分拆上市与价值创造:多视角的经济动因分析

Equity Carve-outs and Value Creation: An Analysis of Economic Agents from Multiple Angles

从不同视角研究分拆上市因素,可以认为:控制权收益、财务方面的考虑、子公司经营业绩的合并能力,以及资本市场的进入能力,是公司管理层考虑实施分拆上市时的重要决策依据;从分拆上市的经济动因看,不对称信息假说能更好地解释分拆宣告期的超常收益,而分离收益假说则在解释分拆给母子公司带来经营绩效的改善方面更具说服力,两者可统一在为公司相关利益者(股东、管理者)创造价值的基点方面。研究分拆上市对我国来说也有很大的意义和空间。

In view of the factors concerning equity carve-outs, profits of mastery and finance, the merging capacity of subsidiary companies＇ performance and their capacity of entry into the stock market, all constitute an important basis for corporate management＇s decision-making. In view of economic agents concerning equity carve-outs, information dissymmetry hypothesis can better explain the extraordinary profits during the period of announcing carve-outs, while fractal market hypothesis is more persuasive in illustrating the improving of managing performance by parent and subsidiary companies. Both boil down to concerns with value creation for relevant interest groups （i.e. shareholders and managers）. Much significant work remains to be done in Chinese scholarship on equity carve-outs.