分拆上市对企业价值的影响研究--以生益科技为例

Research on the Impact of Spin-off Listing on Enterprise Value--Take Shengyi Technology as an Example

随着科创板的设立以及一系列规范分拆上市政策的相继出台,分拆上市已经成为上市公司改善经营、融通资金以提高企业价值的重要途径。作为分拆到科创板的第一股,生益科技在2021年2月完成分拆上市,分拆后其业务结构与融资渠道等发生明显变化,分拆取得一定成效。鉴于此,本文以生益科技为例,从集中核心业务、缓解融资约束、实现资产重估三个方面详细分析了分拆上市对企业价值的作用路径,进一步利用事件研究法和EVA模型探讨了分拆上市对企业价值产生的具体效果。

With the establishment of the Science and Technology Innovation Board and the introduction of a series of normative spin-off listing policies,spin-off listing has become an important way for listed companies to improve their operations and raise funds to enhance corporate value.As the first share to be spun off to the Science and Technology Innovation Board,Shengyi Technology completed the spin-off and listed in February 2021.After the spin-off,its business structure and financing channels changed significantly,and the spin-off achieved certain results.In view of this,this paper takes Shengyi Technology as an example to analyze in detail the effect path of spin-off listing on enterprise value from three aspects:centralizing core business,easing financing constraints and realizing asset revaluation,and further uses event study method and EVA model to discuss the specific effect of spin-off listing on enterprise value.