本文選題：上市公司　切入點(diǎn)：分拆上市　出處：《蘭州商學(xué)院》2014年碩士論文

【摘要】：2012-2013年由于移動(dòng)互聯(lián)的快速發(fā)展，一批移動(dòng)互聯(lián)業(yè)務(wù)公司分拆上市的消息也不絕入耳，比如微博、微信分別要從新浪和騰訊分拆出來單獨(dú)到境外上市。上市公司分拆上市，迅速在2009年10月分之后再次成為市場熱點(diǎn)。在2013年5月7日，同仁堂國藥（08138，HK）從同仁堂科技（01666，HK）分拆出來單獨(dú)在香港創(chuàng)業(yè)板上市，同仁堂（600085，SH）繼“國內(nèi)第一分拆股”之后，又成為“首個(gè)二次分拆并再次登陸香港聯(lián)合交易所的國內(nèi)企業(yè)”。本文就以此為背景討論上市公司分拆上市的對(duì)于母公司和子公司的價(jià)值效應(yīng)，并用同仁堂公司的兩次分拆進(jìn)行了案例研究。 本文討論的分拆上市只是狹義上的分拆上市，即上市公司分拆上市。依據(jù)分拆前后母子公司在業(yè)務(wù)上和產(chǎn)業(yè)鏈上的關(guān)系，將其具體區(qū)分為橫向、縱向和混合三種分拆上市類型。根據(jù)母子公司分拆動(dòng)機(jī)和業(yè)務(wù)特點(diǎn)兩大主要因素，，上市公司分拆上市的模式主要可以劃分為PE孵化器模式、業(yè)務(wù)差異型模式和業(yè)務(wù)相近型模式三種。本文將公司分拆上市動(dòng)因歸結(jié)于外部和內(nèi)部兩個(gè)方面。之后又分析了上市公司分拆上市應(yīng)具備的基本準(zhǔn)入條件，以及分拆上市的效應(yīng)研究。 在此基礎(chǔ)上，通過2000年同仁堂公司分拆同仁堂科技，2013年同仁堂科技又分拆同仁堂國藥的上市案例進(jìn)行了分拆上市的動(dòng)因、基于CAR時(shí)間窗口模型的股權(quán)價(jià)值及財(cái)務(wù)效應(yīng)研究，并最終得出分拆上市對(duì)控股上市母公司市場價(jià)值效應(yīng)和財(cái)務(wù)價(jià)值效應(yīng)均具有顯著的正的價(jià)值效應(yīng)。
[Abstract]:In 2012-2013, due to the rapid development of mobile interconnection, news of a number of mobile interconnection companies breaking up and going public was heard. For example, Weibo and WeChat would separate themselves from Sina and Tencent to be listed abroad. The listed companies were split up and listed on the stock market. It quickly became a hot spot in the market after the division in October 2009. On May 7, 2013, Tongrentang Chinese Medicine Co., Ltd. (Tongrentang) was spun off from Tongrentang Technology Group 01666 (HK) and listed separately on the Hong Kong growth Enterprise Board, and Tong Yan Tong Tong Tong Tang 600085H), after the "first split in China," was listed on the Hong Kong growth Enterprise Board. It has become "the first domestic company to split up and land on the Stock Exchange of Hong Kong again". This paper discusses the value effect of the split listing of listed companies on the parent and subsidiary companies. And Tongrentang Company's two separate case study. The split listing discussed in this paper is just the split listing in a narrow sense, that is, the listed company is split and listed. According to the relationship between the business and the industrial chain of the parent and subsidiary companies before and after the split up, it is divided into horizontal and horizontal. According to the two main factors, the split and listing mode of the listed companies can be divided into PE incubator model, according to the two main factors of the split motivation and the business characteristics of the parent and subsidiary companies. There are three types of business differential mode and similar mode. This paper puts the motivation of company split and listing into two aspects: external and internal. Then, the paper analyzes the basic access conditions that the listed company should have in the process of splitting and listing. And the effect of split listing. On this basis, through the division of Tongrentang Technology in 2000 and Tongrentang Technology in 2013, the motivation of splitting the listing of Tongrentang Chinese Medicines, the equity value and financial effect based on the CAR time window model are studied. Finally, it is concluded that split listing has significant positive value effect on the market value effect and financial value effect of the holding listed parent company.
【學(xué)位授予單位】：蘭州商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王偉;國有法人股回購的信息內(nèi)涵及市場識(shí)別——“云天化”和“申能股份”公司回購國有法人股的實(shí)證研究[J];管理世界;2002年06期

2 王化成,程小可;分拆上市與母公司股權(quán)價(jià)值研究——“同仁堂”分拆子公司上市的實(shí)證分析[J];管理世界;2003年04期

3 黃清;國有企業(yè)整體上市研究——國有企業(yè)分拆上市和整體上市模式的案例分析[J];管理世界;2004年02期

4 張?jiān)娙A;;上市公司分拆上市經(jīng)濟(jì)后果研究——來自佐力藥業(yè)的案例研究[J];財(cái)會(huì)通訊;2013年09期

5 天亮;;分拆上市監(jiān)管應(yīng)堵疏相宜[J];董事會(huì);2013年03期

6 初蒙;神州數(shù)碼6月在港分拆上市[J];互聯(lián)網(wǎng)周刊;2001年08期

7 李禮;林孔團(tuán);唐海如;;我國上市公司海外分拆的超額收益研究[J];華僑大學(xué)學(xué)報(bào)(哲學(xué)社會(huì)科學(xué)版);2012年01期

8 劉永澤;唐大鵬;于q;賈興飛;;境內(nèi)上市公司創(chuàng)業(yè)板分拆上市的價(jià)值創(chuàng)造機(jī)制[J];南京審計(jì)學(xué)院學(xué)報(bào);2012年01期

9 念延輝;;上市公司分拆上市的財(cái)務(wù)效應(yīng)分析——以康恩貝分拆佐力藥業(yè)上市為例[J];會(huì)計(jì)之友;2013年24期

10 劉卓琳;海外公拆上市——國內(nèi)上市公司一種現(xiàn)實(shí)選擇[J];科學(xué)投資;2001年07期

本文編號(hào)：1699337