分拆上市

基于此，本文希望通过对典型案例的剖析，进一步了解分拆上市在市场和公司内部的绩效反应，为市场上其他将分拆的企业提供有益的经验借鉴。

Based on this , the author hope that the analysis of typical cases can help to better understand the performance of spin-off company and to provide useful spin-off experience .

整体上市是相对于分拆上市而言的，它是指将集团公司全部资产或全部经营性资产注入上市公司，以实现全部资产的证券化，从而通过扩大企业边界，建立内部资本市场的行为。

Holistic listing is relative to spin-off , it refers to inject all of the assets or all of the operating assets into the listed company to achieve the securitization of all of the asset , and by expanding the boundaries of companies to establish internal capital market .

该规定使台湾企业很难在台湾证交所（taiwanstockexchange）将它们的大陆子公司分拆上市。

The rule makes it difficult for companies to spin off their mainland units on the Taiwan Stock Exchange .

从理论上讲，国有企业上市有两种方式：整体上市和分拆上市。

Theoretically , there are two modes for state-owned companies to be listed .

因此，分拆上市逐渐被整体上市替代。

Therefore , separate listing might be gradually replaced with listed as a whole .

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

同时本部分将把整体上市与分拆上市做一系列的比较，通过比较，读者可以发现，整体上市是一种在诸多方面都是优于分拆上市的上市形式。

Meanwhile , the author made a series of comparison between holistic listing and segmental listing .

随着资本市场的发展，分拆上市带来的危害越来越明显。

With the development of capital markets , spin-off listing is obviously more and more harm .

分拆上市作为企业的战略决策，包含了实物复合期权，因此使得分拆本身更具价值。

As a strategic decision , the equity carve-out contains compound real options , which enhances the value of itself .

再次，整体上市是相对于分拆上市而言的，在指出分拆上市的弊端的同时，分析了整体上市对我国资本市场和企业的积极作用，并指出整体上市目前存在的一些问题。

Thirdly , analyzing the positive role to Chinese capital market and enterprise , and pointing out the existing problems .

不过，部分银行家警告说，不要想当然的认为这次的分拆上市模式能推而广之。

Some bankers , however , caution against assuming the spin-off and list pattern would hold true this time round .

由于历史原因，我国大部分上市公司都是分拆上市。

For history reason , most of our listed company on the stock market nearly is the subsidiary company of a corporation .

电能实业将以信托形式将香港岛及南丫岛的电力业务分拆上市。

The Power Assets spin-off is being sold as a trust that will control only the electricity distribution on Hong Kong island and Lamma island .

中国官方统计数据往往不可靠，但来自分拆上市企业的证据显示，它们有足够的利润可供分配。

So they should . Chinese official statistics are often unreliable , but the evidence from partially listed companies shows there are plenty of spoils to spread around .

公司尝试了控股、兼并收购、将旗下公司分拆上市等多种资本运营方式，形成了技术引领资本、资本支持技术的核心竞争优势。

The company tries holding , mergers and acquisitions , spin-off and other capital operation method , forming its core competitive advantage in which technology leads capital and capital supports technology .

罗氏集团曾于1987年在香港上市，后来旗下房地产和零售部门分拆上市，成为一个独立实体，而主要控股集团在1998年被收归私有。

Lawsgroup was listed in Hong Kong in 1987 and a separate property and retail arm spun off into their own listings before the main holding group was taken private in 1998 .

他们认为，那还不如悄悄为优惠的分拆上市游说，这是一种可能满足他们自己利益但同时却加剧了体系的不公平感的方法。

It is better , they say , quietly to lobby for preferential carve-outs , an approach that may serve their own interests but only adds to the sense of systemic unfairness .

本文的架构层次上，首先，笔者对以往进行分拆上市绩效研究的文献做了简要的综述并介绍了本文的研究思路、方法、预期贡献以及局限性。

On the architecture level , first of all , based on the past performance of a spin-off literature the author list a brief overview and introduce the idea of this study , methods , expected contributions and limitations .

当一家大公司将其子公司分拆上市，并向股东配发相应股份时，股东们或许不愿持有这些股份，他们希望出售这些股份套现，从而非理性地暂时压低被分拆的子公司的股价。

When a large company spins off a subsidiary as a dividend , the shareholders might not want to keep those shares . They want to cash out their new dividend by selling shares , irrationally sending the price of the spin-off down temporarily .

本部分主要介绍了对企业改制上市的若干模式及其相关案例分析，包括分拆模式、买壳上市模式、借壳上市模式、退壳合资模式、联合发起及技术资本联盟。

It mainly introduces the models and SME 's going public and analyzes some concerned cases .