政策活水来,效率鲜花开:上海电气分拆上市的案例研究  

Flexible policies offer development opportunities:A case study on the carve-outs of Shanghai Electric Group

作　　者：万谍[1] 范佳程 杨晓光[2,3] WAN Die;FAN Jia-cheng;YANG Xiao-guang(School of Finance,Zhejiang Gongshang University,Hangzhou 310018,China;Academy of Mathematics and Systems Science,Chinese Academy of Sciences,Beijing 100190,China;School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190,China)

机构地区：[1]浙江工商大学金融学院,杭州310018 [2]中国科学院数学与系统科学研究院,北京100190 [3]中国科学院大学经济管理学院,北京100190

出　　处：《管理科学学报》2024年第10期88-102,共15页Journal of Management Sciences in China

基　　金：浙江省哲学社会科学基金资助项目(23NDJC353YB);国家自然科学基金资助项目(T2293771);国家社会科学基金资助项目(21BJY265)。

摘　　要：注册制和分拆上市的改革为资本市场发展提供了新的机会.为考察改革效果,对上海电气分拆电气风电至科创板上市进行案例研究.面对“双碳”目标带来的风电发展良机,上海电气却因多元化经营而很难集中保障高竞争高研发投入的风电业务的资金需求,而注册制和分拆细则的实施为其分拆电气风电上市提供了制度条件.研究发现,分拆上市消除了多元化折价,实现了风电业务的高估值,并缓解了其资金约束;分拆上市通过改善管理层激励,加强决策灵活性和业务积极性来增加研发产出和改进经营状况,由此多维度提升了子公司的竞争力,最终使得子公司业绩显著改善,母公司股东财富显著增长;分拆使电气风电具备独立性,在分拆后上海电气的系列风险事件发生时虽股价短暂承压,但经营状况不受影响.本案例证实,注册制与分拆上市带来的制度松绑,使多元化公司能通过分拆上市激活子公司的发展潜力,由此实现了资本市场资源配置效率的提升.The reform of the IPO registration system and carve-out rules provides new opportunities for the list companies.The paper conducts a case study on the equity carve-out of Shanghai Electric Group(SEG)to show how the enterprise seizes the opportunity to improve its overall performance.As a diversified businesses,SEG cannot ensure its subsidiary,Electric Wind Power,EWP,has the necessary funding for researching and producing wind turbine generator systems,especially as the development of the industry is accelerated by the“double-carbon”objective of the government and the industry is becoming increasingly competitive.The new IPO registration system and carve-outs policies enable SEG to conduct an equity carve-out,allowing EWP to become an independent company and go public on the Sci-Tech Innovation Board.Our study shows that the carve-out eliminates the diversification discount and realizes a high valuation for EWP,therefore alleviating the financial constraints.As the carve-out promotes the management incentives for the subsidiary and enhances decision-making efficiency,both the operating state and R&D output improve significantly,as does the competitive strength of EWP,ultimately leading to better business performance and increased shareholder wealth.The carve-out allows the subsidiary to operate independently and makes it unaffected by the risk events of SEG afterwards,although the stock price suffered short-term pressures.In summary,our case study proves that the new IPO registration system and carve-out rules remove institutional constraints,so that diversified companies can activate the development of their subsidiaries by carve-outs,thereby promoting the capital allocation efficiency of financial market.

关 键 词：分拆上市 绩效分析 注册制改革 行业竞争 研发投入 

分 类 号：F832.5[经济管理—金融学]