摘要
分拆上市作为资产重组方式,能拓宽融资渠道、改善经营、优化治理。我国分拆上市始于2000年,初期受政策限制和市场不成熟影响,成功案例较少。2019年,《上市公司分拆所属子公司境内上市试点若干规定》实施,促进了分拆上市热潮,明确了分拆至境内上市路径。鉴于各市场板块政策差异,企业多选择科创板或创业板分拆上市。对首个成功实现主板分拆上市的企业进行探讨,填补了主板分拆上市研究空白,为理论框架构建提供研究,对完善我国资本市场分拆上市制度与实践具有重要参考价值。
Spin-off listing,as a method of asset restructuring,can broaden financing channels,improve operations,and optimize governance.Spin-off listings in China began in 2000,but in the early stages,there were few successful cases due to policy restrictions and an immature market.In 2019,the implementation of the Several Provisions on the Pilot Program for the Spin-off Listing of Subsidiaries of Listed Companies in the Domestic Market spurred a wave of spin-off listings and clarified the path for spin-offs to list domestically.Given the policy differences among various market sectors,companies often choose to spin off and list on the Science and Technology Innovation Board(STAR Market)or the ChiNext.A discussion on the first company to successfully achieve a spin-off listing from the main board flls a gap in research on main board spin-off listings,provides material for constructing a theoretical framework,and holds significant reference value for improving the system and practice of spin-off listings in China's capital market.
作者
胡青雨
HU Qingyu(Hangzhou Dianzi University,Hangzhou 310018,China)
出处
《商业观察》
2025年第20期38-41,共4页
BUSINESS OBSERVATION
关键词
分拆上市
分拆动因
绩效分析
spin-off listing
motivation for spin-off
performance analysis
