公司分拆上市的动因和绩效探究——以康恩贝分拆佐力药业上市为例

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1、5．1研究结论475．1．1康恩贝通过分拆佐力上市减轻了其投融资负担．475．1．2康恩贝通过佐力药业分拆上市获得巨额投资收益．475．1．3佐力药业通过分拆上市降低了资产负债率．475．1．4佐力药业通过分拆上市增强了核心竞争力．485．2案例启示485．2．1企业应从长远发展的战略眼光做出分拆上市的决策．485．2．2分拆上市的具体方案必须行之有效且设计周全．495．2．3分拆上市应选择企业处于发展期的优质资产．495．2．4分拆时需考虑母子公司各自的成长性与抗风险能力．495．2．5分拆上市后母公司应继续关注子公司的发展变化．50

2、结束语．5l参考文献一52致谢．56III万方数据Contents1．Introductionl1．1T11ebackgroundandsignificanceoftheresearch．11．1．1Thebackgroundoftheresearch．11．1．2Thesignificanceoftheresearch11．2Literaturereview21．2．1Themotivationresearchofspin—offlisting21．2．2Theperformanceresearchofspin—offlisting4

3、1．2．3nleliteratureevaluation一51．3Researchideasandresearchmethods．．．．51．3．1Researchideas，．．．61．：；．2Researchmethods．．．．61．4nebasicframeworkofthepaper62．Theconceptofspin-offlistingandrelatedtheory．92．1Theconceptofspin—offlisting92．1．1111edefinitionofspin-offlisting92．1．2The

4、characteristicsofthespin—offlisting．．92．2Themaintypesofthespin-offlisting102．2．1PEincubatortype102．2．2Similarbusinesstype102．2．3Differentbusinesstype102．3nledifferencebetweenthespin·offlistingandotherassetsreorganization．．1l2．3．1，nledifferencebetweenthespin—offlistingand

5、equityrefinancing．1l2．3．2Thedifferencebetweenthespin—offlistingandassetsales一1l2．3．3Thedifferencebetweenthespin-offlistingandenterprisedivision1l2．4‘11letheoreticalfoundationofthespin-offlisting．．122．4．1Company’Sbusinesscentralizationtheory122．4．2Financingstrategytheory．

6、．．．．．．．．．．．．．．．．122．4．3Managementmotivationtheory．．．．．．．．．．．．．．．．．．．．．．．132．4．4Internalcapitalmarkettheory．．．．．．．．．．．．．．．．．．．．132．4．5Asymmetricinformationtheory一133．ThebasksituationofConbasplRsJoayPharmaceuticalCompanyfisted．143．1Thebackgroundofcompanyandindustry15V万方数据3

7、．1．1ThebackgroundofConba．．153．1．2ThebackgroundofJollyPharmaceuticalCompany．163．1．3Thebackgroundofindustry．．173．2TheprocessofConbasplitsJollyPharmaceuticalCompany．．．．．．．．．．．．．．．．19193．2．1ConbahadgainedthecontrolofJollyPharmaceuticalCompanystepbystepfrom2003．．．．．．．．．．．．．．．

8、．．．．．．．．．193．2．2ConbahadsaledtheequityofJollyPharmaceuticalCompanystepbystepfrom2007．．．．203．2．3CSRChada