分拆上市的价值创造：来自中国市场的实证研究  

Research on Value Creation in Equity Carve-outs:an Empirical Analysis from Chinese Market

作　　者：林旭东[1] 唐明琴[2] 程林[1] 聂永华[1] 

机构地区：[1]深圳大学管理学院 [2]广东金融学院信用管理系

出　　处：《南方经济》2015年第7期47-60,共14页South China Journal of Economics

摘　　要：本文以国内成功实现分拆上市的企业为样本进行分析,发现在分拆上市宣告日,母公司的股权获得了正的异常收益率,在分拆宣告前后20日内累积平均异常收益率显著为正。另外,结合分拆上市之后连续三年相对于分拆前一年经营绩效的变化,剖析了分拆上市对母子公司的影响,研究发现分拆上市之后母公司的经营绩效得到很大的提高,而子公司的经营绩效却难尽人意;分拆上市并非适合所有企业,在选择将分拆上市作为新的融资方式时,企业必须考虑自身的实际情况和子公司的发展前景,从而为股东创造正的价值。In this paper we analyzed the equity carve- out in our country,finding that the announcement of equity was associated with positive abnormal return for the parent company stocks,which was in accordance with Nanda model.Within 20 days before and after the announcement of carve- out,cumulative average abnormal return is greater than zero significantly.Also,we compared the operating performance change after carve- out,discovering that the profitability of parent companies raised much,while the performance of subsidiary was not in expectation.Carve- out was no suitable for all enterprises,when parent enterprise choose carve-out as a new financing way,its own actual situation and subsidiary development prospects should be taken into account,to create positive value for shareholders.

关 键 词：分拆上市 实证分析 价值创造 资本市场 

分 类 号：F830.91[经济管理—金融学]