【摘要】 《分拆规定》的正式出台,使分拆上市可供选择的路径增多,公众对分拆上市的关注度也迅速提升。辽宁成大曾多次尝试将成大生物分拆上市,以前均未在场内市场成功,此次新政策实施后积极参与并取得一定进展。基于动态视角,对案例公司辽宁成大分拆历程进行剖析,分析其选择分拆上市的动因,梳理可能的上市路径,以此为筹划分拆上市的公司提供经验参考。研究结果表明:上市公司分拆所属子公司上市的路径受相关政策影响巨大,行业竞争是分拆上市的催化剂,持续良好的经营业绩是分拆上市的主要保障;不同的分拆路径各有适合的公司类型,分拆上市路径的选择应与公司的发展战略相适应。更多还原

【Abstract】 The policy of spin-off and domestic listing of the listed companies has been officially issued, which has increased the alternative paths and raised the public′s attention rapidly. Liaoning Chengda has tried to spin off and list Chengda biology for many times, but it has not succeeded in the on-site market yet. After the implementation of the new policy, it actively participated in and applied for registering and listing on the Science and Innovation Board of Shanghai Stock Exchange. However, the listing process became slow in the later stage. Based on the dynamic perspective, this study analyzes the process of the spin-off, the reasons and effects of Liaoning Chengda′s previous attempts; Secondly, it combs the listing selection path and analyzes and compares different listing locations, listing plates and strategy combinations; Finally, the suitability of the latest spin-off path selection of the case company, the reasons for the slow progress in the later stage and the possible failure risk are reviewed. This study draws some conclusions and enlightenment to provide some experience reference for the companies to be listed. The results show that the listing path of spin-off subsidiaries is greatly affected by relevant policies, while industry competition is the catalyst for spin-off, and continuous good operating performance is the main guarantee for spin-off; different types are suitable for different spin-off paths, which need to combine with the company′s strategy.更多还原