同仁堂分拆上市经济动因的实证研究  

A Positive Research of the Economic Casue of the Equity Carve-outs of Tongren Tang Co.

作　　者：赵敏[1] 

机构地区：[1]南京财经大学会计学院,江苏南京210003

出　　处：《南京财经大学学报》2004年第6期64-67,共4页Journal of Nanjing University of Finance and Economics

摘　　要：分拆上市是一种特殊的资产重组方式,它能够导致母公司股东财富的增加,西方对这一经济现象的解释主要为两大财务假说--信息不对称假说和资产剥离价值假说,本文运用这两大假说探讨了同仁堂分拆上市的经济动因,并对分拆宣告期同仁堂的同业竞争者的股价反应进行了实证,实证结果支持了信息不对称假说,从而得出了同仁堂分拆上市的一个经济动因。Equity carve-out is a special manner of asset recomposition, which can enhance the value of parent company. There are two financial hypotheses to interpret this economic phenomenon in the west - Asymmetric Information Hypothesis and Divestiture Gains Hypothesis. This paper focuses on the economic cause of the equity carve-out of Tongren Tang Co. on the basis of these two financial hypotheses. The research result turns out to be in support of the asymmetrical hypothesis and against the Divestiture Gains Hypothesis. In this way, I generate one of the major economic causes for the equity carve-out of Tongren Tang Co.

关 键 词：分拆上市 信息不对称 资产剥离价值 

分 类 号：F275[经济管理—企业管理]