摘 要我国国内的公司重组涉及最多的主要为兼并收购以及资产置换，分拆上市这个在欧美发达国家经常使用的重组方式在我国却并不流行分拆上市作为一种收缩类资产重组方式，有着利于企业集中主营业务、解决负协同性问题等特点，在我国这个快速发展的新兴资本市场，需要给予更多地关注由于境内主板市场对分拆上市的限制，加上我国创业板设立很晚，因此境内分拆上市一直是块空白目前境内分拆上市刚起步，随着市场的逐渐成熟和政策制度的完善，分拆上市将会成为国内上市公司资产重组中愈发重要的手段，因此很有必要对公司分拆上市后的绩效情况进行探讨重组绩效的衡量通常从重组公司的市场反应或其经营业绩角度，即投资者角度和企业角度，前者指股票投资收益，后者则指公司经营业绩本文研究的分拆上市的绩效是从股价波动角度，也即投资者或股东角度对重组绩效进行衡量本文基于 A 股上市公司分拆上市的现状，以境内和境外分拆上市的案例为研究主体，对 A 股上市公司分拆上市的长短期绩效分别进行研究，研究方法采用了重组绩效研究中常用的事件研究法，即从股票波动收益角度衡量绩效，通过计算董事会决议公告期、股东大会决议公告期和证监会批复公告期内的累计超额收益率来分析各公告期内绩效的变化情况。
研究结果表明，母公司的短期绩效在分拆上市董事会决议公告期或股东大会决议公告期内能获得提高，这在境内和境外分拆上市的案例绩效分析中都得到了一致的结论，而且本文发现境内分拆上市案例的短期绩效要稍微高于境外分拆上市案例的短期绩效同时发现在证监会批复公告期内母公司往往会出现负的累计收益对境外分拆上市的长期绩效研究本文发现，在分拆上市后的最初两三年内，母公司的绩效往往不理想，多数出现了负的累计收益，但是在两年甚至三年以后绩效就会得到显著的改善，这支持了收缩类重组对公司错误扩张的纠正和调整是有效的观点，与国内学者对收缩类重组的绩效研究结论保持了一致关键词：分拆上市关键词：分拆上市 事件研究法事件研究法 累计超额收益累计超额收益 绩效绩效ABSTRACTRestructuring of domestic companies primarily involved in mergers, acquisitions and asset replacement, equity carve-out which usually used in Europe and America is not popular in our country. As a way of contracting asset restructuring, equity carve-out make companies focus on core business, to solve the problem of negative synergistic characteristics. In china, the rapid developing emerging capital market, equity carve-out is needed to be given more attention.As the the restrictions of equity carve-out within the Main Board, China establish GEM is late, so the domestic market has been none equity carve-out company. Present domestic equity carve-out is just getting started, with the market matures and the improvement of policies and systems, equity carve-out will be reorganization of listed companies in China increasingly important means, so it is necessary to study performance of the company after the equity carve-out.Performance measurement is usually from restructuring the company's market reaction to restructuring or business performance point of view, that investors perspective and business perspective, the former refers to the equity investment income, while the latter refers to the company's operating performance. This paper studies the performance of equity carve-out from stock price volatility point of view, that point of view of investors or shareholders, re-measure performance.Our research is based on the current situation of A-share market companies, choose the companies which conduct equity carve-out in domestic and oversea. And study their short and long term performance. By using the methods of event study, which is commonly used in recombinant performance study and examine returns from the stock volatility to measure performance, we calculate cumulative abnormal returns during three announcement periods of equity carve-out to analyze the performance.The results show that, the short-term performance of the parent company during the announcement period of board of directors or general meeting of shareholders can be increased, which the cases both in domestic and oversea have been the same conclusion. And the short-term performance of domestic cases is slightly higher than overseas’. Also we find in the announcement period of the CSRC’ approval, the parent company will always make negative cumulative returns.Examine the long-term performance, we find that in the first two or three year of equity carve-out, the parent company's performance is often not ideal. The majority make a negative cumulative return, but after two or even three years the performance will be significant improvement. The conclusion supports the point which contracting asset restructuring is effective for correction and adjustment of the expansion, and it is consistent with the conclusion of domestic scholar about performance study.Key Words: equity carve-out, event study, performance目 录摘 要....................................................................................................................................................1 ABSTRACT.............................................................................................................................................2第一章 绪论........................................................................................................................................1 §1.1 研究背景及意义研究背景及意义.................................................................................................................1 §1.2 相关概念的界定相关概念的界定.................................................................................................................2 §1.2.1 分拆上市概念的界定分拆上市概念的界定..............................................................................................2 §1.2.2 绩效概念的界定绩效概念的界定......................................................................................................2 §1.3 研究方法及思路研究方法及思路.................................................................................................................3 §1.4 创新点及局限性创新点及局限性...............................................................................................................。