分拆上市成功的前提;(2)設(shè)計嚴(yán)密的方案是分拆上市成功的重要途徑;(3)分拆優(yōu)質(zhì)資產(chǎn)是分拆上市成功的有力保障。
[Abstract]:In today's society, many enterprises hope to expand the scale of enterprises through acquisitions, whether foreign or domestic, this is a kind of hot capital works. Enterprises want to adjust its structure through this way, for the best is conducive to the development of enterprise. However, the excessive expansion of enterprises the scale may lead to the enterprise management more and more complex, it will bring the problem to the enterprise. In order to solve these problems, some enterprises began to shrink the size of the enterprise, the spin off is one of them. At the end of last century, many European countries have been able to skillfully use enterprise this way. However, in our country for the use of spin off is not mature yet. Nevertheless, China has more and more enterprises begin to try this way, which is a Tongrentang Successful examples. Tongrentant by the spin off to adjust its own structure, get a lot of revenue, it also gives other attempts to spin off restructuring of enterprises to provide a reference for.2009 years, China's gem open.2010, the China Securities Regulatory Commission to allow listed on China's stock market enterprise spin off subsidiaries to the gem listing, and the provisions of the relevant conditions. Compared with the motherboard market, the gem listing conditions more relaxed. Therefore, this plan will give many spin off subsidiary enterprises to provide opportunities. The first is to split the Kangenbei GEM listed subsidiary companies, the object is split the jolly pharmaceutical subsidiary. It has a very deep meaning of China's GEM listed spin off. There are three kinds of research methods used in this paper are: normative research method, literature review and case Study on the method. In the first chapter, the author first on the research background, research significance, research ideas and research methods are described, and a literature review, and shows the basic framework of this paper by the picture. The second chapter, the author introduces the related theories, this thesis includes the mode and conditions of spin off listing motivation, financial performance analysis methods and related theories. The third chapter, the author of the Conba jolly pharmaceutical listing case are introduced, mainly from the basic situation of the parties, the spin off of the background, process, characteristics and other aspects. The fourth chapter, a chapter of the case based on, the author analyzes the jolly pharmaceutical Conba will spin off and in the cause of gem. The fifth chapter, the author analyzes the spin off of the performance, including financial performance and non-financial performance of the two party . to evaluate the financial performance, mainly from four aspects, including: solvency, operating capacity, profitability and growth capacity. To evaluate the financial performance mainly from three aspects, including: senior management personnel salary, brand value and the ability of technological innovation. Finally, in the sixth chapter of the above the author analyzes and summarizes some conclusions. This paper selects the Split case Conba jolly pharmaceutical, the first reason analysis of Conba jolly pharmaceutical listed spin off, followed by the financial and non-financial indicators before and after the two companies on the spin off financial situation analysis of horizontal and vertical contrast, draws the following conclusions: (1) spin off enterprises can improve short-term financial performance; (2) the development of spin off can guarantee the company's core business; (3) listed on the stock market can meet the financing needs of the company; (4) the GEM Listing can be obtained According to the analysis, the paper also draws the following inspiration: (1) adopting the appropriate mode is the premise for the success of the spin off; (2) a well-designed plan is an important way to succeed in splitting the market; (3) splitting the high quality assets is a powerful guarantee for the success of the spin off.

【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F426.72

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