分拆上市对企业集团价值的影响  

The Impact of Carve-outs on the Value of Enterprise Groups

作　　者：徐宗宇[1] 孙敏 刘耀淞 杨捷 XU Zongyu;SUN Min;LIU Yaosong;YANG Jie(School of Management,Shanghai University,Shanghai 201900,China)

机构地区：[1]上海大学管理学院,上海201900

出　　处：《华东经济管理》2022年第3期106-118,共13页East China Economic Management

基　　金：上海汽车工业教育基金会项目“分拆上市对公司价值的影响研究”(2019ZCYJ11)。

摘　　要：文章以2000—2018年沪深两市A股进行分拆的上市公司为样本,采用双重差分法(DID)实证检验了分拆上市对企业集团价值的影响及其作用机制,以及不同产权性质企业分拆上市效果的差异性。研究发现:分拆上市后,企业集团价值得到显著提升;进一步的研究结果表明,分拆上市会通过缓解融资约束、改善经营效率和提高信息透明度三条路径正向影响企业集团价值;与国有企业相比,分拆上市对企业集团价值的提升作用在非国有企业中更为明显。研究丰富了分拆上市经济后果领域的文献,为运用分拆上市实现价值增值、完善分拆上市监管体系提供了一定参考。This paper takes the listed companies in Shanghai and Shenzhen A-shares that underwent equity carve-outs from 2000—2018 as a sample,and uses the Difference in Difference Method(DID)to empirically test the impact of the carve-outs on the value of the enterprise group and its mechanism,as well as the differences in the effects of carve-outs among enterprises with different property rights properties. It is found that the value of corporate groups is significantly enhanced after carve-outs;further findings suggest that carve-outs positively affect corporate group value through three paths:alleviating financing constraints,improving operational efficiency,and enhancing information transparency;the enhancement effect of carve-outs on corporate group value is more pronounced among non-state-owned enterprises compared with state-owned enterprises. This paper enriches the literature on the economic consequences of carve-outs,and provides an important reference for the use of carve-outs to realize value appreciation and improve the regulatory system.

关 键 词：分拆上市 价值创造 产权性质 

分 类 号：F276.6[经济管理—企业管理] F270[经济管理—国民经济]